Gold Coast-based Lifewise Wealth Protection has joined the Synchron dealer group.

The practice decided against obtaining its own Australian financial services licence (AFSL), MD Chris Kelaart says.

“Having our own AFSL would have meant a large chunk of our time would have been taken away from our core function – servicing our clients,” he said.

“For us, Synchron is the closest thing to having our own AFSL and, because its directors are financial advisers themselves, they understand exactly what we need.”

Synchron’s position as a non-institutional dealer group was a major factor in the decision, Mr Kelaart says.

“They do not try to steer their advisers into recommending certain products because they don’t have particular interests in any one institution.”

Mr Kelaart began his career with his father’s Melbourne-based financial planning practice.

“I took over the business and sold it seven years ago for a ‘sea-change’ to the Gold Coast,

where I started Lifewise. My father [Ray Kelaart] was a colleague of Synchron director Don Trapnell for many years, so when we had the chance to jump on board, we had no hesitation.”

Lifewise has about 2000 clients and is a life insurance-focused business.