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Former Apogee head talks up specialisation

A former chief executive of NAB-aligned Apogee says a “new wave” of thinking is needed on specialisation, with broad offering licensees a thing of the past.

In a statement, Wayne Handley, who will launch risk-focused start-up Bombora Advice in August, said the conventional licensee model is “under stress and in some cases unsustainable” and a new focus is required post-FOFA.

Advisers need to be associated with a specialist licensee that intimately understands the industry, their needs and has a dedicated and focused infrastructure, flexibility and scale to support their specific advice provision and business growth needs,” the statement said.

“The licensee of the future should merely be an ‘extension’ of an advice business not the ‘top down’ model we see today.”