Newly formed non-institutional licensee Bombora has recruited a risk specialist advice firm formerly licensed by NAB-aligned Meritum Financial Group.
Brisbane-based Personal Risk Professionals (PRP) has joined the Bombora stable as an equity partner and its second authorised representative, citing the risk specialisation of the licensee as the chief factor.
PRP principal Mark Everingham told ifa that while he is excited about the move to Bombora, it is in no way reflective of negative sentiment towards his previous licensee.
“Over the past five years my relationship with Meritum has been exceptionally supportive and I have nothing but positive things to say about my former licensee,” Mr Everingham said.
“Being a specialist risk practice we have been approached by a number of licensees that are attracted to the idea of bringing that specialisation into their organisation; until now I wasn’t interested in making the move as Meritum was fulfilling our needs.”
Bombora founder and managing director Wayne Handley issued a statement welcoming the new recruit and pointing to the group’s progress since launching in September 2013.
“Nothing has changed since Bombora started, in fact our values and key points of difference continue to resonate as the industry settles into the modern FOFA era,” Mr Handley said.
He also singled out the “non-aligned boutique” nature of Bombora’s business model as a contributing factor in the growth, and has previously predicted a groundswell of interest for non-instituional licensing.
However, Mr Everingham said that while he was attracted to Bombora’s business model, its non-aligned nature was not necessarily a chief factor in the decision to switch licensees.
“I strongly support the separation of product from advice and my client service proposition and fee structure is reflective of this – though my experience of my previous licensee was never negative and I never experienced any product push,” he said.
The news follows a similar move by Brisbane-based practice Ethical Financial Advice, which has left CBA-aligned licensee Financial Wisdom to join non-aligned group Shartru Wealth.
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