Newly-formed non-institutional licensee Bombora Advice has recruited two risk specialist practices to join its dealer group.
Mike Rollinson of SME Wealth Protection and Andrew Dwyer of RPS Advisory Group have joined Bombora because of the group's “boutique approach.”
“A specialised integrated business model from licensee to practice can only enhance productivity, marketplace differentiation and client service activities,” Mr Rollinson said.
“These were the very values that most influenced my decision and the benefit to the practice is already being felt, with Bombora’s risk specialisation and support services dovetailing seamlessly into SME Wealth Protection’s activities.”
Bombora Advice's managing director, Wayne Handley, said Bombora operates in a fundamentally different way from traditional licensee models that are measured by funds under management or adviser numbers.
The difference in Bombora's model influenced both Mr Rollinson's and Mr Dwyer’s decisions to change licences, he said.
“Both Mike and Andrew acknowledged and appreciated the benefits provided by their respective dealer groups but felt very strongly that in the long term, their clients, practices and relationships with centres of influence/ alliance partners would benefit more from a dedicated risk specialist dealer group,” Mr Handley said.
The news comes just weeks after Bombora announced it had signed former NAB-aligned practice Personal Risk Professionals to its group.
Mr Handley added that he was having ongoing discussions with further practices and expected to “announce additions to the Bombora team of practices next month.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Oct 2018Life insurer fires 50, kills outbound sales businessBy James Mitchell
- 19 Oct 2018Strategic plan for AFCA releasedBy Eliot Hastie
- 18 Oct 2018Clique Paraplanning launches practice portalBy Reporter
- 18 Oct 2018Challenger announces new Netwealth dealBy James Mitchell
- 18 Oct 2018Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 18 Oct 2018Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- view all