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
- 09:42Only 12% of advice practices have exit plansBy Adrian Flores
- 09:42CIPRs need to account for future mortality rates, study findsBy Adrian Flores
- 09:42Freedom halts selling of life insuranceBy Adrian Flores
- 7 Dec 2018New ASIC deputy chair announcedBy Adrian Flores
- 7 Dec 2018Growth companies fund added to Macquarie WrapBy Adrian Flores
- 7 Dec 2018ASIC makes unique AFSL decision on foreign adviserBy Adrian Flores
- view all