TAL-aligned risk specialist MBS Insurance has joined the non-aligned dealer group Bombora Advice, a move it believes will enable it to expand its client service offering in a post-Trowbridge environment.
MBS Insurance partner Kris Mason said the financial services industry had "changed forever" and advice businesses must now seek new models to capitalise on the opportunities of the post-FoFA Trowbridge era.
Mr Mason said he believes Trowbridge will be the catalyst for more principals reassessing their current circumstances and seeking alternatives for the future.
"There are many models currently available for advice practices, but we felt that for MBS, specialisation inside a national advisory network would provide the platform to fulfill our objectives – and the Bombora model ticked all the boxes," he said.
MBS was started more than 10 years ago and today sees accountants representing nearly 70 per cent of the firm's business. MBS has four advising partners and two non-partner advisers.
"The move to Bombora suits the MBS model as it separates product from advice and positions the practice very clearly in the independent sector – a move that will provide comfort to COIs and the accounting firms we service," added Mr Mason.
"Being in control of our destiny was a major priority for MBS (as it is becoming for many more advice practice principals) and a further exciting outcome of the move to Bombora was the opportunity to take equity in the dealer group as a partner."
Mr Mason has joined the product working group within the dealer group and is confident of being able to contribute to the industry with feedback on the development of innovative products and offerings.
In welcoming MBS to Bombora, managing director Wayne Handley said the firm is a great addition to the dealer group's team and, most importantly, a "cultural fit" with the network of like-minded risk advice professionals.
Mr Handley said Bombora is an advice business and the dealer group model is simply a vehicle to support its practices in delivering the highest standards of service and support for their clients.
"Joining Bombora and working within a collegiate environment of like-minded industry professionals that comprise some of the best practitioners in Australia to chart our collective future is an exceptional opportunity and we are very excited and positive about the future", concluded Mr Mason.
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