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Merged risk advice firms confident of continued growth

A risk advice practice head remains confident its recent merger with another firm will keep it on a positive growth trajectory and its advisers going from strength to strength.

Sydney-based MBS Insurance (MBS) and Melbourne-based Complete Risk Analysis (CRA) announced a merger in August, with the new entity seeking growth in a new advice era.

Since then, MBS Insurance partner Kris Mason has said the benefits of the merger and national footprint have been immediate with increased productivity and access to new business, growth and JV/alliance opportunities.

“MBS CRA clients have been the first to benefit and access the opportunities of size and the broader range of specialist risk advice services,” Mr Mason said.

“Although the combined risk advisory business now comprises 18 authorised financial advisers supported by 40 skilled administrative staff members and approximately $55 million in premiums under management – the boutique personalised approach to client service and engagement has/and will continue.

“The broad demographics of the combined MBS CRA adviser team ranges from 28 to 60 and is another benefit for clients seeking a more personalised engagement with their risk advice practitioner.”

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Prior to the merger, MBS and CRA had 10 formalised JVs and alliances between them. Mr Mason said it is another area of interest since the two risk specialist groups joined forces and one that is expected to increase rapidly in the future.

“Our success in partnering with large professional advisory businesses, financial advisory firms and accounting groups is projected to grow as these companies embrace JVs and alliances to deliver a more comprehensive range of benefits to their clients,” Mr Mason said.

“Insurance and its myriad of variations, options and offerings are highly complex and there is no online or over the phone ‘one size fits all solution’ as promoted in many advertisements – especially for HNW clients, professionals and business owners.

“Personnel with qualifications and skill sets needed to provide professional compliant risk insurance advice is in short supply and the number of practitioners [is] declining rapidly. Hence, companies [are] seeking an alliance partner or JV with our group that has these required capabilities and capacity”.

Since the merger announcement, Mr Mason said it has been a catalyst for a steady stream of advisers seeking to join the group.

“This is understandable considering our specialisation, industry knowledge and dedicated infrastructure, flexibility and scale,” Mr Mason said.

“However, our aim is to manage growth carefully in order to continue being an intimate organisation that delivers personalised professional risk advice and service. We are not obsessed with attracting advisers for growth’s sake.”

Merged risk advice firms confident of continued growth
Confidence of continued growth
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Adrian Flores

Adrian Flores

Adrian Flores is a features editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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