Bombora looks to 'strengthen adviser voice' with board of advice launch

Established in 2013, the AFSL currently has 23 practices across NSW, Victoria, Queensland and Western Australia.

In order to bring adviser voices to the heart of its decision-making, the licensee has now launched a board of advice consisting of six representatives from its existing network:

• Adam Smith, Succession Matters, WA.
• Miguel Frances, PNO Life, VIC.
• Larissa Tapsall, Future Assist Protection, QLD.
• Luke Considine, Wealth Architects, VIC.
• David Keavney, DMK Group, NSW.
• Jeff Lanyon, Regional Financial Planning, QLD.

Bombora explained that the formation of this board creates a “formal channel for collaboration, feedback and innovation” at the AFSL as it seeks to drive the future of risk advice.

The licensee added: “It’s a timely move from Bombora as the advice industry awaits legislative change in an increasingly complex insurance landscape.”

Meeting for the first time in October, Bombora said the board discussed pressing industry-level issues such as increasing TPD premiums and the growing problem of underinsurance. The board also discussed how the AFSL can utilise the scale of its network to run more effectively and deliver greater benefit to the individual practices in its network through technology enhancements and ongoing business development support.

As a result, Bombora has confirmed plans to sharpen its focus on group insurance, collaborate with insurers on product design, and consider a new referral system for general advice clients, while continuing to work closely with the Council of Australian Life Insurers (CALI) to drive more government action for the greater advice industry.

Bombora managing director Niall McConville said the board will play a key role in guiding how the AFSL runs its business while also fostering closer collaboration with its adviser network.

“Establishing a Board of Advice underscores our continued commitment to enhancing operational efficiency, seizing strategic opportunities in life insurance and supporting advisers to deliver exceptional client outcomes,” McConville said.

One of the board members, Smith, said he is pleased to take on this responsibility to help shape the future of the industry as it prepares to navigate technology and regulatory changes.

“As we navigate the challenges and opportunities presented by the pending AI revolution, I am eager to contribute to the growth of the Bombora network and help us reach more Australians with innovative risk solutions,” Smith said.

Larissa Tapsall, a fellow board member, added: “I’m excited to work alongside such an experienced and like-minded group of advisers. It is an honour and a privilege to represent not only my practice but also the women in our industry.”

The announcement follows a change in leadership from the AFSL in June, which saw its chair, Kevin Martin, step down after almost decade.

The managing director at the time, Wayne Handley, then took over the executive chairman role, leading to McConville’s appointment as managing director.