Bombora spruiks its post-LIF model

One of the most vocal critics of the processes which led to the Life Insurance Framework (LIF), Bombora Advice principal, Wayne Handley is now pitching his firm’s alliance strategy as a way forward for risk advice firms.

Handley issued a statement backing collaborative model and pointing to recent examples of alliances such as the Bombora NSW-based practice MBS Insurance joint venture partnership with Pitcher Partners, together with arrangements with Honan Insurance Group and more recently with HLB Mann.

He said Bombora was also in discussions with a number of other professional firms and would be making announcements shortly.

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“Working collaboratively with complementary service providers can only enhance client outcomes.  At the same time, the benefits of scale and operational efficiency can be considerable,” Handley said. 

“As a new era dawns, more than ever it is important to develop meaningful and sustainable relationships with fellow professional service providers,” he said. “Client best interest will consistently and constantly be met with many of the traditional costs required for new client acquisition and retention to be some of the early savings delivered.”

Handley said he believed specialisation would be the driver of a more innovative approach to delivering advice and that practices would need to strategically align to deliver economies of scale.

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In other words get around LIF by using one or two strategic alliances that will allow not commission payments but profit sharing agreements?

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