MBS Insurance partner Kris Mason has announced that the leading Sydney headquartered risk specialist practice has joined the Bombora Advice (Bombora) dealer group and the relationship will provide the foundation to expand its client service offering and underpin business growth aspirations.
Commenting further on the announcement, Mason said the financial services industry has changed forever and advice businesses must seek new models in order to capitalise on the opportunities of the post FoFA Trowbridge era.
Trowbridge in particular 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”, said Mason.
MBS was started just over 10 years ago and has grown steadily through adherence to the highest standards of best practice and a focussed business model that supports accounting practices to provide a comprehensive risk offering to their clients.
Today, accountants represent nearly 70% of MBS’s business and the company’s highly regarded reputation as a leading advisory firm in its field is the source of new business referrals.
MBS has four advising partners and two non partner advisers that are supported by an internal operational model and staff that ensure all clients receive exemplary service and attention.
“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 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 move to Bombora was the opportunity to take equity in the dealer group as a partner”.
Mason also confirmed that he has joined the product working group within the dealer group and was confident that they could contribute to the industry with feedback on the development of innovative products and offerings.
In welcoming MBS to Bombora, Managing Director Wayne Handley said they are a great addition to the dealer group’s team and most importantly, a ‘cultural fit’ inside the network of like minded risk advice professionals.
Handley stressed that Bombora is an advice business and the dealer group model simply a vehicle to support its practices to deliver the highest standards of service and support to their clients.
“Joining Bombora and working within a collegiate environment of likeminded 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 Mason.