There is no doubt that the future for advice delivery in the post LIF era is bright and full of potential for those practices that position their businesses appropriately, affirms Bombora Advice founder and Manager Director, Wayne Handley.
Specialisation will be the driver of a more innovative approach to delivering advice. New models with best practice mindsets and operational efficiencies will emerge, capitalising on the business potential.
“As the industry enters the LIF reform regime, it’s time for all of us to reflect and ensure we are well placed to leverage what the new era will offer, said Wayne Handley.
“The economies, i.e. money, time and resources, more than ever must be strategically aligned and carefully deployed. This is imperative!
“At Bombora, we see the specialised risk advice model of the future moving towards one that is underpinned by alliances with fellow professional service firms, continued Wayne Handley.
“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.
“As a new era dawns, more than ever it is important to develop meaningful and sustainable relationships with fellow professional service providers. 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.”
Pointing to the Bombora model, Wayne Handley said the adoption of a best practice risk specialisation model with a ‘quality over quantity’ focus has resulted in industry leading productivity outcomes for the group’s network of risk advice professionals.
Citing recent examples of alliances, Wayne Handley pointed to Bombora NSW- based practice MBS Insurance JV partnerships with Pitcher Partners Sydney in late 2016, Honan Insurance Group in December last year and most recently with HLB Mann Judd.
“Within the Bombora Group, we are also in discussions with a number of other professional firms and will be making announcements shortly – the model is resonating,” says Wayne Handley.
The benefits of specialisation and alliances are not restricted to large national professional groups and brands. Smaller practices are achieving similar success at local level with comparable sized accounting, legal and broking businesses.
Although confident the future is bright, Wayne Handley said that one of the most significant anchors potentially holding the industry back is the supply, or lack, of new entrants joining.
Hence the importance of establishing an academic and professional development pathway similar to the legal, accounting or engineering sectors to address this matter as soon as possible.
Bombora practices have been actively recruiting personnel to their businesses with many new entrants commencing their careers in administrative roles before progressing to para planning and then advice.
Managed growth and expansion, with groups and individuals that are a cultural fit, will continue to be the priority for Bombora and its practices.
Wayne Handley concluded, “We are seeing significant productivity gains and meaningful business outcomes reaffirming the validity of Bombora’s specialised model that aligns practices and advice delivery within a collaborative model.
The new financial advice era is here – and it’s exciting!”