Former Apogee Financial Planning managing director Wayne Handley has announced the launch of Bombora Advice, a boutique risk licensee hoping to take advantage of industry specialisation.
Headquartered in Melbourne, Bombora Advice will commence operation in the second half of 2013 and hopes to build a national advice brand in the market, independent of manufacturers.
Handley says the new venture was developed in response to growing demand from risk advisers for an institutionally independent licensee administered by a lean management structure of industry professionals.
He stresses the need for a licensee that understands and can personally relate to the issues, challenges and aspirations of practices.
“The financial services landscape is changing at an unprecedented rate and the need for specialisation is emerging as a marketplace necessity,” he said.
“We identified the need for a boutique group in which risk professionals could work together in a collaborative environment to service and address the needs of clients.”
New wave
Bombora is an indigenous Australian term for a sea wave.
According to Handley, the Bombora Advice business model has been structured as a “new wave” in the industry with a service offering to reflect a growing demand for a specialist boutique advice-only proposition and is completely aligned to the associated practices of its advisers.
“Assisting advisers to improve their business efficiency, capacity and grow by delivering proven systems and processes will underpin the Bombora Advice marketplace offering,” said Handley.
In addition, Bombora Advice sees the future as one where it works with fellow advice professionals such as accountants, lawyers and advisers and this is best achieved when the licensee in non-aligned.
“I am very excited by the challenge of building, managing and growing a new risk advice-focused enterprise as the opportunities for the provision of personal protection and business succession planning remains a well under serviced area in the financial services market,” concluded Handley.
