Risk practitioners must buck convention: Handley

Traditional licensee models for risk advisers are under stress and, in some cases unsustainable, with a new way of thinking essential to addressing service and operational requirements.

This is the view of Bombora Advice managing director Wayne Handley who says the new risk-focussed business, which launches next month, is committed to being fundamentally different to other licensee models.

He argues that the licensees of the future should merely be extensions of the advice business rather than the “top down” models that presently dominate.

“Before returning to the market after leaving MLC, I did some extensive research and took an objective view of what the advice world was going to look like post FoFA,” he said.

“Our aim was to create a new model, one that is fresh with its thinking, advice led and works in harmony with fellow professionals.

“It was clear that risk advisers were seeking a more innovative offering, boutique feel, professional and independent of manufacturers yet also enjoyed a close working relationship with institutions.”

Handley argues that advisers need to be associated with a specialist licensee that intimately understands the industry, their needs and has a dedicated and focused infrastructure, flexibility and scale to support their specific advice provision and business growth needs.

“It is no secret that financial services is undergoing immense and unprecedented change and for advisers to secure their industry future requires a partner that meets far more than just their day to day operational and compliance needs,” he said.

“In this environment, advice practices need a competitive edge to deliver service and value to clients.”