IBNA is considering adopting a plan that would assist member brokers to sell their businesses within the insurance cluster, thereby ensuring the brokerage remains an IBNA member.

The plan, which is being driven by IBNA CEO Paul Sedgwick, was spurred by the recent loss of IBNA member Salisbury Payne Tinslay to Austbrokers, which has an active sale and exit strategy.

Mr Sedgwick told Sunrise Exchange News yesterday that while it’s too early to describe the details of the plan, the cluster is “looking at all avenues to improve the services for members, including succession retirement strategies”.

“It’s something we have been looking at in order to ensure we hold on to members and maintain the long-term success of the group,” he said.

Another key element of the strategy will be assisting younger brokers to work closely with members so IBNA can assist them to one day become proprietors and principals.

Mr Sedgwick says the development and implementation of a successful succession model across the group “is vital for IBNA’s future”.