Sydney-based MBS Insurance is to leave TAL’s Affinia dealer group and join Bombora Advice.

MBS partner Kris Mason says life insurance advice practices must find new ways to capitalise in the post-Future of Financial Advice and Trowbridge era.

“Trowbridge in particular will be the catalyst for more principals reassessing their current circumstances and seeking alternatives for the future,” he said. “There are many models currently available for advice practices, but we felt for MBS, specialisation inside a national advisory network would provide the platform to fulfil our objectives.”

MBS was set up about 10 years ago. Nearly 70% of its business comes from providing life insurance advice to accounting firms.

The practice has four advising partners and two non-partner advisers, supported by an internal operational model using XPLAN advice software.

“The move to Bombora suits the MBS model because it separates product from advice and positions the practice very clearly in the independent sector,” Mr Mason said.

“Being in control of our destiny was a major priority for MBS, and the move to Bombora was the opportunity to take equity in the dealer group as a partner.”

Mr Mason has joined Bombora’s product working group.

Bombora MD Wayne Handley says MBS is a “cultural fit” for the network of like-minded life advice professionals.