Joint ventures and other alliances are the future of the advice industry, according to dealer group Bombora.

MD Wayne Handley says, in light of reforms to the Life Insurance Framework, the specialised risk advice model of the future will be underpinned by “working collaboratively with complementary service providers”.

He says this “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.” 

Mr Handley cites recently formed joint ventures between Bombora NSW practice MBS Insurance and accountant Pitcher Partners Sydney, and Honan Insurance Group with HLB Mann Judd.

Bombora is in talks about joint ventures with a number of other businesses and will make announcements shortly. “The model is resonating,” Mr Handley said.

He also flags the benefits of specialisation and attracting new talent to the industry by establishing academic and professional development pathways similar to those in the legal, accounting and engineering sectors.

Specialisation will drive a more innovative approach to delivering advice, he says.