Life and business risk planning practices MBS Insurance and Complete Risk Analysis (CRA) are merging to create one of the industry’s largest life advice groups.

The combined business will have approximately $55 million in premiums under management, 18 advisers and 40 administration staff. The group has 10 joint ventures and will use its enlarged scale to develop more joint ventures as a key growth driver.

CRA insurance adviser Nicholas Brian and MBS General Manager Carolyn Clark will become equity partners in the new business, joining five other existing equity holders — MBS co-founders Drew Burden and Kris Mason, MBS directors Chris MacKenzie and Brent McCullough, and CRA founding partner Glenn Kerr.

Both groups are authorised representatives of Bombora Advice, an independent boutique dealer group.

MBS and CRA are based in Sydney and Melbourne, respectively. The two practices will continue to operate from their own offices and with their own management, guided by a common board of directors, while a new identity and brand are developed. It will be announced before the end of the year.

“The main benefit is that the merger will enhance our national presence and footprint,” Mr Burden says.