Macquarie Group has launched a new life insurance adviser group called Risk Advice Specialists and has already recruited six advisers that were with Patronus Risk Specialists.

This has given the new group two advisers in Queensland and four in NSW.

Risk Advice Specialists GM Adam Lane told insuranceNEWS.com.au the group received its Australian financial services licence just before Christmas.

“We spent January dealing with the paperwork to transfer the six advisers onto our licence,” he said.

The new dealer group will be solely for advisers whose business is predominately life insurance.

They will focus on providing life, trauma and disablement cover for individuals as well as offering advice on life insurance as a component of estate planning.

Additional advice will be offered on key-employee, director and shareholder insurance as part of business succession planning.

“Rather than focusing on a broad range of financial advice, the approach we have taken is to concentrate primarily on providing life insurance advice,” Mr Lane said.

“This allows our advisers to work closely with their clients to understand their individual life insurance needs and use their knowledge of products and solutions available to recommend the appropriate cover.”

Mr Lane says no target has been set for recruiting advisers.

“We will grow the business through selective adviser recruitment,” he said. “We are not buying distribution as we are predominately looking for life advisers. We haven’t set a specific number for how big the group will be.”