Drew Burden

Risk insurance advice specialists, MBS Insurance, has acquired the life insurance arm of Honan Insurance Group.

The deal adds four partners, including three experienced risk specialists, to MBS Insurance’s rapidly expanding team, reflecting the group’s plans to accelerate growth and deliver quality life insurance advice to more Australians.

As part of the deal, former Head of Honan Life, Katherine Beard, and risk specialists, Peter Blassis, Tyler Scarce and Garth McLardie, have joined MBS Insurance. Drew Burden, Partner and Co-CEO at MBS Insurance, said the group had invested significantly in its operational infrastructure, technology and advice processes to make MBS the partner of choice in risk.

“We’re continuously investing in our people, technology and governance systems to deliver better outcomes for our clients and to enable the advice capabilities of our partners,” he said.

“Demand for quality life insurance advice is high and growing but adviser numbers are not, and we want to play a leadership role in growing that pool, which means aligning ourselves with the right people and businesses to drive those better client and advice outcomes, while also unlocking greater market opportunities for our sector.”

Mr Blassis described MBS as the “market leader in life insurance advice and a natural fit”.

“This deal is a win, win, win that makes sense and delivers benefits to every party,” he said.

“MBS has a clear vision and strategy to grow and deliver superior outcomes for clients and their joint venture partners, which is very exciting for us.”

Under the arrangement, MBS Insurance will also take on a number of Honan Life Insurance’s joint venture partnerships and referral relationships.

Mr Burden said MBS Insurance’s burgeoning size and scale enabled it to be flexible and creative in developing business growth and succession solutions for advisers.

“We are focused on growing and partnering with advisers to deliver quality life insurance advice, whether that’s acquiring all or part of a business, forming joint venture arrangements with advice firms, or recruiting and training new advisers inhouse,” he said.

“Our value proposition and advice capabilities have been built and refined over the past 20 years and we are strongly positioned to continue supporting advice firms to achieve their goals and objectives.”

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L to R: Drew Burden & Nick Fanto

Risk insurance specialist, MBS Insurance (MBS) has acquired a minority interest in boutique risk advisory firm, Orbital Life, demonstrating the breadth and depth of the group’s offer to professional advisory firms, and passion to see more Australians gain access to quality insurance advice.

Drew Burden, partner and joint chief executive officer of MBS, said Orbital Life brought additional professionalism, energy and a sharp focus on growth to MBS’ burgeoning community.

“We have grown by bringing on new advisers, training and mentoring professional year candidates, and establishing joint venture relationships with advice firms but, adjacent to that, we’ve invested heavily in our systems, processes and technology to drive efficiencies and make ourselves an attractive strategic partner to high quality businesses like Orbital Life, ” he said.

“The need for life insurance advice is increasing but the number of risk specialists is shrinking so we’re exploring every opportunity to improve access to quality risk advice. There is a huge market to serve but we can’t do it alone and we’re better together than working in isolation. ”

Established in 2018 and based in Sydney, Orbital Life has nine employees, including two risk advisers and a provisional adviser. The group has over $15 million of in-force premium under advice.

Nick Fanto, founder and managing director, Orbital Life, said the business had ambitious plans to double in size over the next two-to-three years by increasing its capacity through recruiting and developing advisers, and driving operational and cost efficiencies.

“We’ve grown significantly since our inception but, over time, we started to outgrow our systems and processes, and we recognised that we needed a strategic partner to help us to continue delivering exceptional service and advice, ” he said.

“MBS is a natural fit and their offering is everything that we were looking for to supercharge growth and achieve our ambitious goals. ”

Under the deal, Orbital Life will leverage MBS’s operational infrastructure, including its bespoke Salesforce client-database platform, and business support team, spanning compliance, paraplanning and claims management.

It will also join MBS’s Australian Financial Services Licence (AFSL), MBS Advice Licence. Fanto said MBS stood out for several reasons including its risk insurance specialisation, robust governance and compliance framework, and strong alignment with Orbital Life’s mission, values and goals.

“From a business perspective, the most important factor was a strong risk management culture but, as an individual who has been running my own business for many years, I wanted a partner and community that shared my ambitions and could support me, and who I could also support, to succeed, ” he said.

“I wanted a partner who is just as invested in our personal growth as in our business growth. ”

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Kris Mason

Leading specialty risk advice businesses MBS Insurance (MBS) and Complete Risk Analysis (CRA) have announced they are joining forces in a merger that will position the new group for growth and success in the new era of professional advice. 

In a market that proclaims a future of challenges for risk insurance, Sydney headquartered MBS and Melbourne based CRA are confident that benefits of merged expertise, increased scale and improved efficiencies will be the foundation for new business growth underpinned by a compelling marketplace and client service offering.

Commenting on the announcement, MBS co-partners Kris Mason and Drew Burden, together with CRA founding partner Glenn Kerr said the new merged entity will make the company one of the industry’s largest risk insurance advisory businesses.

“In combining the two organisations that are leaders in personal / business risk protection, expert risk advice and ongoing support – the merger has brought two specialist businesses together with common values, cultures and a shared commitment to put clients first,” they said.

“Putting MBS and CRA together makes us far larger, gives us better scale and will deliver better benefits and reassurance to clients”.

In contrast to all the doom and gloom, it also reaffirms that there is a future for risk insurance advice and advisory businesses.

Risk insurance clients want to deal with specialists that have deep knowledge, expertise and experience.  They also demand reassurance and comfort that the advisory business will be operating successfully to support their long-term protection needs and strategies. 

From that perspective, the combination of MBS and CRA addresses those two key issues. 

The combined risk advisory business will have approximately $55 million in premiums under management, 18 authorised financial advisers and 40 administrative staff members.

 Two new equity partners have also been confirmed.  CRA insurance adviser Nicholas Brian and MBS general manager Carolyn Clark.

In addition, the group has 10 formalised JVs.  The opportunity to expand this offering via further strategic alliances and JV partnerships is regarded as a key driver of future business growth.

Initially the two businesses will operate under their own brands whilst a new corporate identity and image is developed.  In addition, they will continue to operate from their Sydney and Melbourne offices, run by their own management but guided by a common board of directors. 

The new brand and identity are expected to be announced before the end of the year.

“Looking to the future, we will continue to provide our clients and JV partners the highest standards of professional financial advice, service and support.  However, the main benefit is that the merger will enhance our national presence and footprint”, said Drew Burden.

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Jonathan Philpot

HLB Mann Judd Sydney has launched a new business, HLB Insurance Services, to operate as part of its Wealth Management division.

The new business has been formed through a joint venture with leading risk specialist practice MBS Insurance.

It will deliver personal risk protection strategies for individuals, SMSF and business clients which enables individuals to protect their income, families and lifestyle. Business owners can protect the equity in their business, insure for key person risk and protect their employees.

The new business will be led by Andrew Kennedy, who has been in the Wealth Management division of HLB Mann Judd since 2007.

Mr Kennedy said that the service formalises the long-standing relationship between HLB Mann Judd and the highly regarded risk insurance specialists at MBS Insurance.

“HLB Insurance Services brings together our client-focussed approach with MBS’s industry expertise and proven insurance administration capabilities, to broaden and improve upon the wealth advisory services we are able to provide,” Mr Kennedy said.

“We will be working closely with clients to ensure they have appropriate cover for their financial risk, as well as assisting clients when claims need to be made, helping to expedite claims so that clients can access much needed funds quickly and simply.

“Our aim is to make the discussion about insurance needs, and the process of applying for and claiming on insurance, as simple as possible for our clients,” he said.

HLB Mann Judd wealth management partner, Jonathan Philpot, who was one of the drivers of the initiative within HLB Mann Judd, said the firm had identified insurance as a key area for the firm’s clients.

“The low level of understanding of the personal insurance offering, including the different types of insurance and the level of cover needed, requires a professional solution, something that unfortunately has not been provided by some in this industry.

“Also, the level of change in the personal insurance market means that insurance is no longer a ‘set-and-forget’ part of client’s financial plan. Professional management and reviews of clients’ portfolio is vital to ensure their needs and objectives are adequately covered by the strategies that have been put in place,” he said.

“Adherence to the highest standards of best practice and dedicated business infrastructure provides a comprehensive risk offering to clients,” said Drew Burden, director of MBS.

“We are excited to be to working with HLB Mann Judd as collectively we bring together the best of our respective organisations to create a new way to support clients to protect their financial futures.”

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Launched yesterday, the new life insurance venture is an important step in Honan’s 53year history of leveraging a broad network of specialists to bring relevant expertise to its clients.

Commenting further, Damien Honan said since the inception of the company over five decades ago, the group has operated to ensure clients are provided the very best insurance and financial solutions to address their needs.

“The alliance with MBS Insurance under the Honan Life Insurance Group gives us the ability to enhance our marketplace and client offering with a more inclusive integrated insurance service”, added Damien Honan.

Drew Burden said, “As a leading life insurance specialist, we are excited to be joining Honan Insurance Group under this new brand. Collectively we bring together the best of our respective organisations to create a new way to engage with clients and support them to protect their financial futures”.

Headquartered in Sydney, MBS Insurance was started in 2006.  Over the years the practice has grown steadily through adherence to the highest standards of best practice and through its business infrastructure provides a comprehensive risk offering to clients.

Today, MBS Insurance is a highly regarded rapidly growing national risk specialist. The JV with Honan Insurance Group is both an important milestone and acknowledgement of the organisation’s standing in the financial advisory sector.

Australia is one of the most highly developed and fastest growing economies in the world underpinned by a financial services sector with an overwhelming volume of offerings and complexities between standalone insurance products and offerings inside superannuation funds.

“Through specialisation MBS Insurance has been very successful in this environment over a long time and the JV with Honan Insurance Group positions our brand as an industry leader with distinctive strengths”, Drew Burden said.

Honan Insurance Group has over 180 employees with offices in Melbourne, Sydney, Brisbane, Perth, New Zealand, Singapore and the US.  Evolving into a global organisation was achieved in November 2001 when the group became a member of the Worldwide Broker Network (WBN), the world’s largest network of independent property and casualty brokers and employee benefits consultants, giving Honan the capability to provide a truly integrated global service.

Over the years Honan’s partnership with the WBN has strengthened, with Honan solidifying their position as the Risk Partner of Choice in Australia and New Zealand, eventually encompassing the entire Asia Pacific region.

Damien Honan concluded, “Honan Life Insurance Group is on an exciting growth journey and this new alliance will provide a valuable point of difference for us as an organisation and increase the value we provide to our clients.”

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Commenting further on the announcement, Kris Mason and Drew Burden said the appointments reflect MBS’s commitment and focus on investing in, and bringing through, talent in key practice areas.

“Our new partners have worked extremely hard to forge a successful career at MBS and we are proud to offer them the opportunity to lead a firm with a compelling future”, affirmed Kris Mason and Drew Burden.

Chris MacKenzie and Brent McCullough joined MBS just over five years ago when they were identified by the advice practice partners for their interpersonal skills and qualities and invited to join the team initially in administrative roles.

Both Chris and Brent shared many excellent attributes that the MBS partners regarded as essential for a modern practice with an eye on the future. They were young, ambitious, university graduates with young families, eager to take on a new career and challenge.

Most importantly, they displayed a commitment to the highest standards of financial advice, exemplary client service and ongoing personal and professional growth – in summary, they were the ideal demographic, attitude and cultural fit for MBS.

On joining MBS, both Chris and Brent understudied, mentored and were coached by partners Kris Mason and Drew Burden respectively as part of a comprehensive development pathway that culminated in their appointment as authorised representatives in October 2015.

A number of long term career goals were also set, including partner in the business as an aspiration for all parties.

As part of their development and recognition of professional growth and exceptional ability to nurture strong, sustainable relationships with clients, Chris and Brent were assigned to manage and deliver specialist risk advice in MBS’s strategic alliances with Pitcher Partners and Prime Advisory.

“Both Chris and Brent are outstanding individuals and we are confident they will play a crucial role in the future of MBS and reflected both the growth of that practice and the firm’s commitment to servicing our clients.

“In addition, we are committed to identifying and bringing into MBS and the risk advice sector, the next generation of talent”, concluded Kris Mason and Drew Burden.

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In welcoming Chris MacKenzie and Brent McCullough to the team as authorised representatives, Kris Mason said it was their interpersonal and people skills that first brought them to the attention of MBS just over three years ago and as a result, were invited to join the Sydney headquartered risk specialist advice practice.

Chris and Brent also shared many excellent attributes that Kris felt were essential in order to be successful as an adviser in the modern era – they were young, ambitious, university graduates with young families, eager to take on a new career and challenge and displayed a commitment to ongoing personal and professional growth.

In summary, they were the ideal demographic, attitude and cultural fit for MBS.

MBS opened its doors just over 10 years ago and has grown steadily through a marketplace offer that supports and assists accounting practices to provide a comprehensive risk offering to their clients. Highly regarded as a leading advisory firm by accounting businesses, today they provide nearly 70% of MBS’s business and new business referrals/enquiries.

MBS partners attribute the success and longevity of the business to only employing high quality people that have a commitment to the highest standards of client service – and it isn’t a process delegated to a recruitment agency.

“We put our staff and advisers first in order to ensure that our clients are first – so no misfits and a cultural fit are our key employment criteria”, said Kris Mason.

“In addition, as partners we are committed to developing our people, mentoring and passing on business and life skills to the next generation – in other words – we lead by example!”

Since joining MBS, both Chris and Brent understudied, mentored and were coached by partners Kris Mason and Drew Burden respectively as part of a comprehensive development pathway that culminated in their appointment as authorised representatives last month.

A number of long term career goals have also been set with equity in the business an aspiration for all parties.

Both Kris Mason and Drew Burden maintain that advice is a people business and it’s not difficult for principals during the course of their P2P advice activities to identify special individuals with potential to succeed as they possess those all important traits and characteristics that are common to the best advisers and practitioners.

This is also a very exciting time for MBS having joined the Bombora Advice network a few months ago with the relationship providing the group access to services and support that will underpin the long term business growth objectives of the business.

Access to the Bombora national network of industry stalwarts has provided a further dimension in the growth and development of Chris and Brent who have been overwhelmed by the generosity and willingness to share and support them in their career journey as professional advisers.

The proof is in the pudding they say said Bombora Advice Managing Director Wayne Handley. “I’m proud to say that we have a great advice business and by all measures Bombora has and continues to be very successful. The rewards of our collegiate and sharing approach have been immense and multi dimensional and the benefits have exceeded our collective expectations”.

Although the advice industry continues to face and be buffeted by the many regulatory headwinds of change, there is one fundamental principle that has steadfastly stood the test of time – and will continue to do so – and that is this is first and foremost a people business said Kris Mason.

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