Wayne Handley

Bombora Advice founder and Managing Director Wayne Handley has congratulated MBS Insurance (MBS) on obtaining their own AFSL which is a significant milestone for the Sydney headquartered Australia-wide business.

Commenting further Wayne Handley said MBS joined Bombora in 2015 and is a founding practice and equity partner of the national risk advice group.  He also confirmed that MBS’s Founding Partner Kris Mason will continue as member of the Bombora Board.

MBS Insurance’s AFSL came into effect on August 1^st and Wayne Handley has affirmed that both groups will continue their close professional and operational relationship under a new alliance arrangement.

“MBS is to be commended for the extraordinary success they have achieved as risk insurance specialists that has been reflected in business growth, market leading JVs, operational / service excellence and reputational standing in the industry”, said Wayne Handley.

“It was an inevitable progression of this success that the MBS group would operate under their own license and we sincerely wish them continued success for the future”.

Under the new alliance and continuing relationship, MBS will access all Bombora’s B2B wholesale services and facilities that includes audits, committee structures, education, training, PD Days and conferences

Responding on behalf of MBS, Kris Mason said “We joined Bombora in 2015 and it has been immensely rewarding and beneficial – and the relationship accelerated the progression to our own AFSL”.

“This is an exciting milestone for MBS and we are very positive about the future and potential we will realise by operating under our own license”.

MBS was established in 2006 as a risk specialist advisory practice.  The group has grown steadily and today is one of the largest advice businesses and portfolio managers across Australia.

Today, the group is headed by Founding Partner Kris Mason, Managing Partner Drew Burden and Partner / GM Carolyn Clark.

Wayne Handley and Kris Mason concluded, “The past seven years have been an extraordinary period for Bombora and MBS as both enterprises have benefitted immensely from the connection and relationship”.

“Most importantly, it is an excellent demonstration of what can be achieved when advice businesses and the Licensee are 100% aligned strategically and operationally.

“Although operating under separate AFSLs, we will continue to build on our history of achievement and success under a new wholesale B2B alliance”.

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Kris Mason

The merger of MBS Insurance (MBS) and Complete Risk Analysis (CRA) that was announced in August has been completed, systems/processes integrated and the higher industry profile and national presence realising many benefits for the new entity said spokesperson Kris Mason.

Commenting further Kris Mason said the benefits of the merger and national footprint have been immediate with increased productivity and access to new business, growth and JV/alliance opportunities.  

“MBS CRA clients have been the first to benefit and access the opportunities of size and the broader range of specialist risk advice services”.  

“Although the combined risk advisory business now comprises 18 authorised financial advisers supported by 40 skilled administrative staff members and approximately $55 million in premiums under management – the boutique personalised approach to client service and engagement has/and will continue”, affirmed Kris Mason. 

“The broad demographics of the combined MBS CRA adviser team ranges from 28 to 60 and is another benefit for clients seeking a more personalised engagement with their risk advice practitioner”.

The depth and wealth of knowledge, experience and expertise contained within the adviser team is also being utilized to support and mentor newer members that join the group. 

Kris Mason confirmed that the announcement of the merger has been the catalyst for a steady stream of advisers seeking to join the group.  

“This is understandable considering our specialisation, industry knowledge and dedicated infrastructure, flexibility and scale”, said Kris Mason.

“However, our aim is to manage growth carefully in order to continue being an intimate organisation that delivers personalised professional risk advice and service. 

“We are not obsessed with attracting advisers for growth’s sake! 

With respect to the future, the need for growth is required in order to have sufficient scale to manage operating expenses, implement technology and process advancements and meet compliance costs.

Kris Mason confirmed that scale has also allowed the group to hire a lawyer to address the complexities of compliance by implementing robust modern processes and systems throughout the organisation. 

Prior to the merger, MBS and CRA had 10 formalised JVs and alliances between them.  This is another area of interest since the two risk specialist groups joined forces and one that is expected to increase rapidly in the future. 

“Our success in partnering with large professional advisory businesses, financial advisory firms and accounting groups is projected to grow as these companies embrace JVs and alliances to deliver a more comprehensive range of benefits to their clients”, said Kris Mason.

“Insurance and its myriad of variations, options and offerings is highly complex and there is no online or over the phone ‘one size fits all solution’ as promoted in many advertisements – especially for HNW clients, professionals and business owners”.

“Personnel with qualifications and skill sets needed to provide professional compliant risk insurance advice are in short supply and the number of practitioners declining rapidly.  Hence, companies seeking an alliance partner or JV with our group that has these required capabilities and capacity”.

Looking to the future, Kris Mason is confident the MBS CRA growth trajectory will continue to be positive with the group and its network of advisers going from strength to strength on the growing demand for professional risk specialisation services and advice. 

Kris Mason also confirmed that they are in discussion with a number of potential JV and alliance partners.

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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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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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