Specialist risk advice firm Complete Risk Analysis (CRA) has made the move to new risk licensee Bombora Advice.
CRA was founded in 1998 on the premise that comprehensive risk planning (wealth protection) requires specialist knowledge and understanding to ensure that all the client’s needs are addressed.
Today the company operates from its Melbourne head office with six advisers and eight support staff providing advice services to the clients of fifty-five referring partners across Victoria and New South Wales.
Founding partner and principal adviser of CRA, Glenn Kerr says that the majority of referral partners are accounting practices that have a financial planning arm. The insurance industry is still very foreign to the accounting profession, and it is rare for a practice to keep one person going full time, he says.
The decision to move licensees came from the need for risk-specialised support.
“We’ve always worked under licensees that are financial planning oriented. The biggest issue for us is that when a licensee puts on a professional development day, 98% of the content is all financial planning and investment and we don’t do any of that type of work. Going to an insurance focused license made more sense going forward.”
Kerr said that a sense of ownership of their own licence was also key factor that underpinned the move. He also cited the dealer group’s institutional non-alignment as another draw-card.
“We wanted to be associated with a specialist, independent licensee that comprised a leadership team with hands-on industry expertise and a dedicated, focussed infrastructure to support CRA’s client advice model and growth aspirations,” said Kerr. Another beneficial outcome will be the peer group discussions, aimed at giving a single voice to the needs, concerns and issues of the risk sector in the financial services marketplace.
“The move to Bombora has been overwhelmingly supported by our referral partners, advisers and clients, as the benefits of specialisation and independence of institutional alignment and influence is most welcome,” said Kerr.