After nearly a year of talks, general insurer Trade Risk has acquired the clients and goodwill of Moneypot Financial Services, which had previously operated out of offices in Bulimba.
Steve Christie, who was the sole director and shareholder of Moneypot, will join the Trade Risk team as a director and partner, with Trade Risk managing director Shane Moore. Christie says they both had the idea in their minds of a one-stop-shop for clients, where they could manage all client needs through a centralised office.
The team focuses predominantly on workers in the building and construction industry, Australia wide. Although ‘tradies’ have typically posed a problem for risk specialists, Christie says that advisers needn’t be so scared.
“You have to treat them with care. I think the industry has a concern with them around non-disclosure, at Trade Risk our advice process is thorough and severe to negate such issues.”
He agrees that in the past they have been hard to insure, with frequent lapses, but says that times are changing. “We’ve noticed a huge influx in them understanding the principals, and importance, of personal insurance…Tradesmen now with young families and thriving businesses that need that type of cover.” Groups they contract to are also more responsible in requiring individuals to have their own protection.
Christie says that while referral relationships with accountants and solicitors may seem more natural, GI brokers that deal with SMEs can be a great fit.
Moore, managing director of Trade Risk, believes that the deal makes great sense for all parties including the clients of both firms.
“We have been working with Steve for just over two years, during which time he has assisted our general insurance clients with their life insurance needs. Bringing the two businesses together just makes good business sense.”