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‘Model for the future’: Morrows enlists Bombora for risk expansion

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3 August 2023 by Chris Dastoor, Professional Planner

Article link: https://www.professionalplanner.com.au/2023/08/model-for-the-future-morrows-enlists-bombora-for-risk-expansion/

Recognising the need for specialist talent to take on risk advice, boutique advisory firm Morrow Private Wealth has established a joint venture with risk advice specialist firm Bombora to form Morrows Risk Insurance.

Bombora managing director Wayne Handley tells Professional Planner this is the advent of a model that will allow more clients to access risk advice and improve client outcomes.

Data from the Adviser Ratings ‘2023 Life Insurance Study’ identified around 150 “pure risk” advisers, making up 1 per cent of the ASIC Financial Adviser Register.

The same report found another 3400 advisers did write risk. However, about 78 per cent of advisers on the FAR only write a small amount of risk, refer out to specialists, or write no risk business at all.

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