MediBroker founder and managing director Aaron Zelman has sold his practice to his former business partner as part of rejoining Priority Life, the firm he left in 2012 in order to establish his doctor-focused risk practice, according to a statement.
Mr Zelman was ifa Risk Adviser of the Year in 2015 and is the founder of the Australian Risk Advisers forum.
The move follows Mr Zelman becoming an equity partner in risk specialist licensee Bombora Advice in December last year.
Speaking to Risk Adviser, Mr Zelman explains that risk specialist businesses will struggle as ‘one-man bands’ in the post life insurance framework (LIF) world.
"The benefits of a truly corporatised business model should not be underestimated," he said.
"Investment in infrastructure, highly effective staff and robust systems are becoming a must for sustainable growth to endure."
The move means Mr Zelman will reunite with former business partner and Priority Life founder David Davidson starting from 1 July, the statement said.
"Rather than simply buying books of businesses, we’re partnering with advice professionals we respect and we’re raising the bar on what we can all achieve," Mr Davidson said.
"Business succession doesn’t just happen by accident; it requires an investment but can pay huge dividends."
Both firms are licensed under Bombora Advice whose founder, Wayne Handley, helped Mr Davidson recruit Zelman in 2004, the statement said.