Aaron Zelman has said that developing a risk advice business as a sole individual would be difficult under the proposed Life Insurance Framework (LIF) and was a factor behind selling his MediBroker practice.
Speaking to Risk Adviser, Mr Zelman pointed out a lot of his strengths are based around business development.
"I feel like a lot of my strengths are in developing branding and being a 'rainmaker' for a business," Mr Zelman said.
"But to make use of that, I need a whole infrastructure in place, and need other advisers to actually make that work.
"That becomes very difficult under LIF; to actually have the confidence to take on new staff and develop them, where the revenue won’t be as supportive, at least not from the outset."
On Wednesday, Risk Adviser reported that Mr Zelman sold his doctor-focused risk practice to Priority Life, reuniting him with his former business partner and Priority Life founder David Davidson.
Mr Zelman also cited his difficulty in finding risk paraplanners as another factor behind his move to Priority Life.
However, despite these challenges, he remains optimistic about the future of the risk advice industry.
"While I might be sounding negative about the outlook, I’m still actually extremely positive about the future I hope to create with my new business partners," Mr Zelman said.
"I do feel optimistic about what my fellow risk advisers can create even though there are challenges."