Alliances between various professional services firms will form the risk advice business model of the future, according to Bombora Advice.
In a statement, Bombora Advice managing director Wayne Handley said the post-LIF advice delivery environment is “bright and full of potential” but that business models will need to evolve to take advantage of this.
“As the industry enters the LIF reform regime, it’s time for all of us to reflect and ensure we are well placed to leverage what the new era will offer,” he said.
“At Bombora, we see the specialised risk advice model of the future moving towards one that is underpinned by alliances with fellow professional service firms.”
Mr Handley said specialisation will drive innovation in the way advice is delivered, adding that professional partnerships will also benefit clients.
“As a new era dawns, more than ever it is important to develop meaningful and sustainable relationships with fellow professional service providers,” he said.
“Client best interest will consistently and constantly be met with many of the traditional costs required for new client acquisition and retention to be some of the early savings delivered.”