Bombora to offer home to Suncorp’s risk specialists

Earlier this week, Risk Adviser reported that Suncorp had decided to “simplify” its distribution model and will no longer run its risk specialist dealer group Guardian and Suncorp Financial Planning business – a decision that will affect 170 advisers across both dealer groups.

However, to help advisers who wish to relocate to another licensee, Suncorp will work with three dealer groups, including risk specialist dealer group Bombora.

Speaking to Risk Adviser, managing director of Bombora, Wayne Handley, said being contacted by Suncorp to assist with providing insurance specialist advisers with a new dealer group to join was a “big compliment”.

“Together with two other parties – which are the Infocus group and Centrepoint Alliance – we were invited to be part of a number of offers that they put to their network when they made their decision,” Mr Handley said.

“I think Suncorp has thought carefully about who they selected [to work with] and we certainly fit the mould of a group for those that specialise and have a clear focus on risk.

“There is no real partnership; [we] have just been invited to make ourselves available to hold a conversation with those that are interested,” he said.

Mr Handley added that his risk specialist dealer group has received enquiries from some Suncorp advisers, although he said he will not be rushing to bring every adviser into the group.

“We have certainly had an element of enquiry already and some quality conversations and we look forward to taking those further,” he said.

“We are not rushing into this or trying to speak to everybody. It is for those that feel they may be suited to a risk-focused environment that we are very keen to have chats with."

Suncorp's decision will mean its Guardian Advice and Suncorp Financial Planning channels will cease to exist.

A spokesperson told Risk Adviser’s sister publication ifa that the future of the bank’s distribution strategies, primarily for its life insurance business Asteron Life, will now be focused on the non-aligned advice sector, and direct channel.