Bombora Advice announces new chairman
Bombora Advice has appointed consulting firm executive, Kevin Martin, as chairman of Bombora Advice, with the appointment commencing in January next year.
Currently, Martin is the managing director of consulting firm Alto Nominees and has a background in assisting organisations to implement business strategies, acquisitions and disposals, as well as developing corporate change programs.
Bombora's managing director and founder, Wayne Handley said the appointment comes on the back of a successful period for the advice group — which was first established in July 2013 — with Bombora focusing on business growth and talent acquisition to help expand its national network.
"The group has been very successful to date in steadily growing its business by attracting quality risk advice specialists," he said.
"Kevin's extensive expertise and executive management skills will help to guide the organisation to attain its objectives to operate under a corporate model in the new professional advice era."
According to Handley, the introduction of the Future of Financial Advice (FOFA) reforms have changed the regulatory climate surrounding financial advice and, as a result, Bombora was well-placed to deliver "a benchmark corporate advice model and offering".
Martin added that he was looking forward to the opportunity of working with Handley to "grasp and capitalise" on the opportunities that the group's long-term strategic plan will provide.
"The Australian financial services industry is continuing to undergo change in response to new legislation, regulations and the proposed Life Insurance Framework (LIF)," Martin said.
"However, I believe the outlook is very promising for Bombora, as it is well-positioned to succeed in this environment. I look forward to contributing to the advancement of the organisation".
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
