Sydney risk practice expands into Brisbane, Melbourne
A Sydney-based practice specialising in providing risk insurance to high-net-worth clients has expanded into Queensland and Victoria.
Personal Risk Professionals (PRP) was launched by Daniel Isenhood in 2007 after a career in private banking at ANZ. The practice has now recruited Mark Everingham from ANZ to run the Brisbane office and Anthony Bourke in Melbourne, who has also came from ANZ Private Banking.
Isenhood said the reasoning behind opening offices in the other Eastern states is to focus on client servicing.
“We offer risk advice to financial planning firms with high-net-wealth clients, private banking divisions and corporate superannuation funds,” he said.
“These clients need high levels of service, and that cannot be done from just one capital city.
“But I wanted to get the right calibre of person to run these cities for me before I expanded the business.”
The Brisbane office is poised to sign up a regional bank to provide risk advice to its private clients, Isenhood said.
“We are also in discussion with another party on delivering group risk to members, and that will involve all three offices,” he said.
“Risk insurance is a person-to-person business so we have to have people on the ground where the clients are.”
Isenhood said if the business keeps growing, it will be looking for more advisers to maintain service levels.
And although the company has no plans to open in Adelaide or Perth as present, Isenhood said it depended on what clients wanted.
“If we won a national client we would have to look at opening in the other states,” he said.
“But any advisers joining us will have to be an integral part of the team dealing [with] risk insurance and at the high-end of the market.”
PRP has outsourced the back-office to the Meritum dealer group, which also has a strong focus on risk advising.
“We see a lot of potential for the business as financial services companies outsource this specialist area of their business,” Isenhood said.
“We believe we are the only outsourcing practice for delivering risk insurance to high-net-wealth clients, and our expansion is responding to that demand.”
Recommended for you
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
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.
