Sydney based risk specialist practice MBS Insurance has entered a joint venture with accounting experts Pitcher Partners Sydney to create an insurance advisory service aimed at high net worth clients.
The joint venture will be known as Pitcher Partners Sydney Insurance Services and will build on the reputation of Pitcher Partners as client focussed business advisory firm and MBS Insurance’s background as a non-aligned financial advice practice licenced via national risk specialist licensee Bombora Advice.
Charlie Viola of Pitcher Partners Sydney said the importance of insurance could not be under-estimated and the variations, options and offerings remained complex, particularly for businesses and those with involved wealth creation strategies.
“Contrary to many of the advertisements that proclaim insurance can be purchased online or over the phone as a ‘one size fits all solution’ – this is not the case in reality, especially for HNW professionals and business owners,” Viola said.
MBS Insurance, co-founder, Kris Mason said this complexity had not decreased as the number of product providers has become more concentrated and the volume of offerings and complexity between standalone insurance products and offerings inside superannuation had become bewildering for those outside the advice sector.
“Many superannuation clients are simply not aware of the terms and conditions of their fund that can be changed by the Trustee without reference to the member. PPSIS will be able to provide clients with a detailed review their insurance and advise if the cover is appropriate to their needs and expectations,” Mason said.
