Predictions that Australia’s financial advice profession is poised to enter a golden age thanks to a “mining boom of advice” attracted plenty of reader interest this week…
Bombora’s new Managing Director, Niall McConville, told advisers at its 2025 Bombora Advice Conference that the coming decade represents a “golden age” for financial advice in Australia — but only if advisers seize the opportunity to innovate, collaborate, and adapt to change.
Addressing the network for the first time in his new role, McConville said he was energised by the talent and unity within Bombora’s national group of 23 advice practices. “Everywhere I look, there’s opportunity,” he said. “For me, the next five or ten years are going to be the mining boom of advice — we’re at the start of something truly transformative.”
Driving Collective Scale and Innovation
McConville confirmed the formation of a Bombora Board of Advice — a six-member panel representing advisers from across Australia — designed to shape the licensee’s strategic direction. Early initiatives from the board include a revamp of professional development days and a focus on “maximising our scale” through greater collaboration between practices.
He urged advisers to view Bombora not as a centralised directive body but as a partnership: “It’s your business, your decision,” he said, emphasising that collective input will drive better client outcomes in areas such as underwriting, pricing, and service standards.
Addressing the TPD Challenge
A major concern for the industry, McConville warned, is the growing instability in Total and Permanent Disability (TPD) products — which he described as “the next IDII.” With several insurers already increasing premiums and others set to follow, he said advisers face difficult affordability conversations with clients.
“APRA won’t intervene this time,” he cautioned. “It’s up to us as an industry to solve this problem.” McConville confirmed Bombora will soon issue guidance on how advisers can address these challenges in client conversations and product recommendations. (See also: Swiss Re ‘Pauses’ New Business Activities)
Focus on Growth, Retention and Client Value
McConville outlined several strategic priorities for Bombora in the year ahead, including:
- The recruitment of around 20 new advisers to the network
- Expansion of the Bombora Claims Service
- Greater support for business retention
He revealed that discussions are underway with life insurers on how Bombora can take on elements of client retention to free up advisers’ time.
The Bombora Claims Service — already used by four practices — will continue to expand both within and beyond the network, providing outsourced claims management to financial planning firms no longer active in life insurance.
Harnessing AI and Technology
Artificial intelligence also featured strongly in McConville’s vision and at the Conference itself. He announced plans to run practical AI education sessions and floated the idea of hiring an AI specialist within the Bombora network to help practices integrate tools safely and effectively. Advisers were urged to avoid “free” AI platforms due to privacy concerns and instead invest in secure, paid alternatives.
Future Growth Avenues: General and Group Advice
Looking ahead, McConville reaffirmed his commitment to expanding general advice and group insurance offerings as scalable avenues for growth. He confirmed referral programs with NEOS and TAL are set to launch before Christmas, and discussions are underway to extend group insurance options to client businesses and referral partners.
He closed by inviting advisers to discuss equity participation and succession planning opportunities, reinforcing Bombora’s intention to be “an active business partner” in helping practices grow.
