HLB Mann Judd Sydney has launched a new insurance business, HLB Insurance Services, in a joint venture with risk specialist practice MBS Insurance.
The business will operate as part of the accounting and financial advisory firm’s wealth management division.
The firm said it would deliver personal risk protection strategies for individuals, SMSFs and business clients. It would enable business owners to protect the equity in their business, insure for key-person risk and protect their employees.
The new business will be led by Andrew Kennedy, who has been in the wealth management division of HLB Mann Judd since 2007.
Kennedy said the joint venture formalised the long-standing relationship between HLB Mann Judd and MBS Insurance, and HLB Insurance Services would use MBS’s insurance administration capabilities.
“We will be working closely with clients to ensure they have appropriate cover for their financial risk, as well as assisting clients when claims need to be made, helping to expedite claims so that clients can access much-needed funds quickly and simply,” he said.
HLB Mann Judd wealth management partner Jonathan Philpot, who was one of the drivers of the initiative within HLB Mann Judd, said the firm had recognised insurance as a key area for the firm’s clients.
“The low level of understanding of the personal insurance offering, including the different types of insurance and the level of cover needed, requires a professional solution, something that unfortunately has not been provided by some in the industry,” Philpot said.
He added the amount of change in the personal insurance market meant insurance was no longer a set-and-forget part of the client’s financial plan.