What no one tells you about starting over in the insurance world — an interview with Paul Milbourne
In an episode of My Risk Adviser, Phil Thompson sits down with Paul Milbourne to unpack his journey—why he left the safety of a large firm, how he’s building partnerships, acquiring the right books of clients, and his take on what it means to grow a modern advice business.
Starting a risk insurance business in Australia isn’t for the faint of heart. The paperwork alone could make a grown adult cry. But for Paul, the chaos of launching his own practice after years in a large firm wasn’t just a professional milestone—it was a return to form.
“I had my own business in one way, shape, manner, or form since about 2008,” Paul shares. “And the plan was always to go back out [on my own].”
After nearly a decade working within a mid-tier wealth and accounting firm, he made the leap—armed with experience, a handful of loyal clients, and a very real understanding of what building something from scratch really looks like.
“You’ll be surprised who shows up for you.”
One of the biggest shifts when starting a risk insurance business is realising who’s really in your corner. For Paul, that was both humbling and powerful.
“I was given a great bit of advice probably about a year before I went out by myself,” he recalls. “You'll be highly surprised by who you thought you could bank on—and you'll be equally surprised times ten as to who's got your back and will help you.”
From former clients to professional peers, Paul found unexpected champions rallying behind him—and more importantly, referring business.
Navigating the mess (and beauty) of going solo
Despite being a seasoned adviser, Paul didn’t sugarcoat the day-to-day of building his business from the ground up.
“It’s been hectic. It’s been full on. It’s been interesting—especially as someone that hasn’t done lots of parts of the advice process and job themselves for a very long time,” he says.
Starting over meant doing admin, chasing up emails, and re-learning tasks he'd once delegated. It also meant realising how much had changed in the industry—and how little time there is to catch up.
“I had a meeting with my support staff where we agreed that Paul will no longer do admin at all. It’s better off them taking three hours and getting it right the first time than me doing it three times,” he laughs.
When the model is right, the clients follow
One of the most powerful insights from Paul’s journey is the importance of aligning the insurance advice in Australia model with client expectations.
That client-centric approach mirrors how Skye operates—where the value isn’t in a single adviser, but in a team-supported, scalable business. And Paul’s model reflects that evolution too:
“We’re not looking for two or three thousand clients. We’re looking to work with higher-end wealth management firms... usually advisers who have been doing this job 20 or 30 years,” he explains. “They’ve got a small group of older clients who need and want insurance. They don’t do it well—it’s a problem for them. But what they’re really focused on is: can we trust you?”
Buying back books (and choosing the right ones)
Paul didn’t go completely cold turkey. He reacquired a small part of his former book to give the new business some grounding—but the rest of the strategy is all about tuck-in acquisitions and referrals.
“We had a bit of trail to keep us going and turn the lights on, but make no mistake—we are a new business focused business,” he says.
That means spending most of his time building relationships, not chasing leads.
“We’re active in procuring client books, but it’s all about alignment. We’re not buying for volume. It’s about fit.”
The rise of insurance specialists
As more holistic financial advice firms scale, many are stepping away from offering insurance in-house—whether it’s due to lack of expertise, regulatory risk, or a mismatch in their fee-for-service models.
Paul sees that as a huge opportunity.
“What we’re seeing is firms going, ‘We know we have some obligations. Tell us what we should be doing.’ Then they’re going to their adviser force—and the advisers are largely saying, ‘We’re full. We don’t know how to do it. We don’t want to do it.’”
That’s where insurance specialists like Paul step in—providing a dedicated service that plugs into the broader financial ecosystem.
Balancing growth and mental health
Running a business means the highs are high—but the lows? They’ll make you question your life choices.
“How do I deal with the rollercoaster?” Paul muses. “Poorly, most of the time.”
But jokes aside, he’s candid about the toll.
“I work seven days a week again at the moment. My wife told me last Sunday that I’m not working and I’ve gotta take her out. Which I did—but then I still did two hours of work.”
Like most advisers-turned-owners, Paul finds purpose in the grind. “It is what it is. If I wanted something else, I’d go on wages and work 38 hours a week. But it’s not what I want. I’m building something.”
Final thoughts: Building smarter, not just bigger
Paul isn’t chasing scale for the sake of it. He’s building a business that can handle growth intelligently—from the CRM stack to the team behind it.
“Like you, I’m building a 10-storey apartment block,” he told Phil. “I wanted to do it when there were 30 clients, not 3,000. Otherwise, you’re transitioning something that’ll never be finished.”
And that’s what sets his journey apart—it’s not just about survival, but about intention.
Resources
Mental Health Australia – Wellbeing and Relationships:
“Strong relationships aren’t just nice to have—they’re essential to our wellbeing.”
ASIC Financial Services Register – Adviser Authorisation Checks: