Henry was initially banned by ASIC over advice failures linked to recommendations of a managed fund to three client groups in 2023, while he was on probation at his new practice.

The ban took effect on 28 November 2025.

Henry was also banned from controlling an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business, such as an officer, manager, employee, contract or in some other capacity.

The AAT yesterday cut the banning period to three years. However, it did not prohibit him from maintaining a passive ownership interest in BNR Financial Services from the date of the orders until 31 August 2026 or from taking any steps involved in divesting his interest in that entity.

Henry worked at Endorphin Wealth for 12 months before moving to Orion Financial Planning in March 2023 and then to BNR Financial Services, according to LinkedIn.

"ASIC has not alleged dishonesty, fraud, or intentional misconduct in my case. The concerns raised relate to compliance and competence judgements, not integrity. I accept both parts of that: I am relieved there are no integrity findings, and I am accountable for the compliance shortcomings that did occur," Henry said in a statement in response to the revised banning order.

Henry produced three advice documents within a 17-day window, recommending a managed fund to the three client groups.

"That fund had been approved at every relevant level of the financial services chain: the licensee, the platform, the superannuation trustee, and an independent research house. It has since become the subject of regulatory stop orders, liquidity concerns, and ultimately a collapse that has affected thousands of Australian investors," he wrote.

Michael Chapman, a director at Mackay Chapman and Henry's legal representative, said Henry was a relatively junior adviser on probation at the time and operated under strict supervision within his licensee.

Each Statement of Advice (SoA) he prepared was subject to mandatory pre-vet compliance checks and approved before being presented to clients.

"In imposing a five-year ban initially, ASIC's original decision arguably created a misalignment between individual accountability and the systematic failures that enabled the conduct. The consent outcome corrects that misalignment," Chapman said, adding the case raises broader questions about proportionality in ASIC's enforcement approach and the allocation of accountability across the advice and product distribution chain.

This year, we celebrate the Power50 list's 13th anniversary.

The FS Power50 are financial advisers deemed to be best promoting the value of the financial advice profession, while providing outstanding service to their clients and the wider community.

The Power50 comprises advisers who have won industry awards, brought their local advice community together, supported charitable foundations, promoted the value of financial advice in the media and across digital channels and more.

They include those that are active within industry associations, boast a strong social media following, and help uplift financial literacy and awareness.

As part of the selection process, we also invite relevant industry associations to nominate outstanding members of their associations and combine that list with the list of nominations from the Financial Standard editorial and research teams.

Financial Standard will also nominate outstanding advisers based on feature and profile stories we have published in FS Advice - The Australian Journal of Financial Planning.

To nominate a worthy financial adviser, please submit a nomination form here.

Nominations are open until July 20, Monday.

The shortlist will be announced on August 10, Monday, henceforth voting for the top 50 will also commence.

The 2026 Power50 will be unveiled on September 18, Friday.

New research from Natixis Investment Managers, conducted in collaboration with CoreData, surveyed some 2950 financial professionals across 23 countries, including 150 from Australia, to examine the challenges advisers are facing and how firms are adapting to compete and grow.

The 2026 Natixis Global Survey of Financial Advisors indicates 65% of Australian advisers are observing their clients are holding more cash in response to uncertainty, which is driving "behavioural missteps".

Most investors (77%) are reacting emotionally to headlines, while 65% of advisers are trying to time the market or chase returns, and 47% pointed to unrealistic return expectations, the report found.

With 84% of advisers identifying geopolitical uncertainty as a major risk, Natixis said keeping clients invested through periods of volatility is becoming a "critical lever" for maintaining and growing assets under management (AUM).

Meanwhile, the ageing dynamic among their client books continues to be a concern, as Australian advice books remain heavily skewed towards older clients, with Millennials making up 12.5% and Generation Z just 2.4%, compared with 25.7% and 11% globally.

Natixis noted advisers will need to apply new strategies to attract younger investors and continue to provide innovative solutions.

Many reported having integrated digital tools into their offering (34%), adding artificial intelligence (AI) capabilities to their practice (53%), and using social media to reach younger audiences (28%).

However, advisers themselves are also aging out of the industry, forcing many to consider their exit strategies especially in regional areas where an advice business is usually employed by a limited number of advisers, the report said.

Additionally, the investment manager found that of all disruptions facing advisers, AI may have the "greatest" impact on investments, as just shy of three in four (73%) expect AI has the potential to shape markets for the next 20 years.

Within their own businesses, AI adoption is also accelerating, with 67% of advisers already using the technology in their practice. Overall, 85% say AI can free up more time to spend with clients, while 74% are using it to write emails, take meeting notes and distribute educational materials.

However, 65% said integrating AI into existing workflows has been more challenging than expected.

Despite these pressures, advisers remain optimistic, with local advice firms reporting assets under management growth of 14.4% over the past year and expect a further 13.8% in the year ahead.

Natixis IM head of Australia and New Zealand Danny King said advisers are placed against rapidly changing environment and need to recognise components that are useful to thrive.

"Advisers are operating in a period of rapid change, as regulation, technology, evolving client expectations and demographic shifts converge. What is clear is that disruption is not a threat to the value advisers provide, but a catalyst for evolution," King highlighted.

"In today's uncertain economic environment, working with an adviser is one of the best ways Australians can stay on track to achieve their financial goals. To succeed in the years ahead, advisers will need to show the value they add beyond asset allocation.

"More than ever, their ability to guide clients through volatility and keep them focused on long-term outcomes will be critical."

Praemium this morning announced, together with Powerwrap and One Vue Wealth Services (OVWS), it received notices of a cross-claim from Diversa Trustees relating to ASIC's proceedings taking action against Diversa for its involvement in First Guardian.

"The claims seek compensation from PAL, Powerwrap and OVWS relating to the onboarding and monitoring of the First Guardian investment products by each of them, if Diversa is ordered to pay compensation in the proceedings," Praemium told shareholders.

"These claims had not previously been foreshadowed by Diversa and the agreements in place with Diversa require it to undertake a dispute resolution process before commencing proceedings, which has not yet been done."

Praemium added no steps will be taken in the proceedings until that process has been completed, which is expected to be over the next four weeks.

ASIC is currently suing Diversa Trustees for its role in the collapse of the First Guardian Master Fund, in which $300 million of member money was invested.

ASIC alleges Diversa failed to conduct adequate due diligence before allowing its members to invest and adequate ongoing monitoring.

Members of the Powerwrap Fund, Praemium Fund, and MAP Master Superannuation Plan together with its sub-plans, YourChoice Super and AusPrac, were exposed to First Guardian between 2020 to 2024.

Diversa, as trustee of the super funds, failed to enforce a 50% holding limit it imposed for First Guardian, ASIC alleged, and failed to have systems and processes in place to ensure compliance with that holding limit.

ASIC questioned if Diversa had any regard to the apparent nature and characteristics of First Guardian and the "serious risks" of its investments, nor did it do enough to assess its performance, liquidity and stress tests, or independently enquire into information provided by responsible entity Falcon Capital.

Praemium's and OneVue's exposure to the First Guardian fund via Diversa came to about $286 million.

Diversa Trustees said it will be "vigorously defending" ASIC's allegations, arguing the managed investment scheme was "fraudulent."

ASIC has not made any claims against PAL, Powerwrap or OVWS to date.

Praemium said it will "will review the claim and take advice and update the market in due course."

APRA imposed additional licence conditions on Diversa in late 2025.

APRA said it has concerns relating to Diversa's investment governance frameworks and practices, including oversight of platform investment options made available to members.

Diversa acts as trustee for 10 registrable superannuation entities and has approximately 291,000 member accounts and over $15 billion in funds under management.

Business Health's newly released What If...? report reveals 67% of principals do not have a documented succession plan that states how the business should run in the event of a sudden death or permanent disablement.

Only a minority have undertaken comprehensive, regularly reviewed plans covering all contingencies.

"While it is important to plan for contingencies such as retirement and resignation, unexpected death should be regarded as the primary planning priority. In the absence of a clear plan, the consequences can be severe, potentially resulting in significant disruption for clients and considerable distress for family members, as the value of the business may be materially diminished," the report read.

Interestingly, preparedness appears to improve with scale and revenue. Advice firms generating between $2 million and $3 million in annual revenue were more likely to have formal succession arrangements in place.

Single-owner firms are particularly exposed, often combining the highest level of key-person risk with the lowest levels of preparedness.

At the same time, 41% of practices rely on a single adviser, amplifying continuity risk for clients.

Self-licensed principals face additional challenges, including uncertainty over who can legally service clients. Externally licensed practices, on the other hand, can provide support but this depends on clearly defined agreements stating so.

The report overall found a consistent disconnect: advisers who guide clients on risk management are often failing to apply the same principles to their own businesses.

"The business often represents a significant financial asset, and without a formal plan in place, this value is exposed to substantial risk. The consequences of inadequate preparation can therefore be considerable, both financially and emotionally," Business Health said.

The findings should also ring "warning bells" for those that have not a conducted formal external valuation of the practice. Some 56% of practices surveyed have never had one.

"Firstly, a formal external valuation ensures there is not an unrealistic expectation as to the value of the business. It can also identify what areas of the business need to be worked on to maximise its value. Getting an independent valuation is a very positive move," Business Health said.

Prior to the announcement, PictureWealth Group was already the fastest-growing planning group in the country with AFSLs under PictureWealth Advisory, Futuro Financial Services and Insight Investment Services.

Today, it adds Capstone Financial Planning AFSL, which brings 220 financial advisers and $13.5 billion FUA into the fold.

CapBack, the recently launched backoffice services offering for self-licensed practices, will also become available under the broader PictureWealth group.

Capstone Financial Planning will continue to operate under its own name and will continue to be led by its managing director Grant O'Riley.

Capstone authorised representatives will also continue to operate under their existing AFSL licencing arrangements.

"The benefit for advisers and clients is access over time to the broader PictureWealth Group's technology, compliance, practice development and operational capabilities, while maintaining continuity in their existing relationships," said David Pettit, founder and managing director of PictureWealth.

"We are now entering a structured discovery phase whereby any future enhancements will be carefully considered and communicated well in advance.  Advisers who wish to discuss their individual arrangements can continue to do so directly - no matter what stage of their career or business cycle," he said.

O'Riley said the milestone deal is a great opportunity for Capstone's advisers and their clients.

"The shared philosophy and vision of Capstone and PictureWealth creates a natural alignment. Through the PictureWealth Group, there are now more pathways for advice practices to work with us, regardless of the licensing structure they have in place."

Pettit said that with Capstone joining them, PictureWealth can support more advisers who can leverage new advice technologies to make advice more accessible.

"Our additional scale allows us to invest more deeply in technology, compliance infrastructure and shared support services, helping advisers operate more efficiently, spend more time with clients, and extend quality advice to more Australians."

"It also creates succession and integration pathways that can help retain advice capacity and client relationships within the profession.

Following the announcement, PictureWealth Group climbs up the ranks to become one of the top five largest adviser AFSLs in the country.

In the latest Rainmaker Adviser Report, the largest financial adviser AFSLs groups are RI Advice Group, Morgans Financial Limited, Akumin Financial Planning, Alliance Wealth and Picture Wealth.

Count Financial, Lifespan Financial Planning and Ord Minnett round up the top eight.

A diversified approach for a changing tax landscape 

The retirement savings confidence gap between 'advised' and 'unadvised' Australians is set to widen following the Federal Budget handed down in May. The Budget announcement introduced what many describe as the most significant tax reforms in two decades, centred on proposed changes to Capital Gains Tax (CGT) rules, negative gearing, and the tax treatment of discretionary trusts.

Against this backdrop, many advisers are already preparing to navigate a changing tax environment. While reforms still require Parliamentary approval, those who are across them now are best placed to help deliver better after-tax outcomes for their clients and reduce tax bills down the track.

"There's a lot of uncertainty and policy changes announced at the moment. It's a real period of discovery for advisers and individuals as they reassess their tax structures and financial circumstances," says John Laver, head of investment at Generation Life.

Diversified tax structures 

Advisers are reframing strategies to prepare for a new tax regime.

Traditionally, 'don't put all your eggs in one basket' referred to diversifying across asset classes. After the Budget, the same principle applies to tax structures, Laver says.

"What we're seeing in the tax optimisation space is advisers looking not just at investment strategies but at how product structures fit together from an after-tax perspective."

Many advised Australians have relied on a combination of superannuation, bucket companies and discretionary trusts to manage tax. But the proposed reforms are prompting a serious review.

They are stepping back and asking questions, including what life-event goals are they solving for, what is their tax position today, and how will it impact their life goals over the next 5, 10 or 20 years?

The answers can determine whether existing structures remain fit for purpose and if not, what alternatives are needed.

A sense of responsibility 

Because incoming new tax rules may fundamentally reshape tax positions for years to come, advisers are viewing tax structures through a multigenerational lens.

"There's a real sense of responsibility now, like 'How am I going to leave my money and build a legacy for my family, not just the next generation but generations to come?'" he says.

According to the Grattan Institute, overall, longer lifespans add another layer of complexity. Estates are increasingly passed down to beneficiaries in their peak earning years, pushing the recipients into higher tax brackets.

"You're having to future-proof estate planning against legislative change risks - something people haven't really had to think about before," Laver says.

With larger estates, higher marginal tax rates and bracket creeps, wealth transfers are no longer straightforward.

Tax optimisation is key 

Generation Life offers advisers a suite of investment bonds that are designed to answer the need for flexibility and, at the same time, greater certainty within the tax paid bond.

The group's competitive edge over other product providers is its understanding of the tax profiles of most of their individual investors versus the 'pooled' tax treatment elsewhere.

"We're in a privileged position of knowing the tax rate of most of our investors. That's a massive headstart over structures where you're managing money for people with very different tax rates."

A fund manager investing for a mix of super funds, high-income earners, retirees and companies can't optimise for all of them simultaneously. "If they preference one profile, they disadvantage another," Laver says.

Generation Life, by contrast, can tailor decisions to improve individual after-tax outcomes.

"We know the tax consequences for most of our investors  of every trade, we know how long our cohorts of investors are likely to stay invested, and in many cases, we know why our cohorts invest ... whether it's for estate planning, tax-effective accumulation or long-term wealth building. That's a powerful starting point."

For those unfamiliar with the main benefits of investment bonds, Laver explains that they are a 'tax-paid structure' where earnings are taxed internally within the product to help reduce the impact of higher personal marginal  
tax rates.

If the investor keeps the investment bond for 10 years or more and it is not reset, it's considered fully tax-paid, meaning it can be withdrawn 'tax-free'.

And given the uncertainty around CGT, investment bonds allow for less CGT events.

Laver says putting all these features together means the effective tax rate of the product may fall from the headline 30% tax rate down to the annual 10-15% range for many long-term investors.

This tax optimisation amplifies the compounding effect of wealth over time.

Reducing client conflict 

Once a client is ready to transfer assets, intergenerational conflict becomes a real risk.

"We're seeing a lot of clients who want to transfer wealth discreetly, with clear rules. They want to control how income is paid to the next generation, or to a charity, and they want it to occur outside the estate to reduce the likelihood of conflicts, particularly in blended families," Laver says.

According to ABS data, more than a third of marriages are remarriages, and the 2021 Census recorded more than 500,000 blended families.

"There are multiple pillars to a legacy unit these days - previous partners, children from earlier marriages, and people you may want to leave money to outside the immediate family," he says.

These situations require flexible estate planning structures to try to reduce litigation risks. In 2023, 47% of estate disputes in NSW involved blended families, according to the NSW Supreme Court Registry.

"Nobody wants to leave wealth that is burdened by conflict. At Generation Life we offer tools that can reduce conflict risks while providing control."

For example, Generation Life's investment bonds offer beneficiary nominations that allow wealth to pass directly to chosen recipients, outside the estate, reducing the risk of disputes to the will and ensuring the individual's intentions are honoured.

From wealth accumulation to wealth transfer, fresh uncertainty around the tax system increases the likelihood of unadvised Australians making sub-optimal decisions about their savings and estate plans simply because of the layers of complexity involved.

But for advised Australians, financial advisers can demonstrate their value by providing solutions that help them stay ahead of known tax reforms, reduce anxiety over regulatory changes and preserve their wealth for future generations.

Padua WealthData's weekly adviser update shows that Count now has 527 advisers - from 553 previously - dropping from being the third largest dealer group to fourth, as WT Financial Group edges out with two more advisers.

Overall, net change of advisers was -35 for the week.

The drop was driven mostly with the closure of Count's restricted advice service, Merit Wealth, which operated under Count's Australian financial services licence (AFSL).

As a result, Count no longer has restricted SMSF advisers.

Financial Standard has reached out to Count for comment.

Notably, four former Merit Wealth advisers have switched to Capstone.

It comes as the restricted model continues to struggle with retention. Based on Padua's data, the limited advice business model has seen a decline from 330 advisers in December 2025 to 164 currently, a net decrease of (-166) or 50.30%.

It also follows the closure of SMSF Adviser Network, an entity operating in a similar model under the authorisation provided by the National Tax & Accountants' Association's (NTAA) AFSL in April, with 85 advisers subsequently wiped off from the FAR.

Meanwhile, excluding Count's departures, the movement for the week was close to "flat".

Sequoia lost another nine from its subsidiary InterPrac, continuing a long downward run, Padua said, followed by the wound up of Damien Grist (-3) and Centrepoint Group (-3).

Several licensee owners down by two, including Evans Dixon, Rhombus Enterprises, Macquarie Group, Clime Group and the Mancell Family Trust (FYG Planners).

A tail of 23 licensee owners was down by net one each.

The two practices, which operate within the Astute network, will add three advisers to Centrepoint, as well as add $1.5 million to revenue.

Advisers from Cairns Wealth will operate from Astute premises in Cairns, while Pinnacle Wealth advisers will move to Centrepoint's Brisbane office.

Completion is expected to finalise July 1 subject to standard regulatory approvals and adviser transitions.

Astute is Centrepoint's key referral and distribution partner. The new deal further builds on Centrepoint's existing partnership since the sale of its lending solutions business to Astute that finalised in March.

Under that agreement, Centrepoint retains the lending-as-a-service (LaaS) business, credit licence, and salaried brokers so that advisers continue to access integrated lending solutions without operating a sub-scale aggregator. This means retaining the back-book revenue.

The ASX-listed firm also retained all the financial advice licence margin that Astute currently derives from Astute-aligned advisers operating under Centrepoint's AFSL.

Centrepoint now operates five core business lines: licensee services, financial advice, investments, platforms and lending.

Chief executive John Shuttleworth said the new deals align with the group's disciplined capital deployment framework and will strengthen its distribution footprint.

"Importantly, they strengthen our partnership with Astute, complete our Queensland regional footprint and are expected to deliver high-quality, recurring earnings and immediate earnings contribution," he said.

"We remain focused on executing our growth strategy through acquisitions, adviser recruitment and expansion of our platform and investments businesses."

The transaction will be funded via a $10 million acquisition facility from National Australia Bank, which will provide capacity to pursue further acquisitions.

Also based in Queensland, Astute is a lending aggregator focused on broker support and lender relationships with more than 500 brokers nationally.

Breaking down licensees' responsibilities when it comes to monitoring authorised representatives at the MDS Self Licensing Summit 2026 in Sydney yesterday, Anderson said many cases of misconduct stem from control measures inadequately enforced.

He provided InterPrac Financial Planning as an example, where misconduct of only a small portion of advisers can be a detriment for the entire business.

"There's a number of very good advisers at InterPrac but what this [the lack of control] does is it puts a spotlight on themselves. It has already been suggested that if you don't have the right controls in place... a small pocket in a business can blow the entire business," Anderson said.

To improve, Anderson said licensees must assess products before they had put them onto an approved product list (APL), stating that they can't just rely upon research houses, or products that were included on the investment menu of a super fund.

More rigorous processes need to be utilised during pre-vet and when dealing with lead generators, if any, as well, he added.

"You can't let your adviser choose the files that are going to be audited. You [the licensee] must choose. You got to have structure in this process," Anderson stressed.

"The licensee has to make sure that they are complying with these core obligations... Carefully assess each complaint and don't just respond with a template answer."

Further, Australian Financial Complaints Authority (AFCA) senior ombudsman Nick Battaerd added he's seen an authorised representative, who was also an adviser, selling non-existent products but it was the licensee who was penalised as an outcome.

"There's a little bit of a geographic separation, and [the authorised representative] started selling products that were, frankly, not existent... the failure to adequately monitor what he was doing was fundamental to the outcome of the case," Battaerd said.

"Even after [the licensee] became aware something wasn't right, and they were not going to keep his authorisation, the licensee was still held liable to his actions after that.

"Because they didn't tell any of his clients that they revoked his authorisation and they didn't put it up on a website or communicate to anyone dealing with him who's no longer an authorised representative.

"It's a licensee responsibility, in that case, he was acting outside of the authorisation, but the licensee should have been monitoring more closely."

For people affected, the pause in determinations mean their complaints against InterPrac will be temporarily halted before they progress to final decision-making stages, including the assessment of losses and the issuance of determinations.

InterPrac is currently taking action against a former client and victim of the First Guardian Master Fund collapse for an AFCA determination it does not agree with.

This is on top of the advice group's lawsuit against AFCA filed on February 24, contesting a December 2025 determination.

InterPrac took issue with the way in which blame has been apportioned, saying AFCA "did not adequately take account of the conduct of other parties connected with the Shield Master Fund when allocating responsibility for losses arising from the fund's collapse."

AFCA said the newly announced approach is "intended to reduce unnecessary complexity and potential stress for impacted consumers, while also ensuring investigation and assessment work continues so complaints are ready to move forward efficiently once court proceedings have concluded."

Once the court proceedings have concluded and the relevant issues are resolved, AFCA will update impacted consumers on next steps.

On May 7, InterPrac added Melinda Kee, a former investor in First Guardian, as a defendant in the case related to its proceedings against AFCA, claiming the complaints body treated it unfairly.

In response, Kee said: "Victims are no longer just fighting to recover their retirement savings. We are now being forced to fight the very systems that was supposedly created to protect us."

AFCA acting chief ombudsman and chief executive June Smith commented: "We understand that investors want to have their complaints resolved as quickly as possible, and this decision has not been made lightly. AFCA is cooperating with the court process commenced by InterPrac."

Smith added that impacted investors have been contacted directly by AFCA in relation to what it means for their individual complaints.

"AFCA will continue to engage with all parties involved and the regulator. AFCA will review its position if circumstances change," she said.

My Dealer Services (MDS) managing director Alex Euvrard, speaking at the MDS Self Licensing Summit 2026, highlighted that over one in three (35%) financial advisers now operate within a self-licenced practice, a stark contrast to around only 10% over 15 years ago.

He noted the growth is a result of the intent to gain better control of their businesses, including straying away from risks associated with large licensees.

"Self-licensing has become a major part of the advice landscape, and it tells us something really important, advisers are increasingly wanting control over their business, their advice process, their client proposition and ultimately their commercial future," Euvrard said.

"Advisers are reassessing and looking at the risks of being associated with large advice groups, especially within those groups where there has been reputational compliance failure or instability.

"Recent issues have sharpened that awareness considerably... Associative risk is now a real commercial consideration, not a theoretical one."

There are mediums to also improve operation for self-licensed advisers, including outsourcing specialised capabilities and the utilisation of innovative solutions, he added.

"The modern self-license firm is not simply a small business that happens to hold an AFSL... it is about building the right operating model, knowing what should sit inside the business and knowing what should be supported externally," Euvrard said.

"The best practices will not be the ones who do the most internally, they will be the ones who design the most intelligent operating systems."

Meanwhile, Euvrard highlighted the industry is currently undergoing a "fundamental shift", with some 67 Australian financial services licences (AFSLs) were granted over the past six months. This was a level that was never seen before, he said, further accentuating the intent towards self-licensing.

However, the low number in advice uptake across Australia - only 10.4% of the entire population are seeking advice - compared to similar economies like the US (27%), remains one of the critical challenges for the broader advice sector to scale. This is also exacerbated by the limited supply of new advisers due to stringent education standards and regulatory developments.

Addressing this, Euvrard said the need to for sustainability in the industry will be crucial moving forward.

"If we want a sustainable profession, we need to talk seriously about how people enter, how they are trained and how the profession grows without lowering professional standards," he said.

"The [lack of] advisers... is a clear and linear association with the measure of access to advice. If the population does not grow, access to advice remains constrained."

To avoid this, the association wants the CSLR to capture managed investment schemes (MISs) within its funding framework, which it said have proven to be a "very significant contributor to client losses and unpaid determinations."

Credit intermediaries, credit providers, licensees providing financial advice and securities dealers are the only four sectors that fund the scheme.

Currently, consumers believe the only means to be compensated is to make a complaint against their financial adviser, the FAAA explains in its submission to the CSLR reform options to support the ongoing sustainability consultation that recently wrapped up.

"Thus, at present the MIS sector makes no contribution to resolving consumer harm that its failures have substantially contributed to. It also unfairly and inaccurately casts financial advice as the sole cause of consumer harm, insulating MISs from scrutiny and increasing the likelihood of further risk-taking behaviours in this sector," the FAAA said.

Given many advisers run small businesses, the FAAA said it is only fair the sector pays no more than the base levy of $20 million.

Treasury's proposed "waterfall approach" wants to apply the first $40 million of CSLR levies to financial advisers.

The FAAA called this "unfair and unaffordable" for small businesses and should be limited to $20 million.

Under the Enhancing member protections in the superannuation system consultation, the FAAA is opposing the proposed waiting period model for inter-fund superannuation switching, saying it already takes advisers a lengthy period to move clients with a fact-find, develop strategies and prepare a Statement of Advice.

Further, it "strongly opposes" any ban or limitation on advice fees being paid from super accounts for switching advice.

"There is no basis for such an intervention in the market, and this would only serve to disadvantage many Australians who have sought financial advice or who would seek advice if they could afford it," the submission read.

In response to Curbing lead generation activity proposed reforms, it is "strongly opposed to any proposal to remove or scale back the existing exemption for financial advisers" with respect to anti-hawking.

The exemption is "a critical measure to ensure that financial advisers can contact their clients when there has been meaningful change in circumstances that would warrant the adviser recommending to the client that they make some change to their existing portfolio, or to pursue a new opportunity that is in their best interests," the FAAA said.

Rainmaker Information reviewed a number of funds including Australian Retirement Trust, Aware Super and HESTA and found combined adviser numbers fell from 687 in March 2021 to 501 by March 2026.

"This contraction contrasts sharply with the expansion in both membership and funds under management," the report said.

"The financial advice workforce continues to contract, limiting the capacity of traditional, in-person models to meet this level of demand. Face-to-face advice alone is unlikely to bridge this gap."

The report found a small number of funds anticipated this shift and embedded digital advice within their member offerings, initially focusing on intra-fund needs such as investment selection, contribution optimisation, and insurance guidance.

"However, given the pace and scale at which the system is growing, this is no longer sufficient," the report said.

"Super funds are now beginning to combine internal capability-building and strategic partnerships with external providers, enabling more scalable, accessible, and cost-effective delivery of advice across a broad and diverse membership base."

The report sees digital advice evolving from a niche capability into a core channel for member engagement for industry funds.

"Digital advice is expected to play an increasingly central role in addressing the structural advice gap, particularly for members with simpler financial needs, as funds continue to refine delivery models and enhance member engagement," it said.

Total number of ASIC-registered financial advisers fell in the quarter to the lowest recorded number of advisers since June 2003 reaching 15,157.

The mid-sized AFSLs in the size bands of 11-50 were the fastest growing, increasing their total number of advisers by 10.4% over the 12 months. The five AFSLs attracting the most advisers were Akumin Financial Planning, RI Advice group, Picture Wealth, Consultum and Canaccord Genuity Financial.

A survey conducted by the Stockbrokers and Investment Advisers Association (SIAA), Praemium and CoreData reveals financial advice has not kept up with the HNW population's booming wealth.

It is ultimately widening the gap between demand and access, alongside growing client complexity across retirement, succession, tax, alternatives and whole-of-wealth oversight.

CoreData chief executive Andrew Inwood said what is concerning is Australia is entering its largest intergenerational wealth transfer on record, with the acceleration of the baby boomer cohort driving increased demand for advice as more investors seek to structure, protect and transition their wealth efficiently in a tightening policy and tax environment.

"The high-net-worth segment continues to expand at pace, but advice penetration hasn't kept up. That imbalance creates a clear runway for firms that can broaden their offering and deliver advice more consistently across a larger client base," said Inwood.

In the survey, nearly 80% of advisers said they focus on HNW clients, with 64% reporting that these clients represent at least half of their client base.

Almost 80% of firms manage individual client portfolios exceeding $6 million. About one quarter serve client bases that are at least 50% wholesale investors.

Pointing to Treasurer Jim Chalmers' proposed overhaul of the capital gains tax (CGT) discount announced on Budget night, Inwood said that is perhaps "the best thing" the government can do for financial advice businesses.

"Every rich person in Australia and now every person [running] a company is ringing up and saying, 'what do I do now?' [About] 90% of people now say, 'I need to talk to someone, because this has just got really complicated'," he told the 2026 SIAA Conference.

"Wages and tax on income are sticky, but wealth is slippery. It moves, it changes very, very quickly, and that is what's going to happen now."

Praemium chief strategy officer Denis Orrock commented: "What's clear from the data is that firms aren't pivoting into high-net-worth advice, they're already operating in it. The shift we're seeing is how they're broadening their role to support more of the client balance sheet, particularly as portfolios become larger and more complex."

The survey canvassed 100 advisers from stockbroking and advice firms.

Before considering anything else, a panel of technology and advice experts stressed the importance of starting at the ground level - improving client and investment data before leveraging AI over it.

On the final day of the Stockbrokers and Investment Advisers Association (SIAA) Conference in Melbourne, Flextrade vice president of business development James Hammond said the reality is "no one sorted out their client data," meaning investments data is housed in disparate platforms and not easily accessible at once.

"If your data is rubbish, it doesn't matter what AI you put on top of it, it's rubbish in, rubbish out," he said.

In the context of adopting technology-enabled advice, Padua Solution managing director and chief executive Matt Esler said advisers need to lean into compliance as they are fiduciaries of clients' wealth.

Applying quality assurance throughout the process - from advice guidance to advice generation - or "audit in real time" is where the industry should be moving towards.

As an example, Esler shared Padua has 15 compliance managers whose jobs changed drastically with the implementation of AI.

"Applying Padua's AI quality assurance capability called Aqua meant those people didn't lose their jobs. They moved to the front of the funnel, and now they're involved in discussions with advisers and talk about strategy and advice again," he said, warning that gone are the days where advisers check a plan after it has been issued.

"Once the advice has been provided to clients, it's too late. This idea that compliance groups and consultants do four checks on client advice per year is a huge risk to the industry."

The end of the process culminates in an "ASIC-level, AFCA-level and a licensee-level audit" in pre-providing and post-providing advice to the client, capturing any issue prior to implementation.

What is also needed, according to Hammond, is a change in adviser mindset because another reality is management teams are "nervous about changing anything" and their advisers will join a competing firm.

"It's the advisers' responsibility to give some reassurances to their management teams that they want to make their lives easier. That they want to be more efficient," Hammond said.

"These things aren't going to happen unless the advisers are willing to. You don't need to become a software engineer. You just need to be open to the idea that the way you engage your client and the way you don't manage your daily tasks could potentially be done better."

Financial Standard is the official media partner of the 2026 SIAA Conference.

The government has announced the shared responsibility of the scheme across all financial sub-sectors, including the superannuation sector, late last year, which received mixed reactions from the industry, including the Association of Superannuation Funds of Australia (ASFA) and the Financial Advice Association Australia (FAAA).

However, despite the current spread, advisers are expected to expense a whopping $4000 in levies in the upcoming financial year.

The situation is rather dire for risk advice due to the lack of new entrants into the niche sector, with only some 185 risk specialists currently available in Australia.

Addressing the growing concerns of the viability of risk advice, CALI chief executive Christine Cupitt argued the CSLR levy should be spread across the broader financial services sector and the government, rather than saddling advisers with a "disproportionate" burden.

"Risk advisers aren't a threat to Australians' savings, instead they help them access peace of mind and financial security when they need it most," Cupitt said.

"The scheme is very important for victims of financial misconduct, and the government needs to take a fairer approach and make sensible changes to the design of the scheme to ensure it remains sustainable in the long run."

Cupitt said the government delivering on its promises for the full Delivering Better Financial Outcomes (DBFO) reforms would be significant for fighting financial misconduct.

Notably, CALI is attending a round table with assistant treasurer and minister for financial services Daniel Mulino, along with consumer groups and industry stakeholders to discuss consumer protection and the sustainability of the CSLR.

Further, Mulino spoke at the Stockbrokers and Investment Advisers Association (SIAA) Conference on Tuesday morning providing an update on both the CSLR and DBFO reforms, stating that they need "holistic" approach when assessing these reforms without applying unnecessary regulations.

The Stockbrokers and Investment Advisers Association (SIAA) Conference in Melbourne today discussed differences between traditional fixed income products, and private credit and alternative strategies.

Financial advisers, a panel of experts said, are at an interesting juncture - should they include private credit in the defensive portion of a diversified portfolio?

Schroders Australia head of credit Helen Mason told advisers: "Buyer beware."

"Do your due diligence. If you can't figure out what's in the portfolio and what's driving the returns, then how can you possibly understand the risk? And how can you price that risk?" she told the panel.

"It is very important to understand the fixed income landscape and what you want to be invested in. It's no doubt that we're in a more volatile period of time - that inflation is going to be higher and stickier and rates are going to be higher - and that will put pressure on corporates and households."

MA Financial group executive head of global credit solutions Frank Danieli said in the defensive part of a 60-40 portfolio, with the 40% being defensive and historically invested in bonds and liquid fixed income to deliver a source of income, there are several aspects that should be top of mind when considering private credit.

"How much within that 40% can I trade off liquidity in order to capture a premium return? That premium is delivered because of less liquidity and different liquidity features, but also due to proprietary origination and so on," he asked.

"When you think about it in that way, that has quite a good role within balanced portfolios."

Danieli observes that private credit has a "definitional problem" some advisers are grappling with. To tackle this, they should first start with defining what private credit is.

"Private credit is a loan that's not on a bank balance sheet, and not in the bond markets, but a loan on a spectrum of risk, [ranging from] investment-grade replacements to sub-investment grade replacements to opportunistic and high-risk alternatives. Each of those can have a valid place in people's portfolio, depending on client objectives.

"Once you deal with that question, then you have to say, how do I get it? Historically, this was an asset class available only to very large institutional investors.

"It is important not to start with, how do I get it? It's what within the private credit landscape do I actually want within a portfolio, and then where do I access it? They're the two questions that we see clients grappling within our channels," he said.

The private credit sector is facing unprecedented regulatory scrutiny in which regulator ASIC has put product providers on notice for opaque practices and transparency issues, particularly around fees.

To help address this, Danieli said advisers should consider the "first layer of the onion" to be the portfolio composition around disclosure and transparency.

If a fund has 150 loans, he said, it is important to understand which sectors these operate in, the type of loans and their credit characteristics and so on.

In layer two, advisers should be asking, 'Where's my risk-adjusted return coming from and is the product provider making these clear in investment documents?'

Other aspects to consider are what returns the loan portfolio generates after considering fees, if the fund is leveraged, the performance of a loan and possible defaults.

The final layer, he noted, is structural and governance transparency.

"The nature of how you're set up, what segregation of duties are in place and what independent processes or outside review that you have within the business. How do you conduct valuations and determine your credit ratings and so on? That all needs to be clear," Danieli said.

"It's not just about what's [in the fund]. It is about where are my returns coming from, and how's the governance working within this business?"

Financial Standard is the official media partner of the 2026 SIAA Conference.

The new proceeding comes off the back of InterPrac's lawsuit against AFCA filed on February 24.

The concise statement filed with the Federal Court dated May 7 shows InterPrac adding Melinda Kee, a former investor in First Guardian, as a defendant in the case related to its proceedings against AFCA, claiming the complaints body treated it unfairly.

Kee was contacted by lead generator Aus Super Compare or AusCompare and subsequently referred to an InterPrac financial adviser that moved her superannuation into First Guardian.

Kee recently told Financial Standard she lost $380,000 of her retirement savings following the collapse of First Guardian and has been advocating for other victims of First Guardian as well as Shield.

AFCA determined InterPrac should compensate Kee for $368,093.11 plus interest.

InterPrac, however, is contesting this, saying in the concise statement the "determination is unreasonable because it contains multiple errors and unsupported conclusion."

InterPrac said there was no basis to recommend Kee switch from her Macquarie product to AusPrac and a reduction in fees is not sufficient to recommend a switch. It also did not agree with AFCA determining Kee's investments into the FG Diversified Option were not diversified and consequently inappropriate. AFCA concluded InterPrac was liable for 100% of Kee's calculated loss.

"AFCA has determined Ms Kee's loss on the presumption that she has lost all monies invested into the fund. In circumstances where Falcon Capital is in liquidation and the liquidator has advised that it has already recovered some of the assets with the majority still being investigated, it is unreasonable for AFCA to conclude that Ms Kee has suffered a loss," the concise statement read.

"Ms Kee's loss (if any) has not crystallised and is not possible to determine whilst liquidation is ongoing and distributions to unitholders are expected."

Callun Blurton, the lawyer for Kee and director of Financial Dispute Legal, told Financial Standard there are a range of issues which InterPrac says are relevant to the assessment of its liability which AFCA failed to properly consider.

"I am concerned that InterPrac is really just trying to delay paying compensation to investors," he said.

"I act on behalf of a large number of people invested in Shield and First Guardian. But my concern now is that all InterPrac complaints with AFCA, which I understand there are about 700 of them, may all be paused."

What is also concerning is that victims have been urged to lodge their complaints with AFCA - but are now facing setbacks.

"A lot of work has been done by Melinda and other people to rightly get complaints lodged. All those people have been doing what they're being recommended to do. I am concerned that they are now in no man's land," said Blurton.

"It is terrible conduct by InterPrac to delay Melinda's case. No reasonable adviser in the circumstances, in my opinion, ought to have recommended or provided those recommendations."

Furthermore, AFCA, as an independent party, has thoroughly assessed Kee's case and made a conclusive determination that the financial advice was not appropriate.

"For the other cases we're handling, there were many problems with the advice provided. In some cases, the financial adviser never even spoke to the client. In other cases, investments were made without the client's consent. There's just no accountability," Blurton added.

In a statement to Financial Standard, Kee said: "Victims are no longer just fighting to recover their retirement savings. We are now being forced to fight the very systems that was supposedly created to protect us."

"What is the point of having a mandatory external dispute resolution scheme if financial firms can simply refuse to pay determinations and drag victims into Federal Court proceedings instead? That is not consumer protection. That is consumer exhaustion."

Kee is part of the First Guardian and Falcon Superannuation Discussion group on Facebook, which has some 2000 members. Many are in the process of recovering or have recovered their money. For many, they find the support, resources and encouragement they need to navigate the complex complaints and compensation system.

She also spearheads the SOS Save Our Super website, an advocacy group fighting for justice for victims.

"In my view, the fact that victims are now being dragged into Federal Court proceedings simply to defend AFCA determinations is exactly why Part 23 should be seriously considered. Australians should not be forced through years of legal warfare while regulators, trustees and financial firms argue over liability," Kee said.

"If ASIC itself has described this conduct as industrial-scale misconduct, then the question becomes how much more evidence is needed before APRA and Treasury seriously move toward a Part 23 solution."

InterPrac did not respond to Financial Standard's request for comments.

To better focus on the initiative, the $235 billion super fund has created the role of senior manager technical services, appointing Troy Smith from Zurich Insurance.

In his new role, Smith reports to national manager advice relationships Warwick Gribble.

The role sits within the advice relationships team and Smith is responsible for developing and delivering technical education to licensees and advisers through professional development events and webinars, Aware Super said. He will also provide technical support to financial advisers working with the fund across complex client scenarios.

Smith brings more than 15 years' experience in financial services, providing strategic guidance and technical matter and regulatory changes. He was most recently the partnership disputes resolution manager at Zurich, after a five-year stint at Insignia Financial in similar capacities.

Prior to that, he spent almost a decade at OnePath, which was later acquired by Insignia Financial (formerly IOOF) between 2011 and 2019. Smith also had stints at ANZ, Challenger, Mercer, PSK Private Wealth, and RetireInvest earlier in his career.

Commenting on the appointment, general manager growth and partnerships Natalie Jarvis said Smith will further strengthen the fund's adviser proposition.

"As adviser engagement continues to grow, it's critical we invest in deep technical capability that advisers can rely on," she said.

"Troy brings extensive industry experience and a strong ability to translate complex technical issues into practical guidance, which will further enhance the support we provide to advisers and, ultimately, their clients."

She added many members value personalised financial advice.

"Our role is to support that advice ecosystem by equipping advisers with strong local relationships, high-quality technical support and education, while ensuring members can access advice in the way that suits them best," Jarvis said.

The interim dividend was previously delayed pending the proposed sale of InterPrac to Conquest Investment Partners; however, the sale agreement was ditched May 1 following ASIC's concerns over the transaction.

At the time, Sequoia said the two parties failed to satisfy all the conditions within the required timeframe.

However, Sequoia now says Conquest has disputed the termination of the agreement.

"On 7 May 2026 the Federal Court adjourned the case management hearing regarding the ASIC proceedings to allow the parties an opportunity to confer regarding the status of the Agreement, due to the purchaser disputing the termination of the agreement by the seller," the Sequoia board said.

"The next case management hearing is scheduled for 29 May 2026. ASIC has subsequently requested the parties confirm the status of the agreement by 18 May 2026 or otherwise seek declarations from the court regarding the effect of the purported termination and the status of the agreement."

Sequoia said its position remains that the agreement has been terminated.

"However, consistent with the company's prior disclosures and to continue cooperating with ASIC and the court process, the directors have determined it is appropriate to further defer payment of the interim dividend pending greater certainty regarding the status of the agreement."

The board added that all details relating to the interim dividend remain unchanged and payment will be made regardless of the outcome of the sale.

Sequoia had announced in March it would offload InterPrac for $50,000 to Conquest.

Following the announcement, ASIC applied to the Federal Court for KPMG to investigate the proposed sale.

ASIC expressed concerns the sale could adversely affect InterPrac's creditors, including its liabilities in relation to complaints sitting with the Australian Financial Complaints Authority (AFCA) regarding the collapse of the Shield and First Guardian Master Funds.

Sequoia previously assured shareholders ASIC's concerns around the sale of InterPrac were "unfounded" and it was working with the ASX to determine whether shareholders were required to approve the transaction.

Selling 100% of the shares in InterPrac to Conquest would have meant the latter taking on all assets and liabilities of the troubled advice practice.

InterPrac currently has a professional indemnity (PI) insurance policy worth $20 million covering the failures of Shield and First Guardian.

Melbourne-based Stephen Rogers, a representative of United Global Capital, had been prohibited from registering as an adviser with ASIC until after December 2025.

The Financial Services and Credit Panel (FSCP) had made a registration prohibition order against Rogers after determining he inappropriately used a scaled advice model that excluded consideration of the suitability of establishing a SMSF and the suitability of the SMSF investing into products related to Rogers' licensee, and a rate of return in the benefit comparison in his statement of advice.

The FSCP found Rogers "acted in a way that was misleading or deceptive, or likely to mislead or deceive."

As a result, Rogers was prohibited from being registered with ASIC during the prohibition period and from providing personal advice to retail clients on relevant financial products during that period.

Rogers had sought review of that decision in the ART.

In the ART ASIC provided evidence of similar breaches in relation to additional UGC client files and sought orders imposing a longer registration prohibition period.

The registration prohibition took effect from 7 December 2023. On 3 May 2024, the ART had granted Rogers a stay of the registration prohibition, subject to a condition that he does not provide scoped advice for the duration of the stay.

The tribunal has now set aside the FSCP decision and imposed a three year registration prohibition period. On 24 April 2026, the ART ordered that the registration prohibition end on 27 November 2028, taking into account the earlier non-registration period between 7 December 2023 and 2 May 2024.

In ART, ASIC argued Rogers' evidence under cross-examination suggested that he likely understood the problems with the model but turned a blind eye to it.

"Alternatively, if he truly did not appreciate or notice the issues, it speaks volumes of his skill and competence as a financial adviser," ASIC said.

"In many ways, Rogers was careless or reckless in dealing with his clients. He did not read the prospectuses and PDSs of the products carefully, if at all. He relied blindly on information fed to him by paraplanning and the management team and he did not carefully read and review the documents he was providing to clients."

ASIC further added that the Rogers' stood to personally benefit from his involvement in the model, 'albeit fairly modestly'.

ASIC contended that Rogers' either knew, or ought to have known, that the model operated as a scheme designed to induce vulnerable individuals to invest their entire retirement savings in a way that primarily benefited UGC and its associated entities, while exposing those investors to significant risk.

"Despite the gravity of the concerns raised, Rogers demonstrated limited insight into the nature and consequences of his actions. Whilst stating that he'd do things differently now, he did not accept any level of personal responsibility for his actions, instead repeatedly seeking to blame his licensee and the fact that he was inexperienced," ASIC said.

ASIC argued that cancelling Rogers' registration and preventing his reregistration for four years would carry substantial deterrent value.

From 1 July 2028, Treasurer Jim Chalmers proposes to introduce the new tax that will be paid by trustees given they control distributions.

Beneficiaries will still need to declare the income in their tax returns. Beneficiaries, other than corporate beneficiaries, will receive non-refundable credits for the tax payable by the trustee, which can be used to offset current year income tax liabilities.

"The minimum tax will mean a fairer rate of tax is paid on income from discretionary trusts, more closely aligning the tax rates for trusts with the rates paid by workers who earn a living from wages," he explained.

Fixed trusts, including fixed testamentary trusts, will not be subject to the minimum tax. The minimum tax will also not apply to other types of trusts. This includes widely held trusts, complying superannuation funds, special disability trusts, deceased estates and charitable trusts.

Exemptions also apply to primary production income, certain income relating to vulnerable minors, amounts to which non-resident withholding tax applies, and income from assets of discretionary testamentary trusts existing at announcement.

The overhaul comes off the back of the number of discretionary trusts more than doubling over the past 20 years.

The Australian Taxation Office estimates there were 1.02 million registered trusts in the 2023 financial year that made total business income of $489 billion.

While there are legitimate reasons to use trusts, such as succession planning and asset protection, Chalmers reasoned that such arrangements "provide opportunities to pay a lower rate of tax that are not available to most workers."

Treasury modelling shows the wealthiest 10% of households hold over 90% of the value of private trusts, the majority of which are discretionary trusts.

Chalmers said rollover relief will be available to assist small businesses and others that wish to restructure out of discretionary trusts into another entity type, such as a company or fixed trust.

"This will provide relief from income tax consequences of restructuring, including tax on capital gains, and will be available for three years from 1 July 2027," he said.

Chalmers has yet to consult with stakeholders on details of this policy, including the mechanism for collecting the minimum tax on trusts, how trustees use excess franking credits and details of rollover relief for restructuring.

"These reforms will make the tax system fairer and more sustainable, and help fund tax cuts as well as the essential services Australians rely on," he added.

In the lead up to Budget night, Chalmers sold reforms to discretionary trusts, along with capital gains tax discount and negative gearing, as strengthening intergenerational equity.

As the population ages there will be a higher tax burden on a declining share of working age Australians, he said, adding the current tax settings make it harder for many Australians, including young Australians, to get into the housing market.

The Offended by the algorithm: The hidden interpersonal costs of clients seeking AI second opinion research paper indicates financial advisers often feel offended when their clients use AI to obtain a second opinion and become less motivated to work with them.

The research, conducted by the Monash Business School, in collaboration with MUMA College of Business at the University of South Florida, notices rapid advances in AI have enabled the rise of AI-enabled advisory tools, which are beneficial, but they also introduce a "competitive pressure" for human advisers, fearful of being replaced.

Based on two case studies involving financial advice, advisers tend to perceive AI as inferior to themselves and perceive clients who consult an AI adviser as "less competent".

Research author associate professor Gerri Spassova said learning a client has sought AI advice decreases the adviser's motivation to work with that client.

Importantly, this effect persists even when clients use AI only for background information or as a complementary resource, Spassova said.

"Advisers view AI as substantially inferior to themselves; thus, being placed in the same category as an AI system feels insulting and signals disrespect, undermining advisers' willingness to engage," Spassova said.

"My intuition is that the situation will not get much better. Firstly, because professional advisers' jobs are on the line.

"Also, as AI gets better, it may threaten our sense of worth and self-regard, and so when clients defer to AI, it would prompt advisers to question the value of their human contribution."

To avoid a confrontational scenario, Spassova said it is better for clients not to disclose to their advisers that they've consulted AI.

"And this may be particularly true for new client-adviser relationships, where the client has no track record of doing business with the adviser and where trust may not have been established yet," Spassova said.

"The effect will probably be weaker if there is a long history of the client and the adviser working together (though even then the adviser may feel cheated)."

The Independent Review of Residential Aged Care Accommodation Pricing report, compiled by the Department of Health, Disability and Ageing, highlighted it is the responsibility of providers to ensure their staff do not provide financial advice outside of information relating to aged care costs.

The review acknowledges only financial advisers with an aged care specialist designation, accredited via the Aged Care Steps Accredited Aged Care Professional program from the Financial Advice Association Australia (FAAA), can advise on the specific area due to "the complexity of accommodation pricing and the impact the method of payment can have on an individual."

It is also calling on the government to work with the FAAA to ensure advisers have access to accurate, up-to-date training, it said.

FAAA chief executive Sarah Abood welcomed the recognition of the designation.

"The recommendations would lead to a clearer, safer pathway for older Australians, enabling these people to make more effective aged care decisions," Abood said.

"This is particularly critical as Australia's population ages - the proportion of people aged over 85 is one of the country's fastest growing demographics.

"This is essential to protecting older Australians and ensuring they receive high-quality financial advice on aged care. We would welcome the opportunity to work with the department and government to ensure aged care specialist designations are recognised appropriately in financial advice licensing requirements."

The review recognisesaged care providers, aged care specialist officers (ACSOs) and Financial Information Service (FIS) officers are limited to the provision of information, not financial advice.

It also reinforces the findings of the recent whitepaper by Aged Care Steps on the regulation of aged care financial advice.

Aged Care Steps director Louise Biti said the report validates long-standing concerns about the risks created when aged care staff attempt to guide families through complex financial decisions.

"This report reinforces what our whitepaper made clear - aged care financial advice must be delivered by registered financial advisers with specialist training," Biti said.

"Aged care providers and FIS officers play an important role in providing information, but they need clear boundaries and safeguards to ensure they don't inadvertently step into financial advice."

Openmarkets' private wealth advisory has onboarded several new advisers across Australia in the past 12 months as part of a strategic push into the wealth management sector. Arima Investment Partners and Cahill Private Clients are some of the businesses now operating as corporate authorised representatives under the Openmarkets AFSL.

The offering is described as a product-agnostic, turnkey AFSL solution and allows advisers to operate their own businesses, licensed by Openmarkets.

"Our private wealth business is designed to empower advisers with the autonomy to build and scale their own practices, while leveraging Openmarkets' depth of infrastructure and expertise. Advisers own their client relationships and have the flexibility to run their business in a way that best serves their clients," chief executive Dan Jowett said.

"Unlike traditional banks and brokers, we don't carry many of the high overhead costs of legacy structures. This enables us to deliver a better commercial outcome for advisers, ensuring they can focus on growing their client portfolios rather than navigating institutional constraints."

The group plans to grow its adviser count to 50 over the next three years, saying the aim is to give advisers the autonomy they value, while clients benefit from the resources and scale offered by Openmarkets.

The new business comes as Openmarkets plans to list on the Nasdaq.

Earlier this year it signed an agreement with special purpose acquisition companies Lake Superior Acquisition Corp to merge. The deal represented an estimated enterprise value of $420 million.

Openmarkets is also looking to expand into decentralised finance, starting with the fractionalisation of assets, like funds, real estate, private equity and private credit.

The cash transaction is subject to platform consent, due diligence and completed documentation.

"Commercial terms are agreed. These transactions represent further progress in exiting sub-scale retail product structures and aligning the group to its future mandate-led operating model," Clime said.

Yesterday, the group finalised the sale of its retail advice arm, Clime Advice, for $6 million, comprising $1 million in equity and vendor finance of $5 million. It retains a 10% interest in the newly combined business.

The deal involved Clime retaining selected high-net-worth family office relationships operating under portfolio management arrangements rather than traditional retail advice structures.

"The business will continue to trade as Clime Private Wealth and approximately 20 staff will relocate to our Angel Place Pitt Street Office over the next six weeks. Clime continues to support advisers through asset consulting, research and portfolio services, maintaining long-term commercial alignment while materially reducing internal complexity," the company said.

During the March quarter, Clime appointed Anshul Thapar as chief operating officer.

Thapar was previously Clime's head of operations for nearly a year and before that was operations manager.

Elsewhere, he served as manager of investor services at Leveraged Equities and was a team leader of cash operations at Ord Minnett.

In the last few months, Clime also restructured its investment in James Street Wealth, with its 30% ownership transferred to the founder under a structured financing arrangement. Clime retains a 20% interest.

Newly appointed chair Paul Lahiff said: "Clime is transitioning toward a mandate-led investment model supported by improving investment performance and reduced operational complexity. The board believes these changes provide a strong foundation for scalable growth and long-term shareholder value."

Clime had $1.5 billion in funds under management at the end of March.

Sequoia announced it will offload InterPrac to the little-known Conquest Investment Partners for $50,000 in late March.

The regulator jumped on this, applying to the Federal Court for KPMG to investigate the proposed sale.

ASIC expressed concerns the sale could adversely affect InterPrac's creditors, including its liabilities in relation to complaints sitting with the Australian Financial Complaints Authority (AFCA) regarding the collapse of the Shield and First Guardian Master Funds.

In an update to the ASX, Sequoia said developments subsequent to signing the share sale agreement "resulted in circumstances where completion cannot occur on terms consistent with those originally contemplated by the parties."

"Having regard to the expected cost, complexity and uncertainty associated with progressing the transaction under these revised circumstances, the company determined that it is not in the best interests of shareholders to proceed. Accordingly, the proposed sale of InterPrac to Conquest will not proceed," Sequoia said.

Sequoia currently has about 900 InterPrac-related complaints sitting with AFCA stemming from the collapsed Shield and First Guardian master funds.

About $677 million is estimated to be owed to investors who were advised by InterPrac representatives to invest in the failed funds.

ASIC insisted a receiver must be appointed to investigate and report on whether the deal made between Sequoia and Conquest is "bona fide, fair and reasonable", and report on InterPrac's financial position and solvency.

Sequoia recently assured shareholders ASIC's concerns around the sale of InterPrac were "unfounded" and it was working with the ASX to determine whether shareholders are required to approve the transaction.

Selling 100% of the shares in InterPrac to Conquest would have meant the latter taking on all assets and liabilities of the troubled advice practice.

InterPrac currently has a professional indemnity (PI) insurance policy worth $20 million covering the failures of Shield and First Guardian.

Going forward, Sequoia's board said it will continue to assess strategic options for InterPrac and will update the market in accordance with its continuous disclosure obligations.

Speaking with Financial Standard, Barrett said there are specific components and criteria that need to be ticked off before a deal can proceed, and only as much as one in 10 deals actually closes.

"There are clear ideas internally on what we're looking for in regard to aspects about client, segment, demography, geography," he explained.

"... we look for growth corridors across regional areas, towns that have the thematics to enable us to grow in those areas. Historically, we've focused on the mass affluent segment, but increasingly, we're moving up towards high-net-worth (HNW) segment."

He said the expanded scope was based on the "real opportunity" to establish a concrete network in the HNW segment as Australians are becoming wealthier.

"We won't invest in businesses that service segments that we don't think we can add value in or grow," he said.

"It's very much a growth mindset. We have specific intelligence behind the scenes around where we will invest and where we won't. It's not just some scattergun approach. It's quite targeted."

He also noted a "power shift" currently taking place across the advice industry, which involves the transitioning from product-led advice to a more holistic and bespoke model.

"... in the advice space, businesses of scale are emerging, and they are putting the advice value proposition and their clients first, not the product proposition," Barrett said.

"You should expect to see the emergence of more advice platforms with capital and large balance sheets adopt this approach... that for me is the big thematic in the industry currently."

The group kicked off the year with a strong start, acquiring a Tasmanian advice business and plotting a regional advice hub through strategic partnerships in NSW.

More recently, it has acquired national advisory firm Intend Financial, adding 10 financial advisers and four locations to its network. It aims to deliver capital, expertise to help scale Intend Financial's continued expansion.

Established in 2021 by the amalgamation of three mature financial planning firms, Intend Financial has offices in Victoria, Queensland and Tasmania and is led by five principal advisers: John Moran, Zach McArthur, Jesse Nihill, Yihsing Koo and Ben Buchanan.

Over the past five years, the business has grown rapidly through M&A and organic activity, AZ NGA said.

Commenting, AZ NGA chief growth officer Chesne Stafford said Intend Financial demonstrated the power of a clear vision, unity and collaboration to build something extremely unique and valuable in a relatively short period of time.

"Advice businesses that want to grow need to scale in order to serve more clients and provide opportunities for employees, and the team at Intend Financial have done a brilliant job of expanding geographically and integrating businesses while continuing to deliver excellent service and advice to clients," she said.

"This is a high-quality business with a loyal, growing client base that is supported by a group of experienced advisers and a knowledgeable team of support staff, making it an ideal business to join AZ NGA and support our rapid expansion strategy."

The Vanguard Adviser Portfolio Trends Report 2026 gathered insights from more than 100 advisers in 2025 and found the industry continues to favour disciplined core-satellite construction, with average indexed exposure around 50% and the normal range of indexation being around 20%-65%.

Active and indexed exposures stood at 49% and 44%, respectively, with total portfolio costs mostly contained between 0.30% and 0.75%.

However, across the portfolios analysed, Vanguard said there is a "long tail" of practices that apply the model liberally without clear purpose, which leads to overlapping exposures, style drift, excessive costs and unintended risks.

Vanguard Australia head of financial adviser services Rachel White said the issue revolves around how deliberately advisers are utilising the approach.

"What we see in the data is encouraging at a surface level, advisers are getting most of the big decisions right," White said.

"But when we look deeper, there are some quiet portfolio construction behaviours that have become normal over time, and those behaviours carry consequences for diversification, risk and long-term returns.

"The issue is not that advisers are using satellites, it is how deliberately they are being used."

She said the most successful implementations were those where advisers made deliberate decisions on the clear distinction between core and satellite, while calculating the risk they were willing to absorb.

A strong core and strategic asset allocation remains the primary determinant of long-term outcomes. Satellites should enhance, not obscure, portfolio intent, she added.

Meanwhile, although cost continues to be a key consideration in portfolio construction, alternative assets were the most expensive component, with average costs of 1.46% per year, exceeding the current average range.

Vanguard found many commonly used alternative strategies delivered inconsistent outcomes, with some private market funds underperforming basic equity benchmarks despite the higher fee load.

However, allocations towards alternatives remained relatively low for retail clients, as advisers were reminded to reconsider if the asset class should remain in a portfolio.

Among different asset classes, cash remains elevated, averaging 21% of the fixed income allocation but higher and longer-term cash allocations could cost clients the term premium and the defensive benefits of duration, Vanguard said.

Across both Australian and global equities, advisers adopted a more balanced, style-neutral posture than in previous years.

"Cash is a useful liquidity tool, but it is not a long-term return driver and in regard to alternatives their inclusion does not automatically mean better outcomes, in many cases they raise costs and complexity without clearly improving long-term results," White said.

"Markets change, but the drivers of long-term outcomes do not. Asset allocation, diversification and costs still do the heavy lifting.

"For advisers in 2026, getting the basics right remains the most powerful decision they can make which then allows advisers have clear conversations, which builds confidence and clarity with clients."

It has also appointed BCA Research as a research partner to support the development of asset allocation and portfolio construction frameworks for the forthcoming platform.

FinCap executive chair Christian Ryan noted demand has been growing from advisers who want to allocate to private assets, but have limited resources and specialist focus just on private assets.

"We're bringing institutional grade resources and competencies to the wealth channel because at the moment I think it exists in a very limited way," Ryan said.

Financial Standard reported last year on Pinnacle Investment Management's investment in FinCap to support the launch of a private assets managed accounts platform.

Ryan said FinCap will have an investment team that will work with advisers to have their own portfolios on the platform, and it will also work with asset consultants who wants to offer their portfolios.

"The platform will have a menu of different models or portfolios that advisers can select," he said.

The challenge with existing managed accounts, Ryan said, is that their primary infrastructure is focused on daily liquidity investments like shares and ETFs.

"But the reality is there's the other 90% of the market is all sitting in private assets," Ryan said.

"There hasn't been a technology that allows you to run a portfolio of these products for private assets, because private assets have multi duration liquidity profiles."

The platform will allow monthly contributions and quarterly withdrawals. To assist in managing the liquidity profile in each managed portfolio, Ryan said FinCap will have a liquidity management team.

"We want this to be a central marketplace for managing and trading private assets," he said.

"Having a dedicated liquidity management team means that we play a very strong Treasury cash flow role in monitoring of the portfolios."

"In the platform, if five advisers want to sell five units and I've got five advisers that want to buy five units, I can match it off and trade in the platform. So, if you've got a buyer and a seller, they net it off," he said.

FinCap will also provide detailed due diligence on all the managers on the platform.

"If a fund manager comes on our platform, it would have had operational due diligence done, investment due diligence done, tax and legal and financial of all their funds to make sure that who they are, what they do is really good," Ryan said.

"We will be select in our manager relationships so we can have a strong focus on ongoing monitoring of their investment holdings and their processes."

FinCap recently nabbed ex-Zenith partner Ben Davis as its new head of portfolio construction and investment solutions for its platform.

Davis will work closely with BCA Research to help integrate frameworks into the platform's managed portfolios.

"Private markets portfolio construction has historically been the domain of large institutions with dedicated resources," Davis said.

"What we're building at FinCap changes that. Increased manager specialisation and the rise of evergreen investment structures have broadened access beyond traditional multi-strategy platforms."

Mercer head of wealth management investment solutions Rebecca Jacques welcomed the new platform by FinCap.

"I think private markets has got a long way to go in terms of being able to do things in the same manner from a technology perspective," Jacques said.

"But it's certainly coming, and I'm really pleased that people are trying to manage this, because a lot of the effects that you're seeing of liquidity constraints and all of that are a concern. And they need to be managed."

Speaking to Financial Standard, Exit Advisory Group founder Simon Bedard said leaving enough time to plan a business exit, including seeking advice, is crucial to ensuring a successful transaction.

Based on his research, only 20% to 30% of businesses listed are successfully sold on the market, which creates a great risk for those looking to fund their retirement with the proceeds of a business divestment.

"Your business might be making up 60% or 70% of your net worth... I don't think there'll be an investment adviser on the planet that would advise you to have that amount in one asset, particularly in an illiquid asset that carries intrinsic risk compared to other asset classes," Bedard said.

"This is an issue for people thinking about getting out of their business."

Bedard believes financial advisers are well positioned to help as they understand this period of transition and the time it takes for clients to liquidate capital from a business.

"... [Advisers can] remind them that it takes time to divest significant assets like this but also helping them in the broader context to get ready for that type of illiquid event... it makes sense for them to prep their clients early," Bedard said.

"Because [the clients] don't necessarily have the framework to resolve these issues."

However, he warns frustration can grow among clients as the process to sell can be "gruelling", with clients sometimes coming with "unrealistic expectations" as to the value of their business.

Bedard notes there is no government policy that supports business owners when it comes to exiting compared to the US and Canada - even then, it requires five to 10 years to procure a transaction at maximum value.

He believes if the government can provide more support around business succession, the benefits for the broader society would be significant.

"At the moment, the policy settings don't reflect this at all," he said.

"For people trying to get into business, if they acquire a small business, but it's been running for 20 years with existing customers and a proven model... is a less risky option...

"I'm not saying we shouldn't [encourage entrepreneurship] but we're racing towards this succession cliff where all these people have to leave these businesses and if we don't have a mechanism to help people to buy these businesses, a lot of them are just going to shut down."

With only 464 new advisers first providing advice in 2025, the FAAA said the current flow of new entrants is insufficient and inadequate, stating that improved access to financial advice is in the best interests of all Australians.

Currently, the FAAA noted, there are too many constraints and hurdles for the industry to grow, including the lack of approved degrees, the need to complete a professional year and 40 hours of ongoing continuous professional development each year are putting those intending to enter the industry on the backfoot.

Contributing to the consultation, the FAAA supports key elements of the proposal around education requirements and the prerequisites to becoming a financial adviser.

"The FAAA recognises that the transition from the current standard to the new standard will take time. It is particularly important that during this transition, and beyond, the knowledge and expertise of the higher education providers (HEPs) who have invested in the development of financial advice education courses is retained," the submission read.

"Our key point is to ensure that to the fullest extent possible, the existing approved programs remain valid and that any additional investment required by these changes is kept to a minimal level for HEPs who are already supporting financial advice education."

However, the FAAA has also made several recommendations, including clarifying the proposed reform will have "no impact" on existing providers who have already met the education standard.

It also wants better support for existing financial advice education providers, and guidance for licensees.

"We strongly support the proposal and urge the government to progress with these reforms as soon as possible. This will make a meaningful difference in enabling more high-quality graduates to enter the financial advice profession," the FAAA said.

"Whilst we believe that this will make a meaningful difference in providing more flexible pathways for new entrants to join the financial advice profession, it is also essential that the government is careful with the introduction of other reforms that could act as a disincentive for potential new entrants, including through the imposition of further levy increases or other limitations on the provision of financial advice."

Access to ATO Portal

Meanwhile, a submission as part of the Joint Associations Working Group (JAWG) reiterated the substantial client and business benefits in enabling financial adviser access to the ATO Portal.

Both parties believe the ability to access client's financial, tax, social security, and family information can only improve and enhance the quality of advice.

"Understanding taxable income and the sources of that income is critically important," the submission stated.

"Superannuation is typically the largest financial asset people have, so understanding what accounts they have, how much they have and what contributions have previously been made is essential.

"Obtaining this information can be particularly challenging for clients and advisers, resulting in a material cost to each."

Additionally, the current method to obtain this information via email can result in a "significant risk or cyber threat" as well as prolonged administrative burden between advisers and super funds.

"Financial advisers are recognised in the law as providers of taxation advice (Qualified Tax Relevant Providers) and therefore it is appropriate that they have access to client tax and superannuation data to assist in the provision of this tax advice," it said.

"The risks with respect to this issue [cyber threat and costs] are no greater for financial advisers than for tax agents and BAS agents. Financial advisers should be able to meet the information technology and client identification requirements that the ATO requires tax practitioners to uphold and these are accepted as preconditions for financial adviser access."

According to Natixis Investment Managers' (Natixis IM) Great Wealth Transfer report, baby boomers, Australians aged between 62 to 80, are expected to cause the most disruption as 75% said they would switch advisers upon inheritance.

The survey interviewed 2700 financial professionals and 7000 individual investors globally, including Australia.

"As the great wealth transfer continues, advisers must engage clients in practical, forward-looking conversations about how best to manage and transition their wealth in today's complex economic and regulatory environment," Natixis Investment Managers country head for Australia and New Zealand Louise Watson said.

She added the current environment of heightened geopolitical uncertainty and ongoing changes to tax and super regulations reinforces the need for personalised advice.

Nearly 59% of generation X said they plan on leaving their benefactors' adviser, while 61% of millennials plan to make the switch.

"With no two clients, or generations alike, financial advice isn't a one size fits all approach," Watson said.

"Advisers who build strong relationships and understand generational differences will be best positioned to retain their clients and help them to navigate a path through market volatility, asset allocation and return expectations to achieve financial security."

Baby boomers remained the most conservative in managing wealth, with only 27% of them willing to take risks to get ahead. This cohort also saw just 26% invested in private assets and around 13% in cryptocurrencies.

Generation X and millennials on the other hand are more open to using market volatility as an opportunity to grow wealth. They also remain more open to private investments and cryptocurrency.

The report noted the need for advisers to bridge this generational gap with newer generations.

Merging with Financial 3 Wealth and Marsden Wealth Advisers will mark Esencia Wealth's first office in Brisbane, building on its national growth strategy.

"Our expansion into Queensland represents a significant step in building a truly national advice business," Esencia Wealth chief executive Matthew Fenning said.

"Financial 3 Wealth and Marsden Wealth Advisers share our commitment to exceptional client service, a people-first culture, and an innovation mindset, making them ideal partners to lead the establishment of our presence in Queensland."

Esencia Wealth was formed in 2024 when four advice firms - Advise Wise, Insight Private Wealth, Sovereign Wealth Partners, and Randle Advisory - joined forces under one banner.

"We're focused on building a world-class advice business where experienced advisers and emerging talent can thrive together. Our Queensland team will serve to amplify our purpose - to change our clients' lives," Fenning said.

Financial 3 Wealth co-founder and managing director Travis Hinchy said: "I am excited to join the Esencia Wealth team, whose culture aligns with the spirit that Financial 3 was built on - our clients can look forward to a continuity of service excellence and care."

Marsden Wealth Advisers principal Richard Marsden added: "Joining Esencia Wealth holds great appeal, as I can keep delivering a tailored client approach to helping clients achieve their financial goals, with the support of a dedicated team."

Hinchy and Marsden will join Esencia Wealth as partners. This brings four new financial advisers and an expanded team to Esencia Wealth, with more appointments planned in the coming months.

Fenning said both advisers bring deep client relationships along with significant expertise which will help the firm double down on its advice and client focus.

In its latest price guide, Radar Results said demand for financial planning businesses continues to be strong, though there's been little change on the valuations front.

Its analysis shows a book of super and investment clients aged up to 64 has increased in value to a multiple of between 2.6x and 3.3x. This is up from the previous 2.5x to 3.2x.

For a book of clients aged 80 and over, the multiples have increased from between 0.90x and 1.1x to 1.0x and 1.5x.

And the multiples payable for clients aged between 65 and 79 also grew slightly to 2.3x to 2.8x, compared to 2.2x to 2.75x previously.

There are variables that impact the valuations though, Radar Results noted, like the location of the clients, funds under management or administration, and the investment products recommended.

There were no changes to valuations for risk clients or those charging SMSF administration fees. The highest multiples are attached to risk books with clients under 55 years of age, at up to 3.2x, while the lowest is for those under 61 years old at 1.8x at most.

Meanwhile, the report also indicated a shift in how larger financial planning businesses are being valued.

Radar Results said historically, most financial planning businesses were valued on a multiple of recurring revenue, and while this approach remains common for smaller client registers, larger practices are increasingly being assessed on profitability, scalability, and operational efficiency.

"EBIT-based valuations focus on a business's true earnings after expenses, providing a clearer picture of its financial strength. Buyers are looking closely at cost structures, adviser productivity, and the ability to generate consistent profits," Radar Results said.

"As a result, well-run businesses with strong margins and efficient operations are achieving premium valuations."

The firm said in the current market, EBIT multiples for related entities typically range from around 5.5x to 8.75x, with higher multiples achievable for "larger, well-structured or corporatised" practices.

"This shift reflects a maturing market, where buyers are not just acquiring a client base, but a sustainable, profitable business. For owners considering a sale, the focus is now firmly on building profitability and demonstrating a well-managed operation - not just on growing top-line revenue," it said.

Radar Results also highlighted increased demand for AFSLs over the past year, leading to an increase in prices.

Now, the sale price for an AFSL ranges across $20,000 to $100,000 or more depending on the authorisations attached.

It also noted that some buyers are insisting the Responsible Manager (RM) of the AFSL remain in place after settlement for up to three months. If it is required long-term by the new owner, the RM can request a nominal payment of up to $50,000 per annum to cover costs and time, it said.

The role and value of digital advice in Australia paper, compiled in conjunction with CoreData and Borromean Consulting, highlights the urgency to act on several, strong foundations that will pave the way for digital advice to reach more people.

This includes the fact that "digital capability is proven and operational", governance frameworks are more robust than a decade ago and the strengthening of adviser professional standards.

"If regulated participants move too slowly, consumers will normalise the use of unregulated digital and AI-based tools before institutional confidence catches up. Rebuilding trust after that shift will be materially harder," the report warned.

"Delay will not preserve the status quo, but it will expand the gap between consumer behaviour and regulated advice capability. What remains is coordinated intent across the sector and the confidence to implement solutions at scale."

Among superannuation funds, the research found a high uptake of digital advice among pre-retirees and repeat usage from members in general.

In essence, digital advice must now be considered "core system infrastructure" for super funds as it allows for scaled access to help and earlier activation of engagement and lower cost-to-serve.

Most digital tool users indicated they are likely to seek full professional advice about retirement adequacy and investments in the future. Among pre-retirees aged 55 to 59, digital users are more than three times more likely to seek financial advice in the next 12 months compared to non-users.

FSC chief executive Blake Briggs said digital advice is complementing traditional advice by meeting Australians where they are - providing simple, accessible guidance that can scale with their needs over time.

"In an environment where many are seeking financial peace of mind and turning to unregulated 'finfluencers' and artificial intelligence for information, digital tools from trusted providers offer a more reliable pathway to informed decision-making and greater confidence," he said

The paper recommended what is now needed is "coordinated execution".

For super funds, this means embedding digital advice within endorsed advice strategies rather than treating it as an adjunct tool.

For technology providers, it means demonstrating "ecosystem fit, governance maturity and clarity of operating philosophy, not simply technical sophistication".

Advice businesses, meanwhile, can identify where digital can extend reach and improve economics without undermining trust or professional standards.

FWA specialises in advice for retirees and pre retirees across Hobart and surrounding regions. It is led by principal and private client advisers Stuart Bale and Mark Hudson.

Staffing seven people, including the two advisers, AZ NGA said the firm has a deeply loyal client base.

AZ NGA already holds a minority stake in FWA, acquired through its 2024 acquisition of AMP's equity portfolio.

AZ NGA chief growth officer Chesne Stafford said the acquisition marked a significant step in strengthening the group's presence in Tasmania.

"Stuart and Mark have built a high-quality, client-focused business with strong, enduring relationships. We're excited to deepen our partnership and accelerate our growth in Tasmania," she said.

"Our shared values and cultural alignment position us well to build a market leading advice business and broaden access to high-quality financial advice."

FWA is licensed by Charter Financial Planning, which sits under Entireti's umbrella of financial services firms.

Hudson said the transaction supported a smooth leadership transition while positioning the firm for future growth.

"We're approaching the next stage of our careers and wanted a partner who would look after our team and clients while helping the business evolve," he said.

"After considering our options, AZ NGA was the clear choice-particularly given the strength of our existing relationship. They've been collaborative, flexible and highly professional throughout the process."

AZ NGA recently said it is also expanding its footprint in regional New South Wales, partnering with integrated financial planning, accounting and mortgage broking business Back to Back Financial Planners in Young, NSW. This was the first major move following the appointment of Nathan Jacobsen as chief operating officer in February this year.

The third annual Challenger Retirement Happiness Index, which surveyed over 2000 Australians aged 60 and over, found overall happiness remains strong, with this year's index (69.5) climbing a little higher since last year (68.9).

But the rising cost of living continues to impact lifestyle, financial security, and confidence in whether money will last.

The top priority for close to half (44%) is to have enough money to enjoy retirement, with nearly four in five (76%) saying they would be much happier if they had a guaranteed income for life in retirement.

Yet Challenger identified a clear knowledge gap persisting, with more than half of them (59%) no knowing about, or having not heard of, lifetime income streams as a financial strategy for retirement.

This comes as one in three Australians (30%) say they would be happier in retirement with greater financial education, with 39% wanting paid education provided by a financial adviser to building financial knowledge and boosting retirement happiness.

Challenger chief executive, customer Mandy Mannix said the findings reinforce that the shift to decumulation requires comprehensive support.

"After decades of savings, we are asking retirees to do something that feels completely counter-intuitive - to start spending. That change requires financial guidance and support," Mannix said.

"Older Australians want a guaranteed regular income in retirement to help manage day-to-day expenses that can provide financial security for life, but access and awareness remain key barriers."

This comes as the cohort continue to prioritise saving enough money for retirement (72%), covering health and aged care costs (65%), and maintaining their lifestyle (53%).

But the cost-of-living pressure continues to undermine retirement confidence for the third consecutive year, as two in three (67%) believe inflation and cost of living are the most important thing to account for in retirement.

According to the latest Association of Superannuation Funds of Australia's (ASFA) retirement standard, a comfortable lifestyle will require at least $54,840 a year ($1055 per week). However, respondents for Challenger's study believe the figure is actually much higher, which requires at least $70,398 or approximately $1350 per week in the same category.

Mannix said the higher prices reflect the "reality of living" on a set amount of money for the rest of their lives.

"The dollar value of a lump sum when you retire can seem like a lot of money, but it has to last a long time. It can be hard to know how much to withdraw, knowing that the purchasing power of $1 million today can halve in 20 years' time. The impact of inflation can be dramatic, and it is a real concern," Mannix said.

"That's the power of a guaranteed regular income. A 'paycheck' means retirees know their needs are taken care of giving them greater confidence to spend on their activities and hobbies that give them purpose and happiness in retirement."

The challenge is more acutely exacerbated for women, who often retire with less super.

According to the study, women (48%) are more likely than men (43%) to rank fear of running out of money in retirement as one of the top three things impacted by the rising cost of living.

"Today's retirees are the first generation having built significant superannuation savings. Yet, after decades of focusing on saving, many retirees find it surprisingly difficult to switch to spending once they retire," Mannix added.

However, the study also presented a positive trend - volunteers are turbocharging their retirement happiness.

"One of the strongest insights is the powerful role purpose plays in retirement happiness. People who volunteer, stay active in their communities, and maintain hobbies and interests consistently report higher levels of happiness," Mannix continued.

"It goes to show that retirement really can be the prime time of life. The key is to have the confidence and certainty to relax in those golden years, knowing your money will last and you can afford to enjoy all retirement has to offer."

Volunteers were found to be the happiest older Australians, with an average happiness score of 77 compared with 69 for those who do not. Married couples (72 vs 66 for unmarried) and homeowners (73 vs 60 for non-homeowners) also beat the benchmark, the survey found.

ASIC's investigation into Reilly, which remains ongoing, found he accepted $100,000 in conflicted remuneration while recommending clients invest most, or all, of their superannuation into First Guardian. He failed to disclose such payments to clients.

Reilly made false or misleading representations in certain Statements of Advice (SoA) by stating that no benefits capable of influencing his advice had been received, when that was not the case, ASIC said, adding that he was "not a fit and proper person, was not competent to provide financial services, and was likely to contravene financial services laws in the future."

Reilly was an authorised representative of InterPrac Financial Plannaing under the corporate authorised representative of Rhys Reilly Pty Ltd from 29 March 2017 to 20 May 2025.

Between 21 May 2025 to 15 August 2025, he was authorised directly by InterPrac. On 5 March 2024, he became a director of Conexus Group.

As part of the ban, ASIC has cancelled Conexus' AFSL until 31 July 2026. This is so that Conexus can sever its relationship with Reilly and update its licence arrangements.

The banning order and licence suspension took effect from April 8.

At the time of ASIC's decision, Reilly was the sole director and person in control of Conexus.

ASIC also found that while Reilly continued run Conexus it "had reason to believe Conexus was likely to contravene its obligations under section 912A of the Act."

ASIC added "it considered that the banning of Mr Reilly and the suspension of Conexus's licence were necessary to protect consumers, promote confidence in the financial system and deter similar misconduct by others."

Reilly has the right to apply to the Administrative Review Tribunal to review ASIC's decisions.

Last week, ASIC handed down a permanent banning order for Aristotle Papapavlou, who will no longer work in the financial services and credit industries.

Papapavlou was authorised by InterPrac as of September 2021 and worked for Venture Egg from October 2021 to July 2023. After leaving Venture Egg, he went on to be authorised by Hejaz Financial Advisers up until February this year.

He was found to be actively involved in Venture Egg's high volume advice process, in which third-party referrers undertook the client fact finds, and was complicit in a process in which he knew other advisers were signing his name, and the names of others, on their SoAs.

Earlier this week ASIC applied to the Federal Court to have receivers appointed to investigate the validity of the sale of Interprac to Conquest Investment Management. In particular, the receivers will look into the Cross Deed of Guarantee to which Sequoia, Interprac and other related entities are party. ASIC wants to know that the sale is bona fide and that the consideration price - $50,000 - is fair and reasonable.

ASIC noted its application came on the back of concerns as to what the transaction would mean for Interprac's creditors, noting two lead determinations have been made against the licensee by the Australian Financial Complaints Authority (AFCA) regarding its involvement in the Shield and First Guardian collapses.

"Sequoia believes that concern is unfounded," it stated today.

"Interprac will remain a party to the ASIC Deed of Cross Guarantee immediately following the sale of Interprac to Conquest... [and] can only cease to apply to Interprac as a result of the sale to Conquest if the directors of Sequoia certify that the sale is a bona fide sale and the consideration for the sale is for a fair and reasonable consideration. The court action by ASIC prevents such a certificate from being given."

Sequoia added that outside of the two lead determinations made by AFCA, there are so far no other liabilities that have arisen from complaints made and noted its own proceedings against AFCA in relation to the lead determination is in train. There is currently more than 900 complaints that have been made against Interprac.

The group also confirmed it is in discussions with the ASX as to whether the sale of Interprac needs to be approved by Sequoia shareholders or not.

Under ASX Listing Rule 11.2, a listed entity must seek the approval of shareholders where it is making a significant change that involves disposing of its "main undertaking", referring to key assets or businesses.

Sequoia said it expected the ASX to reach a determination this week, however the bourse has delayed providing one as it seeks further information regarding ASIC's court application. It said it is supportive of shareholder oversight, as is Conquest.

"The company remains committed to progressing the transaction in an orderly and transparent manner, consistent with its contractual obligations and regulatory requirements," Sequoia said.

Separately, Sequoia confirmed via the ASX that it has issued a formal apology to industry publication Professional Planner after its managing director Garry Crole mistook the title for another in explaining how information of the sale was able to be published ahead of a formal market announcement.

Crole admitted to speaking with a journalist from a different publication on the afternoon of Friday, March 20 and said it was with the understanding that all information discussed was under embargo until an official statement was released by the company. Sequoia claims that announcement was sent to the ASX on the Friday afternoon but was not published by the bourse until the morning of Monday, March 23.

Crole said he cannot recall which publication he actually spoke with.

"We've always been clear that growth is an objective of ours. And if you look historically, we've delivered a growth rate not far off 20% year on year," Shahien said.

"Naturally as a business grows, it becomes more challenging to grow at those sorts of rates without M&A, but we're not shying away from having a huge internal, organic opportunity."

Shahien said while the firm is still actively chasing the right M&A opportunities, the focus has also shifted to adding advisers, with around 13 advisers already having joined this year, eight of which were external hires.

"From an adviser size point we'll go from 96 to 109 this year. So that's giving an indication in terms of our seriousness around the growth story. We don't see that just being an M&A piece. We do think we can continue to deliver double digit growth rates purely just from our organic growth, let alone what the M&A opportunity looks like," he said.

Shahien said Viridian's investment offering through Infinity will also continue to expand. It now has more than $6 billion in funds under management.

"We're seeing increasing demand from advisers for businesses to take greater responsibility for investment outcomes, particularly as the industry responds to recent disruption and a sharper focus on governance and accountability," Shahien said.

Shahien said as the advice sector faces scrutiny, now is the time for advisers to be proactive.

"The industry has had lots of different evolutions in terms of being bashed and being really successful, right? It's been quite a roller coaster. I think the public is becoming more attuned to the fact that there are concentrated issues as opposed to being industry-wide," he said.

"But we still have a responsibility to do something about that, and so our focus, or the best way to we see that happening, is actually enabling our advisers more effectively from a tech perspective, or simplifying processes to try to make the client experience not as complex as what it is today."

He said it's also important for the advice industry to shift mindset and move from being a reactive relationship to a proactive relationship.

"I think that's the biggest change that we can all make as an industry that will impact people's confidence in the execution delivery of advice," he said.

"So rather than seeing your clients once, twice or four times a year depending on an arrangement, actually turning that around and being really proactive on an engagement level, we think will shift confidence in our industry."

Both firms are headquartered in Mosman, NSW, and will maintain a close working relationship, providing clients with access to a broader range of services and advice across Sydney, Melbourne, Brisbane, Adelaide and regional NSW.

Edney Ryan Group will remain a separate business specialising in accounting, legal and mortgage services, it said.

Notably, the announcement follows Minchin Moore's merger with Queensland-based Brand Financial in August 2024.

Minchin Moore managing partner Mark Minchin (pictured) said the combination reflects a natural alignment between the two teams, with similar values, advice philosophies and client relationships at the core of each business.

"This is about bringing together two businesses that already think in very similar ways about advice and client relationships," he said.

"We've each built firms we're proud of, with a strong focus on doing the right thing for clients over the long term. By coming together, we can build on that foundation and continue to deliver consistent, high-quality advice for the families and organisations we serve.

"The team at Edney Ryan Wealth share our values, professional ethos and advice philosophy, and our client bases are very well aligned. This is an exciting partnership for our clients, people and business."

Minchin said it is now aiming to build a generational advice practice that provides continuity for clients across generations.

Edney Ryan Wealth Management managing director Kate O'Brien, who will transition into the role of principal adviser for Minchin Moore upon the completion of the merger, said it will strengthen both businesses on what they already excel on.

"We've always placed a strong emphasis on relationships, trust and thoughtful advice," she said.

"Minchin Moore shares that same approach, which made this a natural fit. The merger allows us to combine our experience and depth; while staying true to the way we've always worked with clients."

Meanwhile, Integro Private Wealth has also announced that it is merging with Lighthouse Capital Southwest located in Bunbury, opening a new office at the region.

The partnership will support Integro's focus on expanding the firm's presence across the nation and deepens capability through integrated advice solutions.

Integro Private Wealth managing partner Justin Gilmour said the firm will continue to look at opportunities to grow the business, through both referral partnerships and the further acquisition of existing advice practices nationwide.

"As part of our growth journey, we are always looking at opportunities to broaden our reach across Australia, including along the east coast. By welcoming the team, we are also strengthening our adviser capability and extending our reach into a key agricultural and regional hub," Gilmour said.

As part of the merger, Lighthouse Capital Southwest financial adviser Travis Edwards joins Integro as partner and private wealth adviser after nine years at the business. He has over 17 years of experience across the financial services industry, including with NAB and Geographe Financial Group.

The presence of Edwards in the Southwest will play a key role in delivering integrated financial advice solutions to farming clients through the Aviso WA network, Gilmour said.

He added Integro's current partnership with AMD Chartered Accountants will be key to enhancing locally delivered financial advice in the region.

"Our expansion of the Integro team in Bunbury strengthens our shared commitment to supporting regional businesses, families and farming communities," he continued.

"Clients in the broader Southwest region will benefit from greater access to dedicated local advisers who understand the unique needs of regional communities, supported by seamless collaboration.

"This integrated approach enables better coordinated wealth management, retirement planning and financial protection strategies, helping to deliver better long-term outcomes."

Last year, Integro appointed a head of advice to support and explore opportunities for its East Coast expansion.

In the March exam cycle, 292 sat the exam and 209, or 71.6%, passed the exam. Some 227 (77.7%) sat the exam for the first time.

Unsuccessful candidates will receive general feedback on areas they underperformed, ASIC said.

The pass rate has improved from the previous seatings in November 2025 (68%) and August 2025 (69%). At the same time last year, 73.4% have passed the exam out of the 241 candidates who attended.

The next exam will be held on 4 June 2026. The booking period for this exam opens 24 April 2026 and will close on 15 May 2026.

To date, 22,611 individuals have sat the exam and 92% (20,963) have passed, ASIC said.

This comes after the Financial Advice Association of Australia (FAAA) made a submission to the Jobs and Skills Australia (JSA) consultation urging the inclusion of financial advisers on the occupational shortage list.

FAAA chief executive Sarah Abood said there is "substantial evidence" of the skills shortage in financial advice, which has "plagued our profession since 2019".

In the submission, Abood said the number of financial advisers and paraplanners continues to fall well short of demand at a time when Australians are increasingly seeking financial advice to improve household financial wellbeing, retirement outcomes, and broader economic stability.

"We welcome our ongoing engagement with JSA and other government agencies on workforce planning issues. However, we are concerned that the Stakeholder Survey methodology is heavily reliant upon advertised job vacancies and, in our view, does not allow for data on other factors to be adequately captured and considered in context," Abood said.

Abood said the advice industry is struggling with a decline in adviser numbers which is not being offset by new entrants; a long training gap and legislated professional year requirements which create a four-year structural lag in workforce supply; and the rising demand for advice with millions of Australians unable to gain access.

It is the first major move following the appointment of Nathan Jacobsen as chief operating officer in February this year.

The partnership supports AZ NGA's plans for a financial advice hub in the area to service key locations like Young, Wagga Wagga and Orange, where many individuals and families have complex advice and succession planning needs but are underserved, it said.

The announcement follows the acquisition of a partial stake in Oreon Partners in Adelaide and the partnership with Sydney Financial Planning late last year, as the firm continues to expand its network.

Established in 1990, Back to Back is led by financial adviser Justine Back, with 24 employees including three other advisers. The business has a strong referral network in Sydney and across the greater NSW region and primarily looks after retirees and pre-retirees, professionals, small business owners and farmers.

Commenting, AZ NGA chief growth officer Chesne Stafford commended Back to Back's consistent performance since its inception.

"Back to Back is an exceptional business with a robust operating model, solid financial performance and consistently strong growth, and we are excited to partner with Justine and the team to continue delivering quality advice," Stafford said.

"Over the past 35 years, the business has earned a reputation in their community, and beyond, for trusted advice. We see an opportunity to build on Back to Back's reputation and infrastructure to establish a regional hub that connects with other key areas."

Meanwhile, Back said the group's motivation for partnering with AZ NGA was for growth and to support the development of the next generation of advisers in the practice.

"AZ NGA stood out because we like their people and philosophy and share their views on where the financial advice profession is going," Back said.

"We're setting the business up for its next phase of growth and creating an opportunity for future leaders to step up and assist us in continuing to expand the business.

"I'm passionate about my work and taking care of my clients and this partnership allows our team to continue to grow well into the future."

This is one of the most quotable quotes from the award-winning television show Succession, and while it is somewhat outdated for parents to leave behind their money, or legacy, to one child due solely to birth order or gender, there remains plenty families must consider when it comes to planning what will happen once they're gone.

An estimated 13.7 million people expect to leave an inheritance over the coming decades, according to new research from Finder. As much as $5.4 trillion in assets is expected to shift from Baby Boomers to younger generations by 2050.

Finder personal finance expert Sarah Megginson said wealth transfers are large and growing.

"For some, it could be life changing money. Australia is on the cusp of the largest intergenerational wealth transfer we've ever seen," Megginson said.

"The decisions families make now will shape financial outcomes for decades."

Not only is there a significant amount of money changing hands, but family dynamics have never been more complicated.

According to the Australian Bureau of Statistics (ABS), the divorce rate in Australia is a little over two people per 1000. Meanwhile, as of the 2021 Census, approximately 2.17 million people, or about 11.5% of Australians aged 16 and over, were in a de facto relationship.

Then, when you consider that more than 25% of new brides and grooms in 2021 were celebrating a second, or subsequent, marriage, things start to get even more complicated, especially if children are involved.

Blending families

Arrow Private Wealth chair and chief investment officer Peter Leggett says the Baby Boomer generation has vastly different values from their parents before them.

As he explains, Baby Boomers' parents lived through the Great Depression and lived in a world of uncertainty, where wealth wasn't "extravagantly thrown around".

"The Baby Boomers, post-Second World War born, have lived in this extraordinary time for Australia to build wealth, and it's the following generations who have benefitted with great education, food and a high-quality lifestyle," Leggett says.

"The values of the custodians of this great wealth at this point in time are also living significantly longer, and so many of their parents are now in their 80s and in their 90s, and they're still here."

Leggett says when people previously passed away, the family would gather around and find out what was left behind and to whom, but this is not how things are done nowadays - which is why many financial advisers have moved away from the phrase "estate planning" and towards "succession planning", finding it a more fitting descriptor.

"They're vastly different conversations being held today. It's around private wealth family succession planning. Now, that conversation starts way before you bring in the lawyers for estate planning," he explains.

"There is a distinct differentiation between family succession planning and the conversations that need to take place within families, and estate planning when you bring in the lawyers to draft the documentation. There's a big difference."

Leggett says those taking part in this planning process see themselves as stewards of family wealth, and it is important to manage that money appropriately and ensure it is going where they want it to go.

"I'm just a steward of my previous generations' wealth, and I'm the custodian of that, and I've got to steward it well for my children and my grandchildren, and then teach and educate them as well," he says.

"This is what we call living legacy, where people will be handing over this wealth to the younger generations while they are still alive."

While the idea of "giving while living" sounds very nice, when there are complicated family dynamics at play, things can get a little awkward. This is something Leggett says can be avoided by having open, honest and frank conversations.

"We're seeing a breaking down of family structure. People are asking, what even constitutes a family today? We're seeing more families that are not married. We're seeing second and third marriages. We're seeing stepchildren, half brothers and sisters, ex-partners, same sex marriages. So, there's a whole heap of complexities," Leggett says.

"And this is happening as we're seeing more assets in dollar value than we've ever dealt with before. That brings out the positives and negatives in people and conversations as well."

Leggett says because of how complex these structures can be, it's important for advisers to enter these conversations without any preconceived ideas.

"You cannot walk in and say, 'well, this is how I did it yesterday'. And importantly, very important, you really shouldn't walk in with solutions at all. Our role is to set a comfortable scene, what we call an aeroponic, a discovery meeting, where they can talk about what's in their hearts and minds and what they value," Leggett says.

He says for genuine wealth advisers who are willing and wanting to work in this space, there is an extraordinary opportunity over the next 30-plus years.

"... but they need to be vastly different than just superannuation and investment specialists," he warns.

"If that's all they know, they will struggle with the EQ conversations, the empathy, the passionate questions that enable clients to feel comfortable enough, to start to open up about what's in their heart and mind."

Principal Edge senior financial adviser and partner Dwayne Fernandes says allowing the parents to explain to their family why they have made the choices they have with their succession plans - while at times awkward - is key to avoiding further trouble down the road.

"I think what we're trying to do is clearly show what happens if somebody passes away today. What do the asset looks like? Who owns these assets? Where are they going to end up? Is it actually your Will that decides these things or are there other documents that you need to look at to really get them to think about personal succession," Fernandes says.

Fernandes says he works with clients to get them to think about the whole asset base, not just their Will, superannuation or other assets - the whole picture.

He adds that for wealthy families with family trusts and/or companies, it's important to understand how these all work together.

"Then we want them to think about, 'what are your objectives?' What are you trying to achieve? And that might be different for mum and dad; if there's blended families, that level of detail with the client and understanding what they're trying to achieve is the first step," he says.

The taboo

So, while families seem more broken, blended or something else entirely, there's also a need to examine why this may be the case, or what factors may be adding to the complexity. One example that came up time and time again in interviews for this feature was the fact that younger people - Generation X and Millennials - are more likely to have used illicit substances than older generations.

According to the 2022-2023 National Drug Strategy Household Survey, an estimated 10.2 million (47%) people aged 14 and over in Australia had used an illicit drug at some point in their lifetime, and an estimated 3.9 million (18%) had done so in the previous 12 months.

In 2022-2023, among people aged 14 and over, the most common illicit drug used was cannabis (11.5%), followed by cocaine (4.5%) and hallucinogens (2.4%).

Generation X also faces the highest risk of death from methamphetamine-related causes. When it comes to alcohol consumption, Baby Boomers have reported drinking more frequently, but the younger generations are far more likely to binge drink.

All these factors combined have made estate planning far more complex, according to W & A Williamson & Associates principal solicitor Jennifer Williamson.

Williamson says she has noticed more families coming to her with grave concerns about what would happen to their child if they were to be left a large sum of money while struggling with addiction.

However, she says it's not as simple as excluding that child from a Will, because most courts will side with the child should they choose to contest.

"It's a disease. Drug addiction is a disease. So, while parents think their child could have done or should have done better, and is a 'disappointment', you still have to look at public policy and see whether or not a court will award that child money if you completely exclude them," Williamson says.

Public policy in law refers to the principle that courts may invalidate contracts, transactions, or actions that harm the public good, safety or morals.

"The courts don't want to see people on the street, homeless or on government benefits," Williamson explains.

"If their parent had money and it goes to court, they want to see that money spent getting that homeless person off the street, whether they have a disease, which is drug addiction, or some other sort of disability."

Williamson says the best thing for parents to do is set up a disability trust. This works for both mental and physical disabilities and can be used for those with addiction issues, and some can include a ceiling to ensure the individual doesn't lose government and other entitlements, like National Disability Insurance Scheme funding.

For the 2025-26 financial year, the Special Disability Trust (SDT) asset value limit - often referred to as the trust "ceiling" - is $832,750. This means parents can leave that amount for their child in the trust without impacting government entitlements.

And while it is also possible to create trustsrusts with certain provisions - such as what the money can be used for - families tend to refrain from making things too complicated for those left behind to manage them, Williamson says.

"The trustees and executives don't necessarily want to be hamstrung for the rest of their lives because they're a trustee and executor. Once again, there's a lot of pressure on them to act at all times in accordance with the Trust Act, and they have to act appropriately," she explains.

"So, if it's siblings that have to be the trustees and executors, you've got to keep in mind that you don't want to be tying them up in expensive knots forever and a day too, because that's a lot of pressure."

Setting the rules

While trusts are popular vehicles, many advisers are also looking towards investment bonds as an option for more complex matters because of the rules that can be set around their use.

KeyInvest chief executive Craig Brooke says investment bonds' comeback over recent years has in large part been spurred by shifting family dynamics.

"With more complex family structures at play, I've seen so many examples even in the last few weeks, talking to investors and advisers around what they want to achieve," Brooke says.

"Other than the fact that estate planning through an investment bond is excluded from and can't be challenged through the Will, in general investment bonds allow very bespoke settings to be applied."

Brooke says for many families, the main concerns arise when one child may prove to be less financially responsible than others. Parents end up rightfully concerned about how they might manage a large sum of money - or assets - should they be thrust upon them.

"It's really limitless when you start thinking about the ways in which you can set up those bespoke estate planning features," he says.

KeyInvest expects an uptick in business as more Australians seek solutions to individual problems, and is focusing on building the capability to meet the growing demand.

"We've been preparing probably for the last 18 to 24 months. We've been building technology that allows those sorts of bespoke instructions to be automated in a particular way and then controls to be put around it. That technology we started to release into the adviser market and into the funeral director market in and then direct customer market in September last year," he says.

"That's been lucky from a timing perspective, but we know there's so much compliance required with investment bonds that as the manager, there's a lot of manual processes in the industry to make sure we're seeing through and making good on those wishes. It is quite important."

While the current focus is on being able to accommodate these bespoke needs, Brooke does believe more "off-the-shelf" products are coming.

"Where does innovation come from? In the future, innovation is going to be technology related, which we got started on early. It'll be in the underlying products, and it'll be in acknowledging that once you've got enough volume you can cookie-cutter them," he says.

"People can select them, and they can be automated into the wishes of the policy, and then ultimately the estate. The innovation, I think, will come with getting more of that off-the-shelf."

Brooke says he wants to see the advice industry get behind the need for better, more efficient and automated estate planning. He encourages advisers to get behind co-designing the innovation so the entire ecosystem can work together to provide the solutions Australians need.

"You've got an underlying fund manager, you've got the tax wrap, which is the investment bond, and you get the adviser that's providing the advice. And you've also got the managed account providers that are floating around the place as well," he says.

"So, how do you get the ecosystem working together? Co-design what these things look like, to make sure there's plenty of innovation out there in the future.

"That's the exciting part, because I think the industry can afford to be nimble and even to a point, seek regulatory support to collaborate - because it's in the best interests of Australians and the investors and the intergenerational wealth transfer that these solutions are there."

Generation Life chief executive Felipe Araujo agrees, saying working closely with advisers to push for more collaboration to ensure bonds can be used to the best of their ability is a focus.

But he also wants to see more advisers having early conversations with their clients about succession planning, and not waiting for an unfortunate situation to arise.

"My humble observation is that we're still at the early stages of that conversation. People work so hard to build these assets, so naturally, the conversation should go, 'How are you going to distribute those assets for the next generations? What are the challenges? How do you preserve that capital? How are you going to make it last for future generations as well?' But that's definitely not the case across every single practice and every single adviser," he says.

Araujo believes it's the advisers who are best placed to manage estate planning because, unlike accountants or lawyers, they tend to know their clients more intimately. They know about their clients' families, their desires and their hopes for the future.

"More often than not, they've got a long-term relationship with their clients. I think advisers more than ever are understanding the perils of not having strong estate planning in place. They understand the need to have a more open conversation with clients," he says.

However, there's still a learning curve that needs to be overcome to help clients truly understand the structures available to them.

"... to not rely solely on one structure for all the assets to be transferred, to understand when superannuation should be used, when a family trust should be used, when a non-estate asset can be used," Araujo says.

"But more importantly, to recognise that there is no such a thing as a silver bullet for the transfer of assets."

State Street's first module of Reimagining Retirement, research examining the global forces shaping the retirement system, found women will account for roughly 65% of Australia's total intergenerational transfers.

At the same time, engagement from Gen Z and millennial cohorts is rising sharply through superannuation mobile apps and digital platforms. The report found Australia showed strong bottom-up demand, with Gen Z app usage roughly sevenfold higher than five years ago and more than 600,000 younger members engaging via mobile.

"Together, these forces heighten the importance of intuitive product design, mobile-first user experience and advice frameworks that reflect women's longevity profiles and younger savers' expectations for transparency, personalisation and sustainability," State Street said.

The research said these are not a niche trend but a structural force shaping demand across accumulation, decumulation, advice and investment design.

"Financial services firms that embed these considerations - through tailored income solutions, flexible contribution and withdrawal features, intuitive digital journeys, and credible sustainability offerings - will be better positioned to capture growth across multiple value pools simultaneously," it said.

State Street country head for Australia Tim Helyar said with annual contributions near $160 billion and withdrawals around $120 billion, Australia is approaching the inflection point where retirement overtakes accumulation.

"Decumulation has moved to the centre of the retirement agenda. The question is no longer how much Australians have saved, but how reliably those balances can be translated into income for life," State Street Investment Management head of Australian investments Jonathan Shead said.

"Australia is a gold standard, poised to build one of the best retirement systems in the world. We believe as an industry, have both the opportunity and the responsibility in standardising a simple default pathway, combining guided drawdown with risk pooling and partial annuitisation or deferred income components."

Helyar said the scale of the retirement industry is now more than an 'individual' concern; it is a system that influences the wider economy, capital markets and national financial stability, which creates significant opportunity for the financial services industry.

The report said providers should build "operate-to-outcome" decumulation models that scale across cohorts, integrate modular risk pooling, and industrialise hybrid advice at retirement.

"Reporting should evolve from account balances to income sustainability - probability of success, longevity coverage and inflation resilience - so members and fiduciaries can judge outcomes through the right lens," State Street said.

The acquisition of Oracle Advisory Group will strengthen Count's platform for future growth, enhancing its ability to integrate further financial planning implementations, it said.

The transaction values Oracle at an enterprise value of approximately $72 million with completion subject to customary conditions, Count said.

Count will fund the transaction through a combination of a fully underwritten institutional placement, scrip consideration issued to Oracle shareholders and new debt facility. Oracle will continue to operate as usual throughout the transition period.

Established in 1986 and headquartered in Newcastle, NSW, Oracle is currently home to 22 financial advisers and manages approximately $0.8 billion in funds under management (FUM) and $1.8 billion in funds under advice (FUA), taking Count's total to approximately $6.2 billion in FUM and $42 billion in FUA upon completion.

The acquisition follows Oracle's strong performance in FY25, generating $26.4 million in revenue and $8.6 million of EBITA in the period, with EBITA expected to increase to $10 million in the current financial year, Count said.

Operatively, the transaction will enhance the scale of Count's wealth segment, lifting its contribution to approximately 59% of pro forma in 1H26, up from around 46%. It will further accelerate Count's strategy to have financial planning revenues represent 50% of equity partnership revenues, it said.

Count chief executive Hugh Humphrey said the transaction builds on the company's momentum in executing its long-term growth strategy, while strengthening its presence across the east coast.

"The acquisition of Oracle Group is highly aligned with Count's strategy, which is anchored on several key pillars: expanding our participation in the advice value chain and growing financial planning revenues to over 50% of equity partnership revenues within five years; broadening the opportunity for clients to benefit from our CARE investment philosophy and Count's investment solutions; and improving the take-up of our outsourcing solutions, IT managed services and education and specialist advisory offerings," Humphrey said.

"The acquisition will significantly enhance Count's east coast presence and, importantly, materially grow our exposure to highly attractive wealth segment revenues.

"It accelerates our shift toward higher quality, recurring wealth revenues and supports our ambition to scale our employed adviser network and build a truly differentiated national advice platform."

Meanwhile, Oracle founder and managing director Peter Durbin said: "We are excited about this transaction and the opportunity it creates to accelerate Oracle Advisory Group's next phase of growth."

"Count is a strong strategic partner with the scale, capability and shared values to support our advisers and clients well into the future."

CapBack Licensee Solutions provides full support to self-licensed advisers, from setting up their AFSL to revenue management, compliance, research, Xplan, marketing and more, it said.

It includes options for one-off services such as website development, marketing support or coaching services which are charged at an hourly rate.

Capstone has been supporting advisers since July 2002 and this new offering is simply another step in servicing more of the advice market, Capstone managing director Grant O'Riley said.

He said the new business will apply Capstone's prolonged experience to guide self-licensed businesses through complexities.

"It can be challenging trying to do everything on your own and that's where CapBack comes in. We can help self-licensed businesses establish their AFSL or support existing AFSLs upskill in all aspects of their operations, freeing up their time to service clients."

"There's a common message I hear from nearly every self-licensed adviser, 'I didn't realise how much time and effort was involved in running my own AFSL' - it's the same frustration for all of them, regardless of the business size.

"This was my main motivation to establish CapBack - to allow self-licensed advisers the time to focus on what they do best, providing financial advice to their clients; and giving them a viable alternative to help manage everything else".

He added that the service allows advisers to focus on providing advice at ease.

"As you establish your or grow your AFSL, there will be a myriad of challenges. We will work with you, step by step, to get you providing financial advice services sooner and more efficiently," O'Riley added.

"Our highly experienced team and fully tailored offering can provide you with everything you need to run your back room - regardless of whether you're commencing your self-licensed journey or have been working under your own license for some time."

Subsidiary Fiducian Investment Management Services (FIMS) entered into the heads of agreement with ASIC to pay the $7.3 million pecuniary penalty. It will also reimburse ASIC for its legal costs of about $650,000.

The product disclosure statement of DSAF was found to have "contained ESG Statements and Systems and Processes Statements which were liable to mislead the public as to the nature and/or the characteristics of financial services" thus contravening the ASIC Act, Fiducian said in a statement.

FIMS, as the responsible entity (RE) of the DSAF, also contravened section 601FC(1)(b) of the Corporations Act by failing to discharge its duties to act with the care and diligence that a reasonable person would exercise if they were a RE in FIMS's position in relation to the DSAF of the matters.

DSAF, which was available between 2015 and 2024, was established to meet client demand for a "socially responsible" and "ethical" investment option.

DSAF ceased to operate in May 2024 due to a lack of scale. It had $15.6 million in assets at the time of closure and delivered an annualised return of 7.62% p.a. over a nine-year period.

Previously, though, Fiducian selected investments by using underlying fund managers or underlying investment funds, which had their own bespoke ESG methodologies and tolerance thresholds for choosing investments.

The underlying funds were the Candriam Sustainable Global Equity Fund operated by Ausbil Investment Management, and an Australian ESG shares mandate operated by Solaris Investment Management.

ASIC said in a statement: "While Fiducian Investment Management Services Limited has agreed to make admissions in relation to contraventions of the Corporations Act and the ASIC Act, a Statement of Agreed Facts and Admissions has not yet been finalised between the parties nor filed with the Supreme Court of NSW."

The parties have also not yet sought court approval on the proposed pecuniary penalties or cost orders.

A date will soon be set to finalise the proceedings by the NSW Supreme Court.

Fiducian offers four core funds - Capital Stable, Balanced, Growth and Ultra Growth.

The funds management unit reported $6 billion in assets at the end of 2025, up from $5.6 billion from the prior corresponding period.

Investment Trends' latest Managed Accounts Report, supported by State Street Investment Management, found the investment vehicle has firmly entered the mainstream as advisers respond to heightened volatility and rising operational complexity.

Speaking to 1086 advisers, the report said 61% of advisers now use managed accounts and a further 13% are actively considering adoption.

State Street Investment Management vice president and model portfolio strategist in Asia Pacific Sinead Schaffer said: "In an environment marked by ongoing economic uncertainty, heightened geopolitical tensions and persistent inflationary pressures, advisers are looking for scalable, outcomes-focused solutions. Managed accounts help support long-term investment discipline while simplifying portfolio management and rebalancing."

"Investors are probably saying to their friends at barbecues, despite everything that's going on, I have confidence. I'm not worried. I have certainty. I'm not going to make a quick move, and that's because I'm in a managed account, I work with a financial adviser."

Nearly three-quarters of advisers using managed accounts now position them at the center of client portfolios as a core solution rather than as satellite allocations. This has led to advisers directing 61% of new client flows into managed accounts, up from 48% in 2025.

Managed accounts funds under management now sit at a record $256 billion, with the industry expected to grow to $400 billion by the end of 2027.

Almost six in 10 advisers said managed accounts improved their business profitability.

Investment Trends chief executive Eric Blewitt said managed accounts have increased profitability by freeing up time for advisers to service a greater number of clients.

"Those advisors, reinvesting that time, are having conversations with their clients which are more about their lifestyle goals, which are more about their overall aspirations, they're having more meaningful client conversations, making sure that they're on track for their objectives," Blewitt said.

The report also found that adoption is highest among larger and more profitable practices. Around two-thirds of advisers from practices reporting net profit margins above 30% are using managed accounts.

"As managed accounts move into the core of advice delivery, advisers are reporting benefits that extend well beyond investment implementation," Blewitt said.

"Many cite easier portfolio monitoring and access to institutional-quality investment management as key client benefits, while practice benefits - particularly simplified management, time savings, and reduced compliance workload - are reinforcing managed accounts as an essential operating tool for advice businesses."

When recommending managed accounts, advisers rank performance as the most important factor, followed by availability on their primary investment platform, competitive fees, and the reputation of the asset manager.

Among advisers yet to adopt, the main hurdles are less about belief in the benefits and more about the perceived cost, effort and complexity of transitioning existing clients.

Separately managed accounts (SMAs) remain the most widely used managed account structure, with around nine in 10 advisers implementing managed accounts via SMAs. Use of ETFs within managed accounts is also rising, with passive ETF allocations increasing from 16% to 21% year on year.

"It's quite meaningful the amount of passive ETFs that we are now seeing sit within managed accounts, and we expect that to continue to grow, just like the markets growing outside managed accounts," Schaffer said.