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This is one of the most quotable quotes from the award-winning television show Succession, and while it is somewhat outdated for parents to leave behind their money, or legacy, to one child due solely to birth order or gender, there remains plenty families must consider when it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

Sequoia said the "increasing platform withdrawals for new business for remaining advisers, despite their not being involved whatsoever with the failures of the Shield and First Guardian funds has had a large bearing on Sequoia's divestment decision."

Sequoia has already slashed $4.7 million in intangible assets relating to InterPrac, writing down the client list following mass financial adviser resignations.

InterPrac had 216 financial advisers in mid-March, dropping from about 312 at the end of 2024, prior to the Shield and First Guardian collapses.

The adviser exodus and declining revenues, after being locked out of platforms like Macquarie, Colonial First State and Netwealth, are anticipated to reduce to nil within 12 months.

"This has been accelerated by the decision of a further platform this week to also remove adviser access to new business from the end of this month," Sequoia said.

Last week, Sequoia announced that HUB24 will cease accepting new business from InterPrac advisers effective March 31.

"This decision will apply to new business only. There will be no impact on existing client accounts, existing business, or current adviser remuneration arrangements on the HUB24 platform," Sequoia said.

Conquest will take on InterPrac's investment portfolio worth $6 million and $1.5 million in cash reserves.

Conquest chief executive John Pereira said: "We look forward to working closely with advisers, platform providers, and broader industry participants as we support the next phase of the business under new ownership. Our focus will be on stability, engagement and delivering a sustainable path forward for all stakeholders."

Pereira was the founder of investment and advisory firms, including India Equities Fund, Olympus Funds Management and Tristar Corporate Advisors. He is the former president and deputy chair of the Australia India Business Council for Victoria.

InterPrac's sole director Justin Harding will remain with the business post-sale. He is also currently the head of legal, risk and compliance at Sequoia.

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

Sequoia said it believes the "InterPrac PI policy provides capacity to respond to, and defend its reasonable share of remediation offered to members of APRA-regulated superannuation funds who received advice to select such APRA-regulated superannuation funds from the three terminated advice practices, noting InterPrac's exposure to these failures was entirely within APRA-regulated super funds and not on a direct basis or within self-managed super fund accounts."

Given the InterPrac complaints made to the Australian Financial Complaints Authority (AFCA), Sequoia said if the sale completes, the new owner "may elect to withdraw or accelerate the AFCA determinations and seek to mediate with ASIC regarding its separate actions as Sequoia had planned to do."

Sequoia is currently suing AFCA for a December 2025 determination relating to one of its representatives and advice provided regarding Shield, but did not announce how that will impact the new owner.

Entireti's ERA platform will gather, analyse and organise data from an advice practice's existing technology, including emails, financial planning software and apps, to create a central knowledge base of information and insights.

Entireti said this knowledge base will feature deterministic guardrails to ensure AI outputs are reliable, compliant and explainable.

The insights from the gathered data will be either through text, video and other digital formats to help create and deliver personal advice and enhance client engagement.

Entireti group chief executive Neil Younger said plans to deliver an advice platform for the intelligence era formed part of the group's broader 'Road to 200 strategy' to help practices scale up and boost the number of clients they could efficiently serve.

He added this is the most significant technology offering by the group to date and will become foundational to its offerings.

"Across our community there is a shared ambition to build thriving practices that are serving more Australians and growing sustainably," Younger said.

"After a comprehensive review of the market, we are excited to work with Communify to help advisers bring together structured and unstructured data from across their systems, documents and external sources to create a single source of truth."

The platform will be developed in phases, with the first phase expected to be made available to the Entireti network, including Akumin, Fortnum, Personal Financial Services and Entireti Alliances, from the third quarter of 2026.

Akumin chief executive Matt Lawler said the new technology helps makes advisers' lives easier by addressing their biggest pain points and assisting them to understand and effectively integrate AI into processes.

"Client data currently sits across multiple systems and lives in emails and documents, and too much time is spent assembling information before the real work of giving advice can begin," Lawler said.

"We're solving that headache for advisers because, when information is translated into clear visual insights, they can quickly see what matters and communicate it more effectively to clients."

Fortnum and Personal Financial Services chief executive Matt Brown said Entireti's size and scale enabled it to invest in best-of-breed technology and help advisers adapt to the shift across the market towards automation, intelligence and scale.

"This is not about replacing the tools that advisers already use but developing a single platform ecosystem that integrates with existing technologies to simplify and accelerate the advice process," Brown said.

Lawler added the platform will drive business productivity and efficiency while ensuring outputs remain secure, explainable and compliant.

Communify said it is investing heavily in Australia and is excited to leverage a global data platform to power insights, signals and stories for the Australian market.

"We are excited to partner with Entireti to achieve the road to 200 and beyond," Communify chief strategy officer and president of APAC Will Bailey said.

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.

"The number of financial advisers has declined dramatically since the start of 2019, following significant regulatory and education reforms," Abood said.

"This decline is structural, not cyclical. Retirement of older financial advisers, regulatory change driven exits, and the lengthy qualification process for new entrants all contribute.

"Despite this, consumer need for financial advice is rising. The consequence is a widening gap between supply and demand."

The FAAA said the demand for advice is growing with an estimated 15.9 million Australian adults with unmet advice needs with 1.3 million people planning to see an adviser in the next two years.

"Research has also indicated that demand is particularly acute among Australians approaching retirement, who require advice on superannuation, retirement income strategies, estate planning, and later with respect to aged care," Abood said.

"At the same time, younger Australians increasingly seek advice on investments, debt management, and first-home purchases, while families and small business owners look for support on cashflow, insurance, and succession planning."

Further, Abood said the process for new entrants is long and arduous, typically taking at least four to five years from commencement of study to full registration.

"Many universities are delisting onshore financial planning courses due to low enrolments - six courses were discontinued during 2025," Abood added.

She also said the pipeline of new financial advisers remains small with just 569 new entrants in 2025, while 700 to 1000 advisers retire annually.

"Retiring adviser numbers will not be reflected in job vacancies as some may be sole traders/SMEs who shut their doors or sell their business to another financial adviser or firm - rather than their exit a job creating an open position for someone else to fill," she said.

"The combined loss of experienced professionals, low numbers of new graduates, and scarce Professional Year placement positions means that there are not enough applicants with the qualifications to be registered and employed as financial advisers. This is caused by a long training gap, not a suitability gap.

"This means workforce shortages are set to continue for the foreseeable future. This context should be reflected in the JSA data analysis for skills shortage."

Robina-based Asset Partners Private Wealth was acquired for an undisclosed amount by Illinois-headquartered AJG. The advice firm previously operated under Godfrey Pembroke.

David Just and Mark Raff founded Asset Partners in 2005, offering superannuation and retirement planning, estate planning and administration, portfolio structure and tax management, and home-lending solutions. With Raff retiring in mid-2011, Josh Pope joined Asset Partners in 2012 as a principal.

Asset Partners operates a fee-for-service model under a "two adviser per client policy to ensure all clients have access to quality specialised financial advice year-round regardless of holidays, illness or retirement". The client base comprises mostly of retirees, professional executives and small business owners.

With the change of ownership, Asset Partners will remain in Robina under the direction of Graham Campbell, AJG's head of employee benefits and HR consulting operations in Australia and New Zealand.

"Asset Partners Private Wealth shares our client-focused approach and expands our wealth management consulting capabilities in Australia," AJG chair and chief executive J. Patrick Gallagher Jr. said.

NYSE-listed AJG offers insurance brokerage, risk management and consulting services.

AJG's network of corresponding brokers and consultants currently provide similar services across approximately 130 countries around the world.

In Australia, AJG is also the owner of Western Australia-based Wealth Management Partners (WMP).

WMP is led by managing partner Steve Beattie, and three senior partners Troy Hartley, Janusz Mazurek and Adrian Whitaker.

In 2024, AJG acquired Melbourne-based Health Insurance Consultants Australia, a health insurance consultancy and brokerage firm serving corporate clients, small and medium-sized businesses, professional groups.

The parent company will operate sub-brands that include Ironbark Advice, Ironbark Private Wealth and Ironbark Investment Solutions.

Ironbark Advice encompasses businesses like Invest Blue, JSA Group, CBS Financial, Ironbark Private Wealth includes Avanti Financial Group, Lifewealth Group among others; and Ironbark Investment Solutions holds Ironbark Asset Management.

"Bringing our businesses together under a single brand will make it easier for clients and partners to understand who we are and reinforce the breadth of the capabilities we have built over time," Ironbark Financial Group chief executive and co-founder Chris Larsen said.

With $93 billion under advice, management and trusteeship, the financial services group said bringing the brands together under a single brand is part of its strategy to provide advice and investment solutions to a diverse client base and build on its position as a leading wealth management business.

"We are excited about the role that Ironbark can play in the future of wealth management in Australia," Larsen said.

"We have built one business that at its core is about being the trusted home for Australians to get great advice, services and solutions, underpinned by strong governance and a fiduciary-led mindset."

Founded in 2009 by former Deutsche Bank colleagues Chris Larsen and Brendan Carpenter, the firm employs 128 advisers across Queensland, New South Wales, Victoria, Tasmania, South Australia and the ACT.

While Ironbark Advice delivers advice for all stages of life, from financial advice, lending and wealth protection to accounting and aged care, Ironbark Private Wealth provides solutions for high-net-worth clients and their families.

Ironbark Investment Solutions partners with global investment managers to develop solutions for wholesale and institutional investors, while its trustee business builds funds and managed accounts in partnership with fund managers, consultants, advice firms and platforms.

"Over the past 15-plus years we've built Ironbark with one belief at its core: when you put clients first and back that with strong governance, great outcomes follow," Larsen said.

Updating shareholders on the future of InterPrac, Sequoia said "discussions remain incomplete and there can be no certainty that a transaction will be agreed or completed."

But if it does result in a proposed agreement to sell InterPrac, Sequoia added that any such agreement will be conditional on shareholder approval in accordance with ASX listing rules.

Sequoia managing director and chief executive Garry Crole flagged InterPrac was facing operational challenges as a result of its involvement in the Shield and First Guardian master fund failures. Chief among its issues is being blacklisted from several platforms, such as Macquarie and Netwealth.

Yesterday, Crole said the review of the retail licensee services operations is continuing.

"Sequoia is considering a range of strategic options for InterPrac, which may include continued operation under revised arrangements, the transition of authorised representatives to alternative licensing structures, or the potential sale of the InterPrac business or its shares," he said.

"During the review period, Sequoia will continue to work closely with authorised representatives to support continuity of service for their clients. Advisers may also be supported, where appropriate, in pursuing their own AFSL or transitioning to another licensee of their choosing, including through compliance and support services available within the Sequoia group."

Sequoia is currently suing the Australian Financial Complaints Authority (AFCA) for a December 2025 determination relating to one of its representatives and advice provided regarding the Shield Master Fund.

The determination related to a client who was a member of the Macquarie Superannuation Plan and lost most of his super after being advised by an InterPrac adviser to invest in Shield.

InterPrac denied it was at fault and refused to compensate the client, saying Macquarie's decision to remediate the client was an acknowledgement that it had breached the law.

It also said the client should lodge a further claim for compensation with the trustee of Macquarie Super Fund.

The new consultation proposes the pathway to becoming a financial adviser require possessing any bachelor's degree or higher, completing four financial concept subjects and four accredited financial advice subjects.

The four proposed accredited financial advice subjects are ethics for professional advisers, financial advice regulatory and legal obligations, client and consumer behaviour, and financial advice fundamentals.

The proposed list of financial concepts study includes aged care advice, estate planning and estate law, accounting, banking and investments.

"The current curriculum has 223 topics and learning outcomes across 11 subjects, which is excessive compared to other professions," Treasury said, adding changes would streamline the total learning outcomes or topics from 223 to 20 across the four core subjects.

The current rules mandate advisers to earn an Australian Qualifications Framework (AQF) Level 7 or higher, offered by a Tertiary Education Quality and Standards Agency (TEQSA) accredited higher education provider (HEP) and align with the current curriculum requirements.

They also still need to pass an exam, undertake the professional year and subsequent continuing professional education, which remain unchanged under the proposed reforms.

The educational reforms have largely driven mass attrition in the profession following the Financial Services Royal Commission.

There were 15,151 active financial advisers at the end of 2025, dropping substantially from the peak of 28,000 prior to the Royal Commission.

In the proposed reforms, Treasury admitted the current qualifications standard is "complex and lacks flexibility and has not been effective in supporting a sustainable pipeline of new financial advisers entering the profession."

"It is unattractive to school leavers due to the restrictive career path and requires a significant investment in study for career changers. Over the past year, several Higher Education Providers have discontinued financial advice courses due to low enrolment numbers, making them financially unviable," Treasury said.

Given the current shortage of advisers to meet future demand for financial advice, Treasury now agrees that high barriers to entry, an overly prescriptive curriculum and the administrative burden to update the determination to add new courses or make administrative updates must be addressed following criticism from stakeholders.

Treasury is seeking feedback on its suggested reforms and taking submissions until April 17.

Financial Services Council (FSC) chief executive Blake Briggs commented the proposed reforms would create a more flexible pathway into the profession while maintaining strong professional safeguards.

"Reforming the current education framework is an important step toward addressing the sharp decline in adviser numbers and improving access to trusted financial advice," he said.

"Current education standards are unnecessarily restrictive, creating barriers for both aspiring advisers and existing professionals trying to meet the requirements."

Financial Advice Association of Australia (FAAA) chief executive Sarah Abood said: "On behalf of our members, we will be carefully reviewing these proposals to ensure they achieve the goal of opening up more flexible degree pathways for new entrants, while maintaining high standards for financial advice education."

"Importantly, existing courses will continue to be relevant, and current students can be confident that these degrees will qualify them to enter the profession in the future."

Stockbrokers and Investment Advisers Association (SIAA) chief executive Maria Lykouras said with the current framework, the lack of recognition of completed qualifications, such as commerce and economics, made it challenging to attract the best and brightest from the top universities as these candidates are currently required to incur significant costs and time to complete an approved degree.

"SIAA will be looking at the consultation carefully to ensure that the proposals deliver the flexibility that the profession requires," she said.

SMSF Association chief executive Peter Burgess said a key concern is post-death attribution of earnings.

"Applying tax to earnings after death is a significant outcome that wasn't clearly evident from the legislation or explanatory materials and raises important questions about how Division 296 will operate in practice, particularly where the payment of death benefits can span multiple years due to matters outside of a trustee's control," he said.

There is also the potential for differences in how negative earnings are treated for Division 296 purposes, depending on the type of superannuation interest held by an individual.

"There also appear to be situations, such as SMSFs with unallocated reserves, where members could pay tax on earnings from amounts they may not ultimately receive. This raises questions about how the rules align with member entitlements," he said.

Meanwhile, the removal of actuarial certification for single-member SMSFs was welcomed.

However, for other SMSFs, Burgess argued there's still uncertainty around how the actuarial requirements will apply in practice and whether this will introduce additional complexity requiring multiple actuarial certificates for different purposes.

Research by CALI found three in five Australians trust financial advice received from AI-powered programs such as ChatGPT.

CALI warned this growing dependence on informal channels puts working Australians at greater risk of making life-changing financial decisions based on information from unregulated sources.

"This isn't just asking AI to draft an email or fix some grammar. This is real life. We can't leave Australians with no other option but to put their financial future in the hands of an AI chatbot," CALI chief executive Christine Cupitt said.

"Without the right kind of advice from the right people, Australians are at greater risk of falling victim to scams and dodgy providers."

CALI said the federal government continues to delay introducing the second part of its financial advice reforms. Tranche two of the Delivering Better Financial Outcomes (DBFO) legislation would allow life insurers to provide simple advice directly to their customers without any extra cost, it added.

Minister for financial services Daniel Mulino late last year asked for patience as the government continued to work through complexities in enabling greater access to advice, while still ensuring the safety of consumers. He had added the DBFO reforms are a "real priority" for the government.

"Australians want and need advice that is simple, accessible and affordable. They shouldn't have to turn to AI to get it," Cupitt said.

CALI's findings contrast with those of recent research by Colonial First State which found while Australians are increasingly using AI in their daily lives, most remain reluctant to trust it with decisions about their money.

CALI added advice reforms are now more critical than ever, particularly following the collapse of First Guardian and Shield Master Fund.

"We have seen firsthand what happens when people don't have access to professional financial advice. They are left with no one to talk to, and in the worst of cases, with no financial safety net to lean on when they need it most," Cupitt said.

ASIC recently also urged young Australians to complement the information they seek from social media and AI with reputable and evidence-based sources.

AMP head of portfolio design and management Stuart Eliot said even with much of the discussions on private markets in managed portfolios, the investment flows on the North platform have been skewed to the other end of the spectrum towards index managed portfolios.

However, North added the next advent for managed portfolios will see more practices shift towards providing access to non-traditional asset classes like private markets that can offer greater sources of return and diversification.

North recently expanded its investment menu with the launch of the cornerstone private markets managed portfolio in partnership with Invest Blue Group.

"Through our partnership with Russell Investments and Ironbark and North, we have now co-designed, built, and launched a Private Markets SMA available to clients across super, pension, and IDPS structures," Invest Blue chief investment officer Chris Ogilvie said.

"The result is a high-quality managed portfolio that offers platform-based access from as little as $25,000. This represents a significant step forward in providing retail investors with efficient access to private markets-an opportunity that has traditionally been reserved for institutions, industry funds, or high-net-worth investors."

Russell Investments managing director and head of distribution for Australia and New Zealand Neil Rogan said: "The convergence of public and private markets is reshaping portfolio construction. Many of today's capital-intensive growth opportunities are funded privately long before they ever reach listed markets, yet until recently there were limited practical ways for retail clients to access that part of the opportunity set."

"The recent launch of private markets within a managed portfolio structure on platforms like North reflects how the industry is evolving to close that gap," Rogan added.

Family Wealth Advisory managing director Michael Bova said his firm is increasingly integrating private markets into wholesale portfolios because they provide access to sources of return that aren't available in listed markets.

"Private equity, private credit, and real assets offer operational alpha and an illiquidity premium that can materially improve long-term real return outcomes for clients who have the time horizon and liquidity profile to accommodate them," Bova said.

Generation Life's new 2025/26 Navigating Uncertainty Report found heightened taxation of super, like the recently passed Division 296 tax, have left HNWs feeling less confident than they did in 2022.

Surveying over 650 HNWs and 354 financial advisers, Generation Life found 71% feel less financially secure, while 69% are less confident they'll be able to retire comfortably.

A further 63% are dialling down the investment risk in their portfolios.

On the actual changes themselves, 66% said the rules change too often and are hard to follow and, despite 84% of HNWs saying Australia has one of the best retirement systems in the world, 61% aren't sure it's conducive to building and protecting long-term savings; 63% think the system is flawed in terms of tax settings.

Generation Life said those approaching retirement, aged 60 and over, are most concerned because changes to tax settings naturally impact them most. However, those aged 30-49 are also feeling pressured and responding accordingly.

Some 13% of HNWs reduced or stopped super contributions entirely in the past 12 months. About 35% of them apparently did it because of the proposed tax changes, and about the same number did so after consulting a financial adviser.

That said, about 65% of HNWs who were familiar with the Division 296 tax said they supported it and just 9% said it reduced their confidence in the system.

"A secure, comfortable retirement is the ambition of every Australian - it's their highest financial priority," Generation Life chief executive Felipe Araujo said.

"But the journey feels less certain. Trust in Australia's world-class superannuation system endures, yet confidence in the rules that surround it has weakened - shaped by years of shifting legislative change and taxation debate, of which Division 296 is only the most recent chapter."

Generation Life added that the findings underscore the importance of financial advice, with close to one-third of HNW respondents saying their adviser helped provide reassurance; 86% of those with ongoing advice said they're happy with their financial situation compared to 55% who don't receive advice.

Clime Advice, which has $2 billion in funds under advice (FUA), will continue to operate under the Clime Private Wealth brand once the deal finalises, which is expected to be by March 31.

Clime Advice operates Clime Private Wealth (CPW) and MTIS Wealth Management (MTIS).

The transaction does not include Clime Private Wealth (QLD), which is 50% owned by Clime.

Clime said it will retain its individually managed accounts (IMA) offering but will provide non-exclusive separately managed accounts (SMA) and managed discretionary accounts (MDA) solutions and continue to manage certain client portfolios directly where this structure is appropriate.

It will support the transaction via vendor finance and has the option to up its ownership by up to 25% over time.

"The transaction forms part of Clime's strategy to focus on capital allocation and investment management, while maintaining strategic alignment with a practitioner-led advice business," Clime said.

In recent months, Clime shuttered two funds and offloaded its retail client book for $1.65 million to an undisclosed financial advice practice.

Clime's International Fund was sold for $2 million cash to an undisclosed party in a bid to sell non-core assets to simplify the business.

Paul Lahiff was named as the new independent non-executive chair, replacing John Abernethy.

Commenting on the sale of the advice unit, Clime managing director Michael Baragwanath said financial advice is where financial products become peace of mind and where investments become aspirations for a better future.

"It is a deeply personal profession built on trust and responsibility, and in my view the business of advice should ultimately be in the hands of those who practise it. This transaction places Clime Private Wealth in the hands of practitioners while ensuring clients continue to benefit from Clime's investment capability and capital allocation expertise, supported by our ongoing equity ownership in the business," he said.

AFCA now can publicise, on its website or via other means, which financial firms failed to comply with a determination under new rule A.11.6.

In doing so, AFCA said it may consider if the non-compliance leads to actual or potential financial or practical harm from delay or refusal. It will also consider a firm's express refusal to comply, failure to respond or engage, repeated or unjustified delays and patterns of poor compliance behaviour.

"Where publication occurs, AFCA publishes only limited information, such as the firm's name, industry category, the determination number and the date of the determination. AFCA does not publish complainant details," AFCA said.

AFCA's jurisdiction also broadened to include the actions of receiving banks, those that receive scam funds and the unauthorised opening of accounts in scam-related complaints, even when the victim is not their customer.

This means AFCA can look at the broader scam journey, from the actions of the victim's bank to the role of the receiving bank, including where unauthorised opening of accounts by scammers is involved.

"Expanding into receiving bank and unauthorised opening of accounts jurisdiction is a critical interim step to strengthen consumer protections ahead of the full implementation of the Scams Prevention Framework," AFCA said.

Some changes to paid representatives took effect. Under new rule B.6.5(a), where a paid representative is not an AFCA member but is required by law or their licence to hold an AFCA membership, AFCA said it may cease handling the complaint.

In potentially excluding a paid representative, AFCA may also look at the paid representative not acting in the complainant's best interests or acted in a way that prevented AFCA from achieving a cooperative, fair, efficient and timely resolution of the complaint.

Additionally, AFCA has abolished its legacy complaints provisions. Previously, it was able to accept some complaints dating back to 1 January 2008 during the period of 1 July 2019 to 30 June 2020 but is no longer doing this.

The changes took effect on March 12 and are reflected in AFCA's Rules and Operational Guidelines following consultation with industry, consumer groups, paid representatives and other stakeholders, and subsequent ASIC approval.

Research by Colonial First State (CFS) found while familiarity with AI is growing, human judgement and accountability continue to matter most when Australians are making key financial decisions.

While more than a quarter of Australians use AI everyday, just 9% would be comfortable with it determining their investment outcomes. Eighty three percent said access to human interaction is important when it comes to their finances, particularly around decisions on superannuation and long-term investments.

"When it comes to important financial decisions, people want the confidence that comes from trusted professional advice," CFS head of technical services Craig Day said.

"That confidence comes from working with someone they have developed a relationship with and who understands their personal circumstances, applies judgement, and is accountable for the advice they give."

While trust in AI is higher among younger Australians, high-net-worth investors and more frequent users of the technology, they see confidence fall sharply when AI is used for financial decision-making. Trust in AI is weakest among older Australians and women.

Day added AI can support better outcomes, but it works best when it complements the expertise and oversight of a qualified financial adviser.

While 42% of Australians are comfortable using AI for everyday activities such as budgeting, product comparisons or tracking spending, only 38% use AI for management of everyday accounts and payments. The support drops even further to 29% when it comes to investment management.

The survey broadly found that Australians are seeking stronger safeguards, including clearer regulation, better data security and the ability to opt out of automated services before they can build the trust enough to start paying for AI financial tools.

Sixty four percent of Australians expect AI to become common in financial services within five years.

"People want AI introduced carefully, with safeguards and clear human responsibility for decisions that shape their financial outcomes. Australians still want reassurance that a qualified professional is applying judgement and standing behind those decisions," Day said.

"AI can support better outcomes, but trust is built through human accountability, not technology."

Sequoia Financial Group, Interprac's parent company, said the case relates to the December 2025 determination issued by AFCA in relation to complaints made against one of its representatives and the advice they provided regarding the Shield Master Fund.

The determination related to a client who was a member of the Macquarie Superannuation Plan and lost most of his super after being advised by an Interprac adviser to invest most of it in Shield.

Interprac denied it was at fault and refused to compensate the client, saying Macquarie's decision to remediate the client was an acknowledgement that it had breached the law. It also said the client should lodge a further claim for compensation with the trustee of Macquarie Super Fund.

AFCA determined Interprac was still at fault given the advice to invest more than 99% of his super in Shield was inappropriate in the first place.

Macquarie repaid the client about $305,000, but AFCA said it was fair that Interprac pay the foregone earnings of $120,000 plus interest in compensation.

Interprac takes 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." Other parties that have been found to be involved include research houses that provided information the financial firms then relied on in giving advice.

Interprac said the decision highlights limitations in AFCA's rules and processes where a matter involves multiple entities.

Interprac itself is currently being sued by ASIC for its involvement in the Shield collapse, namely its failure to ensure clients' best interests were looked after.

The action comes as Sequoia is reviewing the viability of Interprac, having announced last month that the negative media attention it has received has created challenges and impacted adviser confidence.

Prakash is a director of Principal Financial Services, Self-Managed Super, Provest Enterprises, and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund.

ASIC alleges Prakash engaged in unlicensed financial services related to securities, executed unauthorised share trades on client accounts, falsified a fixed-term deposit certificate and misappropriated funds from both personal and self-managed superannuation fund bank accounts belonging to his clients for his benefit or the benefit of third parties.

Prakash's actions allegedly led to a misappropriation of $4.9 million and caused trading losses of approximately $1.3 million.

The matter has been adjourned for further mention on 15 May 2026.

On 28 March 2024, the Federal Court made orders preserving the assets of Prakash and the related companies and restrained him from leaving Australia.

ASIC said supporting better retirement outcomes and member services and improving consumer outcomes remain a core strategic priority for it.

"Combatting investment scams and reducing their impact on Australian consumers continues to be an ongoing priority for ASIC," the regulator said.

Prakash's charges of dealing in securities without a license warrants a maximum penalty between two and five years' imprisonment. The charges under Corporations Act could carry a maximum penalty of 15 years' imprisonment.

The seven counts of dishonestly applying property of another to himself warrants a maximum penalty for each offence of 20 years' imprisonment.

ASIC urged any of Prakash's clients who have any concerns about the advice, investments or trading on their accounts to contact the regulator directly.

Deloitte's 2026 Australian Reverse Mortgage Survey - compiled in collaboration with Heartland Australia Bank, Gateway Bank and Inviva - found reverse mortgages are used to access just $5.5 billion, equivalent to about 1% of the potential equity available via equity release products to eligible Australian households.

Reverse mortgage volumes across the private and public sectors, including the government's Home Equity Access Scheme, totalled around $5.5 billion as at 30 June 2025, representing more than 40,000 households with a reverse mortgage product. And over the 12 months to 30 June 2025, the figure was $750 million, with more than 8000 households accessing such a product for the first time.

According to the survey, the potential market size for reverse mortgages is $3 trillion for eligible homeowners (aged 60 and over) and types (location, type of dwelling, and property value).

The average amount of equity accessed by households with a reverse mortgage in the period was $150,000, and this amount increased for older borrowers. Expressed as a loan-to-value ratio (LVR), most new reverse mortgages entered by households using a private lender had an LVR of 15%.

Commenting, Deloitte Australia partner and survey lead James Hickey said the low number indicates that many don't know about the product that could help them meet their financial goals.

"Equity release products such as reverse mortgages and the government's own Home Equity Access Scheme were identified as being able to significantly boost retirement income and support retirees' standard of living. However, it noted that usage of such products was, as it is now, low," Hickey said.

"It is clear that an established market already exists for Australians to use equity release products like a reverse mortgage to access the equity in their homes without needing to sell their home.

"However, current low uptake indicates many don't know about the product or understand how it may help them meet their financial goals."

Now the goal is to raise better awareness of such products among more Australians.

"Households approaching retirement should be aware of all financial resources available to support their lifestyle, including the age pension, superannuation, and voluntary savings such as home equity," Hickey said.

"While downsizing is a common way to access home equity, retirees who wish to stay in their homes can consider reverse mortgages or other equity release options as alternatives."

However, while specialist brokers are familiar with reverse mortgages, awareness among general mortgage brokers remains low, presenting an opportunity to improve broker accreditation and product awareness, he said.

"Similarly, as superannuation funds develop retirement income strategies, considering housing equity as part of those strategies could further raise awareness and uptake of equity release products," Hickey continued.

Meanwhile, the survey also revealed that the plurality of reverse mortgage customers are in early retirement age: for new reverse mortgages entered in the 12 months to 30 June 2025, 34% were aged less than 70 years, with only 15% aged 80-plus years.

Heartland Australia Bank chief commercial officer Medina Cicak said the finding shows that those using reverse mortgages are approaching them in a prudent and considered manner.

"The Deloitte survey clearly shows that customers are using reverse mortgages for specific, defined needs," Cicak said.

"Older Australians are not drawing more than required; on average, they access around 50% or less of their available equity."

Among those who accessed reverse mortgages, the most common purposes for using the equity were home improvement, debt servicing, lifestyle, and income support.

Gateway Bank chief marketing officer Adam Norman said: "Many of our customers use their borrowings for a combination of needs like renovations or buying that new car which they had put off for some time."

"For others, especially younger retirees in their 60s, the opportunity to travel and enjoy new experiences or to supplement their income is always popular.

"These households are increasingly seeking to transfer this debt to a reverse mortgage, which requires no ongoing servicing, although the account balance grows with interest."

Last year, Cuthbertson was slapped with multiple charges for allegedly making dishonest representations to potential investors in relation to acquiring shares in his own doomed company.

This brings the total number of charges Cuthbertson faces to 18.

Cuthbertson was the sole director of Professional Wealth Management (PWM) and related companies, Professional Wealth Management Services (PWMS) and Professional Wealth Investments. PWMS held an AFSL until it was cancelled by ASIC in 2023.

PWM was involved in developing a technology for robotic trading across a range of different instruments.

Cuthbertson allegedly made dishonest representations regarding the future potential share valuations, earnings and dividends as part of purported plans to float PWM on the ASX.

ASIC alleges Cuthbertson continued to make the representation to investors after they acquired shares in PWM between the period of 11 December 2018 and 9 September 2025.

Cuthbertson previously faced six charges of dishonest conduct in relation to a financial product and one charge of the same offence committed by proxy.

Cuthbertson appeared at Downing Centre Local Court on 10 February 2026, where the additional charges were laid. The matter was adjourned to 14 April 2026 for committal mention.

The maximum penalty for each offence contrary to 1041G of the Corporations Act 2001 which occurred on or after 13 March 2019 is 15 years' imprisonment.

Cuthbertson was granted conditional bail on 30 September 2025 which required him to surrender his passport and no contact with complainants, among others.

Centurion Market Makers said while some things have changed in recent years, practices are still selling on a mix of profit multiples and recurring revenue multiples.

While buyers ultimately seek profit, they typically already have premises, staff and systems in place, acquired businesses are often co-located, and isolating post-acquisition profit during earn-outs can be complex. As such, performance clauses should focus on revenue, recurring revenue, and client retention, the guide states.

It noted larger practices may be valued on earnings but offers are often structured as recurring revenue multiples for practicality.

Based on what Centurion Market Makers saw last year, a financial planning business co-located with the buyer can sell for between 2.5x to 3.5x recurring revenue.

Meantime, a large financial planning business, with more than $4 million in revenues, and not co-located with the buyer, can sell for as much as 7.5x EBITDA. A partial equity position in such businesses is going for between 6x and 7.5x EBITDA.

A mortgage broking trail commission can sell for up to 3x trail revenue, the report observed.

The ranges, Centurion Market Makers explained, are influenced by factors such as the quality of the business, supply and demand, buyer risk appetite, incremental profit to the buyer, relative scale, and ease of transition for the buyer.

There are also geographic factors to consider, with regional practices typically valued for less, depending on whether they're in a significant regional centre. The age profile of clients also remains important to valuations.

Centurion Market Makers said it has seen reduced appetite for small client books and increased buyer selectivity due to greater funding challenges; debt funding remains available for businesses with borrowing capacity of $1 million or more.

Centurion Market Makers advised those business owners looking to sell would do well to start preparing as much as five years ahead of time, saying many are disappointed by outcomes when little preparation is done ahead of approaching a buyer.

Approaching a buyer with limited data can increase perceived risk and imply a lack of competitive tension, it said. Premium valuations are supported by monthly recurring revenue, 90-100% annual fee retention, low debtor balances, minimal work in progress, low working capital requirements, limited plant and equipment, and no stock.

Increasing a recurring revenue multiple by 0.1x on a $1 million fee book can add $100,000 in value, it said.

This means United Global Capital (UGC) and Next Generation Advice, which are both in liquidation, will remain AFCA members.

UGC's scheduled membership end date of 31 March 2026 will no longer apply. Next Generation Advice's membership expulsion date of 18 April 2026 will also no longer apply.

"Any previously identified membership end dates for these firms have been deferred to a date to be fixed," AFCA said.

"This decision is designed to ensure consumers are not prevented from lodging a complaint due to expulsion decisions or fixed membership end dates."

The decision also affects Financial Services Group Australia, which is in liquidation, and MWL Financial Services, which is currently in administration.

ASIC estimates 12,000 investors were impacted by the collapse of Shield and First Guardian but only about 2100 complaints have been lodged with AFCA to date.

"While AFCA may consider further membership decisions in the future, AFCA will, for now, not expel these firms. Any future changes to membership end dates or complaint deadlines will be communicated clearly and with appropriate advance notice to all parties, including impacted investors," AFCA said.

"This decision is about access, fairness and transparency, not outcomes. Every complaint lodged with AFCA will continue to be assessed independently and on its merits. Maintaining AFCA membership does not prevent liquidation processes from continuing and does not interfere with the role of liquidators."

AFCA added it would be inappropriate to take steps that close off access to external dispute resolution while the full extent of consumer harm is still emerging as this would risk unfairly excluding impacted consumers.

AFCA received a total of 111,373 complaints in 2025, up 14% from the prior year.

Large-scale collapses in the financial advice sector led to a 58% increase in investment and advice complaints, including a 59% increase from SMSFs.

The FAAA highlighted numerous omissions that should be addressed in the latest review of the MIS sector, starting with Treasurer Jim Chalmers overlooking the lax approval processes for higher-risk MISs.

In its submission to the consultation, the association wants to see tougher personal liability provisions for those operating MISs, and the development of a comprehensive data informed early warning system, which would cover superannuation fund trustees, responsible entities (REs) and financial advice licensees to help identify issues in areas such as distribution, growth and management.

REs should also "reflect the complexity and risk of the MISs that they manage". Such obligations should be much greater for higher risk MISs that invest in things like direct property, property development, business ventures, business lending and infrastructure - assets where there are no readily available markets and transparent pricing.

The FAAA urged for greater controls and obligations for wholesale trusts as ASIC has very little data on these, yet registered retail trusts can readily invest in unregistered wholesale trusts where the obligations and transparency are much reduced.

Additionally, it wants MISs included within the scope of the Compensation Scheme of Last Resort (CSLR) alongside reforms enabling Australian Financial Complaints Authority (AFCA) to apportion blame for client losses across multiple parties where appropriate.

"At present, the financial advice sector is paying for client losses related to MIS collapses, irrespective of whether failures also occurred within the MIS. This anomalous situation urgently needs to be resolved, to ensure the sustainability of the CSLR," the FAAA said.

Another significant factor impacting the ability of clients to get justice is that MISs are prevented from making a complaint to AFCA about the management of a scheme or fund as a whole.

AFCA Rule C1.5 proves to be a "major obstacle" to the clients seeking restitution from a fund or even make a claim.

Rule C1.5 excludes complaints relating to four key areas. Complaints related solely to the investment performance of a financial investment except when it concerns non-disclosure or misrepresentation; the management of a fund or scheme as a whole; against the trustee of an SMSF in respect to conduct as trustee; and the management of a retirement savings account provider or insurer.

"It is essential that AFCA Rule C1.5 is removed to better allow clients to make complaints against MISs," FAAA's submission read.

"Another important impediment is that unpaid determinations by MISs are excluded from the CSLR."

There are five recommendations the FAAA wants to see come to fruition. It wants the government to publish information on the reasons, including governance failings, that have contributed to the collapse of funds, and legislate to prevent related-party transactions and related-party investments in defined circumstances.

Compliance plan standards should be raised and clearly defined while MIS recurrent and real-time reporting to ASIC should be introduced. Finally, the FAAA recommends the introduction of a superannuation fund switching alert reporting regime.

The FAAA believes that the Shield and First Guardian collapses clearly demonstrate a need for change to the regulation and governance of MISs.

"We would prefer to be undertaking this consultation with the full knowledge of what went wrong at Shield and First Guardian, along with a number of other recent collapses such as Australian Fiduciaries Limited and Remi Capital. We do not know the nature of the compliance plans for these four MISs, the existence of compliance committees or the failings of the governance arrangements that were in place," the FAAA said.

The current review seeks to improve the governance and oversight of registered MISs used by retail investors, particularly how ASIC's role in this can be better.

Chalmers copped criticism last December for sitting on MIS reform recommendations from a review that kicked off in 2023 and concluded in 2024.

The Investment Trends' 2025 Platform Competitive Analysis and Benchmarking Report reflected a more demanding assessment framework from advisers, as efficiency pressures from client-facing activities continue to shape adviser behaviour.

More than 20% of advisers now rank security among their top three criteria when selecting a platform, reinforcing a more compliance-focused audience, while poor service was a driver in 50% of cases where advisers stopped using a platform.

Investment Trends recalibrated its benchmark to increase weightings in "high priority" areas and found that overall scores moderated across the market, with HUB24 retaining the top overall position in 2025 and topping four categories. Macquarie Wrap led in cybersecurity, while Netwealth ranked first in service.

Commenting, Investment Trends head of research Julian Cappe said platforms need to acknowledge these factors to be ahead of their competitors.

"Cybersecurity and service are no longer supporting features; they are decisive factors in platform selection. Competitive advantage will lie with providers that can combine robust security, practical innovation and consistently strong execution," Cappe said.

Additionally, artificial intelligence (AI) is gaining traction across the ecosystem, with the report indicating that 60% of advisers now use AI in their practices, including 27% who use it extensively, primarily for client communications.

Meanwhile, heightened cyber threats and regulatory scrutiny are prompting further investment in identity verification, authentication and approval controls, Investment Trends said.

At the same time, platforms continue to navigate the trade-off between value and cost, many providers are introducing simpler, lower-cost investment menus, the report noted.

The findings underscore how platform competitiveness is increasingly defined not by feature breadth alone, but by execution, integration depth and operational resilience.

Cappe noted that the standard for advisers has been raised materially.

"Advisers are placing greater weight on integration quality, workflow efficiency and service responsiveness. We have been impressed with the significant investments that platforms have made in innovation, but expectations have risen even faster," Cappe said.

The report gathered data of platform providers between September and December 2025, as well as user functionalities as of 31 December 2025.

As of February 23, the Otivo digital advice service is no longer available across the FirstChoice Employer and FirstChoice Wholesale Super and Pension products.

Taking its place is Super Advice, which is free to members, offering simple, tailored guidance on superannuation from a qualified CFS financial adviser.

Combining digital tools with the benefits of a professional adviser, members can select an advice topic, complete a digital fact find, and then meet with a qualified adviser for limited advice or be referred to an external adviser for comprehensive advice.

Otivo and CFS announced their tie up in November 2024 to provide digital advice on investments, contributions and insurance that costs $88 per year.

"CFS has enjoyed a positive relationship with Otivo, with many of our super fund members benefiting from their licensed digital advice platform," a CFS spokesperson said.

"Following this strategic shift, CFS and Otivo have agreed that Otivo's digital advice service will no longer be offered to CFS members."

Furthermore, CFS will soon launch Super Health Check, a digital experience designed to help members track and maximise their superannuation.

Otivo is in partnership with NESS Super to help deliver to members fully personalised digital financial advice, which includes providing real-time advice on debt, like credit cards, mortgages and investment loans.

Otivo also has a partnership with Entireti that offers a low-cost advice offering that supports episodic and limited advice.

Last year, Otivo launched artificial intelligence-powered tool called Ask Otivo that provides personalised, regulated and compliant financial advice.

Otivo chief information officer Nathan Isterling said Ask Otivo is not a chatbot offering generic advice but a trusted, compliant digital financial adviser that responds in real-time, addressing the exact financial concerns of each individual.

Financial Standard contacted Otivo for comment but did not receive a response by the deadline provided.

Sequoia managing director and chief executive Garry Crole told investors overnight the "negative media attention" surrounding InterPrac has created operating challenges and negatively affected adviser confidence, product access and revenue stability across the broader advice market.

"In recent times we have seen five platforms and two insurers remove access to new business for advisers operating under InterPrac," he said.

"Adviser resignations and decisions by certain platforms to restrict new business and reduce product access constrained business flows has impacted the InterPrac business during the period."

Last November, Netwealth and Macquarie announced they will bar InterPrac advisers from their platforms.

Sequoia's licensee and adviser services division both await their fate. Already, head of licensee and adviser services Daryl Stout resigned effective February 17 via "mutual agreement" and as "part of a broader leadership and strategic reset."

AFCA has received about 800 InterPrac-related complaints from investors exposed to Shield and First Guardian.

"At the time of the sign-off to the accounts only one complaint has resulted in a Final Determination which Interprac has paid. Interprac is receiving high-level legal advice as to its position and avenues of action on these matters," Crole said.

"Interprac intends all avenues including engagement with Kings Counsel on these matters."

Furthermore, Crole said recent developments along with the ASIC notices and AFCA defences have "constrained new business flows and necessitated a decision by the board to undertake a further comprehensive review of the InterPrac business model, building on structural changes implemented in 2025."

The group has already formed an independent governance committee and overhauled its senior management in the compliance team in response to the collapse of the two managed investment schemes.

This includes hiring former ASIC commissioner Danielle Press as independent chair of its inaugural AFSL Governance Committee.

Last November, ASIC commenced civil penalty proceedings in the Federal Court against InterPrac. Sequoia is expected to complete its statement of claim in mid-March 2026.

"The review is expected to be complete by June 2026 at which time we will assess the long-term positioning of this and all businesses within this division at that time," Crole said.

"We are confident that over the next 12 months, as we complete the review of InterPrac and implement these initiatives, we can reposition this division and restore investor confidence, which has been significantly impacted over the past 18 months following our decision to cease all new business from the three InterPrac-licensed advisers who recommended the failed Shield and First Guardian products."

According to Homesafe the shrinking adviser numbers are contributing to increased financial insecurity among older Australians, with them often retiring with mortgage debt.

Homesafe chief executive Dianne Shepherd said with expensive comprehensive advice, many retirees are being priced out of the support they need, noting that home equity solutions can play a role in improving retirement outcomes - particularly for those with limited super and ongoing mortgage debt.

"For many older Australians, the family home is their most valuable asset - yet they often feel trapped by mortgage repayments or cash-flow pressures," Shepherd said.

"We are seeing more Australians than ever reaching retirement still carrying a mortgage, with modest super balances and increasing longevity risk - yet access to affordable, high-quality financial advice has never been harder to secure.

"In an environment where advice is harder to access, having safe, well-understood options is more important than ever. Every Australian deserves the opportunity to retire with dignity and financial security."

Home equity release encompasses solutions that allow homeowners to access equity without selling or moving. These products are "increasingly relevant" as populations age amid rising property prices, with significant net wealth tied up in an illiquid, non-cashflow-generating asset.

Homesafe said home equity release can also supplement retirement income, meet one-off or irregular expenses, or retiree debts, enabling access to money while continuing to live in the dwelling.

Homesafe said financial advisers and superannuation funds are critical to the introduction of these solutions.

Homesafe's The Growing Debt Burden of Retiring Australians report noted that increasing understanding and engagement with innovative home equity release solutions amongst super funds and financial advisers will optimise Australians' financial wellbeing in retirement.

These can be developed through general advice and interactive tools for members and fund trustees and should be developed through a total balance sheet lens, with a focus on super and the Age Pension in member calculations, it said.

However, these solutions, along with the advice gap, "face the same hurdles to wider consumer uptake."

Addressing that, the report noted the Productivity Commission suggested that equity release providers could use "greater investment in promotion, education of financial planners and other consumer finance channels", while the government can develop a principles-based approach to regulate all equity-release products.

The group reported a total of $70.5 billion in funds under administration (FUA), up nearly 14%, in the first half of the 2026 financial year with net inflows coming to $1 billion.

Scope+, the non-custodial portfolio administration offering, saw FUA grow 19% on the prior corresponding period to $37.9 billion.

Praemium highlighted Spectrum's "standout" performance during the period with a total FUA of $3.6 billion, raking in $1.4 billion of new business gross inflows since launching in October 2024.

"Praemium SMA and Powerwrap platforms both had strong net inflows for the half year and recovered from the high level of past adviser exits which had negatively impacted net flows in prior periods," Praemium said.

The group's revenue from contracts reached $56 million, which was up 5.3% year over year, primarily due to platform FUA growth. This was offset by lower revenue from OneVue legacy advisers. This impact translated to revenue reducing by $1.4 million.

Given Praemium and OneVue are investment platform providers to Diversa Trustees, which has exposure to the First Guardian fund, the group previously flagged that FUA took a $286 million hit.

"The exposure includes $176 million in YourChoice Super, $107 million in AusPrac Super (both on the OneVue platform when it was acquired from Iress Limited (Iress)) and $3 million in Praemium Super," the company said.

Looking at the next six months, Praemium said with the OneVue transition complete about $3 million of synergies will be realised.

"Excluding the planned OneVue exiting adviser impact underlying revenue growth was 7.9%. Portfolio services revenue marginally decreased from prior corresponding period (PCP) due to a managed client exit from the Scope service," Praemium said.

Praemium chief executive Anthony Wamsteker commented: "With the OneVue transition now complete, our focus is on maintaining momentum in new business while progressing the integration of Technotia Laboratories."

Technotia Group was acquired for $7.5 million with Daniel Lipshut appointed as chief executive of the new division. This resulted in prioritising digitisation and the loss of numerous information technology-related roles.

"Over the next half we expect to make significant enhancements to our technology capability that will improve operating efficiency over time. We remain committed to the delivery of sustainable growth in returns to shareholders, as reflected in the declaration of a fully franked interim dividend," Wamsteker said.

Polling the audience at the 2026 SMSF Association National Conference in Adelaide,

Accurium principal Melanie Dunn surmised that helping make voluntary super contributions and investing in property are secondary in the grand scheme of delivering good retirement outcomes.

The results echo a Vanguard 2025 survey, which found that nine out of 10 Australians with a solid retirement plan feel positive about their retirement.

The research distilled what positive retirement sentiment looks like in five key pillars: having a sold retirement plan; boosting financial literacy; being familiar with the retirement system, making voluntary contributions and engaging with their super fund at least twice per year.

Advisers play a key role in helping clients achieve these actions, by developing a plan and help them execute it, she said, and it can start when they are in accumulation phase.

"We can start to build that engagement, confidence and financial literacy, helping them understand the concepts that you are going to be talking to them about. It's at this time we can help them create and implement the investment strategy," she said.

"Our plan is to build their wealth for retirement, and we can start to think about those superannuation voluntary contributions, once they have capacity and spare cash flow to help grow their wealth."

As for the investment strategy, Dunn explained that three aspects can impact the outcomes: investor behaviour, timing of the investment and asset allocation.

Asking the audience what they think is the biggest driver behind investment outcomes, a second spot poll revealed that asset allocation and investor behaviour, in equal measure, are the most prominent.

"What we want to do as advisers, as professionals, working with clients is help to improve their literacy about risk and return, help them understand that we put this plan in place, and how we can be confident with sticking to that plan," she said.

This is by helping clients understand that market drops are temporary setbacks.

Pointing to Griffith University and Iress research, Dunn said 42,000 investment switch decisions made between 2019 and 2021 resulted in negative outcomes for 50% of investors, who were mostly older members and women.

Clients' behaviour, Dunn said, plays a key role as advisers can put the best plan in place for clients - but gets derailed when they don't follow it.

"We all know this emotional decision making can happen during downturns. This switching can occur, and there's a lot of research that shows this can have very detrimental outcomes to a client's investment returns and overall portfolio outcomes," she said.

Financial Standard is the official media partner of the 2026 SMSF Association National Conference.

Louise Biti, director of Aged Care Steps, told the annual SMSF Association National Conference she is witnessing a proliferation of misinformation in the aged care industry, particularly off the back of the new rules, which everyone ranging from family members to aged care providers to government service workers, are grappling with.

On 1 November 2025, the government implemented major aged care reforms under the Aged Care Bill 2024, touted as the biggest overhaul in a decade that brought in new laws and funding models, and new expectations for professionals who advise older clients.

Core to the changes is providing stronger rights for older people when seeking or accessing government-funded aged care service, such as independence and autonomy, respect for privacy, and safe and quality care.

The new laws also introduced means-tested contributions for everyday living services such as meals, cleaning and laundry, and for non-clinical care services, such as personal care, mobility assistance and lifestyle activities.

"One of the major challenges we are facing right now is the absolute proliferation of rubbish information in the market," she told the conference.

Starting with friends and families, too many are misinformed about aged care and tend to spread this.

"We find a lot of other offenders that are just incorrect in what they're saying," she said, adding that some clients went to Centrelink and were told incorrect information.

Many advisers Biti engaged with also question the information clients are provided by Centrelink.

"The new rules came in such a quick timeframe. There's so much confusion. People aren't aware of exactly how they work. The systems aren't in place to do calculations. There's a lot of manual stuff being done [and] a lot of staff who have no idea what they're doing," she said.

Another set of "offenders" are aged care providers.

"We are seeing clients go to aged care providers who are doing calculations with very little financial planning ability," Biti noted.

"We have got to get in front of our clients. We've got to get there first and not let them rely on just what Centrelink and aged care providers are doing as well as friends and family. They might mean well, but they don't have all the details."

Biti also sees industry professionals that aren't licensed or experienced or educated trying to help.

"Anybody who's a dabbler can be doing more harm than good. You need to consider your business, your client base, and what you want to do if this is not where you want to be an expert," she said.

If that is the case, Biti urged financial advisers to at least raise the issue with clients and "understand enough to know what looks right and wrong" and create partnerships with specialists that clients can be referred to.

"We don't think everybody should be an expert, but you all need to have awareness of the rules. We need to start talking about it and raising it proactively with clients," she said.

Financial Standard is the official media partner of the 2026 SMSF Association National Conference.

This is according to Pitcher Partners client director of estate planning Anna Hacker, who says the prevalence of capacity loss and elder abuse, while complex, are not issues that financial advisers can overlook and must get better at recognising.

According to the Australian Institute of Family Studies one in six older Australians have suffered from elder abuse.

The most common form of elder abuse was psychological abuse (11.7%), followed by neglect (2.9%), financial abuse (2.1%), physical abuse (1.8%) and sexual abuse (1%). Furthermore, some older people (3.5%) experienced more than one type of abuse, with the most common combination being psychological abuse and neglect.

Meanwhile, new research from Dementia Australia estimates that those living with dementia in 2026 increased to 446,500 and is set to more than double by 2065.

Many clients of financial advisers, lawyers and accountants will be affected, Hacker said, so they need to understand how to help and support them and be their advocates.

"Sometimes it might only be their accountant, financial adviser or lawyer [they see] outside of the home. If there are red flags, you might be the ones that see them," Hacker told a workshop at the SMSF Association National Conference.

"If you've had to deal with an issue of elder abuse, it is an insidious thing to deal with. It is something that often we try to prevent or minimise."

One telltale sign is the loss of capacity, which could be in the form of cognitive impairments, dementia and mental illness.

Many professional service providers are at the forefront of seeing these signs, she said, but It is by no means they become private investigators or medical practitioners, rather be aware and recognise when elder abuse comes along.

Unfortunately, Hacker observes perpetrators are often carers or family members.

"The most common is family members. My roles previously have included working in trustee companies and in trustee companies, we have a lot of clients where we've had to go to a local guardianship programme or have an attorney removed," she said.

"Almost all of those were family members, and in almost all those cases, it was because they stole money from mum or dad. It's terrible because in a lot of those cases, even when there's a loss of capacity, the small understanding someone has is that they still support their children."

Many of the signs are subtle. One might be a family member putting pressure on and trying to change circumstances and the way a parent has structured finances, for example. She noted this to be a "controlling presence" while another is socially isolating a parent from family members, which is also typical in domestic abuse situations.

"It doesn't require loss of capacity to have elder abuse presence. It's not just a case of mum's sitting there and saying, 'I agree to all of this'. That could still be elder abuse," she said.

"You have to be really careful, because elder abuse is something that can creep in. It can be really subtle initially. Someone can still have capacity, but there could still be a criminal action that's going on."

Speaking at the 2026 SMSF Association National Conference, Waller said policies such as Delivering Better Financial Outcomes and education reforms are currently off the government's radar due to the ballooning costs of the Compensation Scheme of Last Resort (CSLR).

These reforms were crucial to introducing a new class of advisers and streamlining the intricate process for more entrants, but were exacerbated by several universities dropping financial planning-related courses and by tightened scrutiny on advisers during their professional year (PY).

"What the government was proposing was a lot more flexible, and it would have provided an opportunity for professionals like accountants, who had relevant discipline qualifications, to come in," Waller said.

"Unfortunately, because the issues like CSLR, Shield and First Guardian, all of these [reforms] have somewhat been delayed, and we're hearing that it's not on the regulatory radar at the moment."

Waller was also opposed to requiring advisers to take an additional exam for those who had already attained relevant qualifications.

However, despite the well-intended, should the education reforms proceed, Waller said the reform could consequently lower the standard for advisers, claiming that the government may have "brought the pendulum too far back the other way."

"My concern with that is all that hard work we've tried to do as a sector to insert confidence and raise integrity in the minds of the community is potentially undone pretty easily overnight," Waller said.

"There's a point around equality and equity in terms of what you're expecting to do to earn the same title - and we are still a long way away from where that final position will be.

"I know the government is looking at more flexibility for more supplies to come into the industry, but associations like SMSFA and others are also looking at the integrity in maintaining the aspect of professionalism that has been for advisers."

Under the agreement, Centrepoint said it will retain 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.

"Centrepoint will secure 100% of the financial advice licence margin that Astute currently derives from Astute-aligned advisers operating under Centrepoint's AFSL," the ASX-listed firm said.

The lending solutions business supports brokers and advisers with a credit licence, technology, lending panel, training and education. At the end of June 2025, it serviced 75 brokers with a loan book of $3.4 billion.

Astute, in return, will receive all new-business revenue generated from the lending aggregation business. The deal adds to an existing relationship between the parties and formalises a long-term, commercial operating model.

Centrepoint did not disclose the total sum for consideration, but expects to add $0.4 million per annum to its EBITDA from FY27. The deal is expected to finalise on March 31.

"This agreement represents a natural next step in Centrepoint's transformation. By divesting a non-core, sub-scale aggregation business and securing the full licence margin from Astute-aligned advisers under our AFSL, we strengthen our recurring revenue base and sharpen our focus on delivering high-quality advice services," Centrepoint chief executive John Shuttleworth said.

"We have enjoyed a long and constructive relationship with Astute, and this new operating model aligns both organisations to what they do best. Most importantly, it ensures advisers continue to receive outstanding lending and advice support through a seamless transition."

Astute started out as a mortgage aggregator and diversified to include commercial and equipment finance. In 2012, Astute launched the financial planning arm of the group. It also offers general insurance and a health insurance product.

Astute director Brad Wood said: "Astute is pleased to deepen its partnership with Centrepoint. This agreement allows us to expand our aggregation platform, support more brokers nationally, and deliver greater value through scale and specialisation."

In its 2026 half-year results, Centrepoint announced an EBITDA of $6.2 million, up 17% year on year, based on unaudited numbers.

Centrepoint had 588 licensed advisers at the end of December 2025.

The move comes off the back of the acquisition of Technotia Group for $7.5 million, which finalised on January 22.

Jobs in IT development, maintenance and infrastructure will be affected as a significant number of these duplicate roles will be reduced. The group has about 370 staff members based here and overseas.

Praemium said it "will be undertaking a consultation process with Australian employees in affected roles" and once the restructure finalises it anticipates "to reduce headcount by around 15% and direct staff salaries by around $9 million."

This will affect about 50 full-time equivalent (FTE) staff based in Australia.

Staff in the Armenian business, Praemium RA LLC, have been made aware of the changes, Praemium said, adding they will be effective by the end of June. Praemium RA LLC predominantly provides IT development work. The closure of the Armenian office affects about 50 FTE staff.

Changes in the Armenian business will further cut the headcount by about 13% off the pre-restructure base and reduce direct staff salaries by some $3.5 million.

Praemium chief executive Anthony Wamsteker said: "Praemium is proud to be embracing Technotia Laboratories' advanced scientific and technology capabilities. These enhanced capabilities and our newly acquired status as an employer of choice for outstanding scientists, system developers and user experience design specialists, will open up new and exciting opportunities for Praemium in automation, and as a fintech hub."

Technotia Laboratories combines physics, mathematics and engineering and design and says it "focuses on computing machine intelligence - a scientifically rigorous, data-driven method - alongside deep domain knowledge to deliver solutions that are both advanced and practical."

Founded by James Murray-Parkes and initially established as the Engineering Innovations Group, Brookfield acquired the startup in 2013 to then become the Brookfield Scientific Solutions Group. It became Technotia Laboratories in 2019. Three years later, Technotia Laboratories broke away from Brookfield.

"Whilst we are implementing advanced technology, AI and automation, we also acknowledge the impact on our team many of whom have been with the company for a significant part of its growth and have provided unwavering support," Wamsteker said.

After adding back the salaries associated with the Technotia Laboratories team, the group expects its overall annual technology salary budget, excluding incentives, to reduce on a run rate basis by around $9 million from before the acquisition.

The savings Praemium expects to make in the 2026 financial year will be offset by redundancy costs of about $3.3 million.

The annual Platform Market Wrap Report revealed HNWs are the "strategic battleground" amid fierce competition among providers as they build wholesale-only propositions, non-custodial administration services and expand access to sophisticated investments.

HUB24 Private Invest and Netwealth Private are examples, both structured as wholesale-only propositions to enable greater flexibility and efficiency in servicing sophisticated clients.

Meanwhile, HUB24 Private Invest and Praemium Spectrum hold listed securities through individual holder identification numbers (HIN). Netwealth Private will soon launch this capability in the first half of 2026.

SuitabilityHub managing director Recep Peker said platforms are stepping up to service more complex client needs while maintaining the efficiency advantages of the platform environment.

"Together with expanding menus of wholesale investment opportunities, the new HNW offers signal growing competition for private wealth advisers, family offices and stockbrokers," he said.

Platforms have also accelerated offerings in the retirement space, particularly with launching innovative retirement income stream (IRIS) solutions.

The analysis found North historically led this space. However, competition is building as Expand released the accumulation phase of its MLC Retirement Boost solution last year while a pension phase will launch this year.

HUB24 and BT Panorama have both announced their own IRIS propositions for launch in 2026.

Platform-based IRIS products have the strong potential to become a ticket to play for the non-HNW segment, said Peker.

He noted that in addition to being market-linked lifetime income solutions, clients can accumulate Age Pension benefits during accumulation at no extra cost, and advisers retain flexibility over investment choice - which enables them to continue adding value to clients through their retirement.

The research also found that artificial intelligence (AI) is enabling better workflows. Expand's AI-enabled document processing, for example, extracts advice fee data from uploaded documents to pre-populate consent forms.

The model is regularly trained to process a growing range of documents, from firm-specific client service agreements to planning software outputs.

Netwealth refreshed its investment research experience, increasing the sophistication of its analytical tools and leveraging AI to generate short videos summarising the previous trading day and "stock stories" that consolidate technical analysis into a digestible narrative.

"HUB24 continued its innovation drive to modernise key adviser workflows, following last year's bulk fee consent capability, while Expand sets an early example of how AI can be embedded in platform processes to drive scalability in client servicing," Peker said.

North has introduced an AI note-taking assistant that generates structured file notes from client review meetings, while HUB24 launched the second generation of its capability, Engage, which turns reports into a PowerPoint-like presentations with granular configurability across branding and content.

Leveraging JANA's specialist liability-aware consulting capabilities, actuarial expertise and asset-liability modelling, the firm will support TasBuild in investment decision making.

As it is responsible for managing the portable long service leave entitlements of workers in the building and construction industry in Tasmania, TasBuild will receive advice on managing long service leave funds and redundancy trusts targeting specific funding ratios.

Under the partnership, JANA will offer holistic investment advice, portfolio construction and implementation services that support the long-term sustainability of the fund.

The collaboration combines JANA's advisory expertise and execution capability, the firm said, helping liability-aware funds like TasBuild make confident investment decisions with resilient long-term outcomes.

JANA head of client development Sai Srinivasan said: "We are delighted to be appointed as TasBuild's investment consultant."

"TasBuild plays a critical role in supporting workers in the Tasmanian construction industry, and we are proud to partner with such an organisation so deeply aligned to the wellbeing of workers across the state."

TasBuild chief executive Mark Williams said: "Our engagement with JANA has reinforced the strong cultural alignment between our organisations - particularly our shared commitment to disciplined governance, thoughtful investment strategy and long-term outcomes."

"We are confident JANA's deep institutional experience will support TasBuild in continuing to deliver strong, resilient outcomes for our members."

The mandate advances JANA'S continued growth and rising demand from statutory and purpose-led organisations for long-term, outcome-focused investment partnerships, it said.

The appointment also builds on JANA's existing record of offering strategic, long-term investment solutions to a range of clients across superannuation, endowments, insurers and statutory funds.

Older Australians and their families are increasingly at risk of receiving conflicted, inconsistent and inaccurate advice, Aged Care Steps said.

The organisation credited this to gaps in financial advice regulation, including the growing number of unlicensed financial advisers, exposing older Australians to serious financial harm.

It also identified the lack of distinction between personal advice and information related to aged care funding, including a proliferation in advice errors from Services Australia, has contributed to this issue.

In its recommendations to government, regulators and broader advice industry figures, Aged Care Steps called for enhanced regulation and enforcement through strengthening ASIC's role in overseeing aged care financial advice.

The report also suggested that aged care financial advice be classified as Personal Financial Product Advice under the Corporations Act. This would ensure that providers are required to have an AFSL.

The paper also recommends introducing financial planning specialisation categories on the ASIC Financial Advisers Register (FAR), to more effectively identify licensed advisers.

Supporting enhanced regulatory measures on advisers, Aged Care Steps also recommended the government launch a public campaign to educate consumers about the value of licensed financial advice and how to find a financial adviser.

It would also like the government to explore ways to improve the affordability and accessibility of aged care advice, recommending subsidies or new service models as possible avenues to achieve this.

Aged Care Steps director Assyat David said the current system lacks clear guidance and regulatory oversight. She also raised concerns about the quality and consistency of advice available, and spotlighted concerns surrounding increased elder financial abuse.

David said: "This grey area of unregulated advice poses significant risks to consumers and highlights the urgent need for clearer guidelines and stricter regulations."

"Without proper consumer protections, older Australians are at risk of making inappropriate decisions that could have serious financial and estate planning consequences."

Meantime, Aged Care Steps director Louise Biti said: "Aged care advice should only be provided by financial planners that have the necessary expertise and are authorised under an AFSL and, therefore, comply with relevant laws, regulations, and ethical standards."

"This approach would strengthen consumer protections due to the requirement for authorised advisers to act in their client's best interests, meet minimum education and competency standards, and carry professional indemnity insurance to ensure compensation in cases of professional misconduct and participate in an external complaints resolution body.

"Unlicensed providers do not offer these protections."

The FAAA urged the federal government to address the drop in adviser numbers, ensuring the supply of professional financial advisers meets the increasing demand.

Recognising the inflexible education requirements, and the toll on small businesses, advisers need more support across all career points, the FAAA said.

"The number of financial advisers has almost halved in the past seven years (to around 15,000), while the number of Australians needing and wanting financial advice continues to climb," FAAA chief executive Sarah Abood said.

"The decline in the number of advisers has been an issue for some time, and the pipeline of new entrants is nowhere near sufficient to rebuild the profession.

"The FAAA proposes a package of reforms that will help increase the supply of professional financial advisers and ensure we retain talent at key career points (university, mid-career transitions, parental leave etc)."

Among these measures, the FAAA proposed providing professional advisers with access to the ATO portal and simplifying and enhancing the tax deductibility of advice.

As the ASIC levy and Compensation Scheme of Last Resort (CSLR) are increasing cost burdens on the sector, the cost of advice is also rising, and more people are discouraged from entering the profession, the submission outlined.

Cutting the regulatory red tape would enable advisers to work more efficiently on behalf of their clients, it said.

"The FAAA remains supportive of a scheme to compensate the victims of financial misconduct, but the current CSLR is unsustainable and unfair on advisers who have done nothing wrong," Abood said.

Lowering the ASIC levy and making the CSLR sustainable should be key priorities for the federal government, the FAAA said.

Abood described the collapses of Dixon Advisory, UFG, Shield and First Guardian as highlighting the need for more to be done to recover funds from those responsible, who have been hit with fees that they've avoided paying.

"Critically, also, more needs to be done to reduce the prospect of these collapses in the future," she said.

WT Financial Group founder and managing director Keith Cullen told Financial Standard that the overall market is currently sitting in a "good position" but the firm is eager to provide more support for advice businesses overall.

This includes embracing opportunities arising from artificial intelligence (AI) to improve productivity, supporting the consolidation of the industry, and ensuring advisers also price their services accordingly.

"We want to continue to support them through our Investco joint venture with Merchant Wealth, which is taking equity stakes in practices and helping them consolidate their operations," Cullen said.

"Nothing's changed for us in that regard; that is our primary driver."

As part of its strategy, its subsidiary Spring Financial Group has undergone a brand refresh to now be known as Vesta Wealth Partners - a move Cullen said signals an evolution of the business.

"The retail business has always been about our research and development lab, and our entire focus on that is to innovate and demonstrate to advisers in our network what they are able to apply in their businesses," he explained.

"[These include] simple things like the costs involved in the business and the way they communicate with clients and the broader market; we're not afraid of the rebranding exercise and remain confident that our clients are comfortable with the decision."

He said when the business was incepted about 15 years ago, many of its clients were still in the workforce, focusing on wealth creation. As years have gone by, the business naturally transitioned toward a retirement focus.

"With so many people nearing and reaching retirement, demand and the need for advice have never been higher, so we see it as important to meet both the needs of our clients and the broader market," Cullen said.

Feedback from clients on the change has been "very positive", and while Cullen did not disclose the exact size of the business after the rebrand, Vesta Wealth Partners senior adviser Michael Pelosi has moved into the role of practice principal, and Daniel Kirk has joined as principal financial adviser.

Further, Cullen said there are about six provisional financial advisers conducting their professional year in its central advice team, who work across its broad network of businesses.

"Because we run our businesses on an integrated basis, a lot of people who work on that business (Vesta Wealth Partners) do not work full-time. It does, however, have a bigger team than what a relatively small business has," Cullen said.

"We run a central advice team that conducts all the peer review of advice documents within our broader network. There are several members in the team, probably five or six of them, who are doing their professional year, and in a way, they're attached to that business as well."

As for growth prospects, Cullen said the only thing that will fix the advice supply-demand imbalance is reforms to the education standards.

"But as far as our network is concerned, the retail business enables us to recruit people that are either still studying or doing their professional year... we don't intend for all of them to go on and work for Vesta; our goal is to encourage them to find a job within our network," Cullen said.

"That's so that our advice practices are recruiting someone that can produce revenue from day one, rather than having to fund the cost of putting them through their professional year."

WT Financial Group is currently home to five entities, including Vesta Wealth Partners; Millennium3 Financial Services; Wealth Today; Sentry Advice; and Synchron Advice.

Australian Bureau of Statistics (ABS) data showed CPI rose to 3.8% in the 12 months to December 2025, up from 3.4% the previous month.

As a result, the general TBC will rise from $2 million to $2.1 million on July 1.

"Australians may benefit from the TBC increase if they haven't started a retirement phase pension or have only used up some of their personal TBC," MLC finance expert and head of technical services Jenneke Mills said.

"Because the general TBC is used to determine eligibility for certain types of contributions, the increase may enable people with larger super balances to get more in to super."

Also commenting, SMSF Alliance managing director David Busoli said how the increase will apply to existing pensioners "depends on a convoluted calculation based on the percentage of previous transfer balance caps that have been utilised."

"As the personal TBC for every existing pensioner will be unique, it will need to be calculated separately. I expect that many will rely on the information that will become available on the MyGov website to learn their new cap," he said.

"The only general comment that can be made is that any existing pensioner that has utilised all their TBC previously will not receive any uplift at all."

As for contributions caps, which are calculated based on Average Weekly Ordinary Time Earnings (AWOTE) figures, Busoli said it is a near certainty that they will also rise from July 1.

If so, the concessional contribution cap will rise to $32,500 from $30,000, which would increase the standard non-concessional contribution cap to $130,000 from $120,000. As such, the three-year bring forward cap would rise to $390,000 (based on a total super balance of less than $1.86 million).

The AWOTE figures are set to be released late next month, with the Australian Taxation Office to confirm all changes in March.

"It will be interesting to see if the government will apply to the Division 296 $3 million and $10 million caps. It would be tidy if they did so, but I don't expect it," he concluded.

Outlining considerations for financial advisers, Mills said it's important to consider the most appropriate time to commence a retirement phase pension and how to optimise contribution timing to maximise overall contributions.

Further, she said: "Those with a TTR who will meet a condition of release before July 1 may wish to consider whether they should take steps to ensure they don't enter retirement phase until July 1."

Where clients are eligible for government co-contribution or spouse contribution tax offsets and their total super balance must be under the general TBC, the indexed threshold may open up additional contribution opportunities, Mills added.

The company has initial funds under management and administration of approximately $240 million.

In an ASX announcement, AWAG said CHN Wealth is a 50/50 joint venture between the two companies, with both having contributed capital to its formation. The two will continue to provide licensing and administrative support, capital and business referrals.

Rob Gould, who was most recently the director of financial planning at Bentleys Wealth, has been appointed as principal to lead CHN Wealth.

He brings close to 40 years' experience across the financial services industry and was the chief executive of Fortune Financial Advice and Fortune Financial Accountants for more than 12 years.

"This is the second transaction of its kind completed by AWAG, whereby AWAG partners with an accounting practice to develop wealth management services leveraging the practice's existing client base or alternatively acquires an established wealth management business for the joint venture," AWAG said.

"A key advantage of this transaction is that a successful, operating business was integrated into the joint venture from inception."

The investment marks the 10^th completed transaction by AWAG since its inception and follows its investments in Avalon Financial Services and SWR Chartered Accountants to double its authorised representative count to 80 across Australia last month.

In October, AWAG acquired a 20% stake in First Mutual, as it continues to conduct due diligence on similar opportunities among several boutique licensees and other business investments to expand its portfolio, it said.

In a submission, the association highlighted the potential "material impact on life insurance claims" the new legislation will have.

The Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2025 aims to provide certainty to individuals undertaking genetic testing, including the participation in health or medical research, that it will not impact their ability to obtain life insurance cover, or the terms and conditions of that cover.

"The legislation places no restrictions on how much cover people who have concerning genetic testing results can seek to obtain, despite having full knowledge of the likely consequences of those genetic testing results," the FAAA said.

"This could, over time, have a material impact on life insurance claims. Whilst some might consider this to be a low risk at this stage, it is important to be conscious that genetic testing and other predictive forms of medical testing can only be expected to improve over time. Thus, the risk could grow significantly."

Increased claims for new policy holders leveraging these reforms will have an impact on the pricing of life insurance cover for all policy holders, the association added, particularly existing policyholders who have already been subject to large premium increases in recent years.

The proposed bill is set to amend the Insurance Contracts Act 1984 to establish a ban which prohibits insurers from using certain information about an individual's genetic testing to inform the offer of life insurance cover, or the terms and conditions of the cover that is offered.

Policymakers anticipate that should the bill pass, this will lead to the uptake of genetic testing and "provide extensive individual, public health and scientific benefits".

On this note, the FAAA said: "We recognise that to some extent, concerns around the implications that genetic testing results may have on obtaining life insurance, have influenced some people in their decision to engage with genetic testing. It is appropriate to provide greater certainty."

Further, the FAAA argued it is often the case that people seeking genetic testing are doing so in response to clinical testing results confirming the existence of health conditions being suffered by family members.

"These clinical results of family members will continue to be accessible through underwriting and will impact the availability and cost of life insurance. The genetic testing information protections will only directly benefit those policy applicants who have obtained concerning genetic testing results who do not have a poor family history of disease and illness," it said.

At the second reading of the bill last November, assistant treasurer Daniel Mulino said: "Genetic tests help save lives. Australians should not be discouraged from undertaking genetic testing out of fear that it may impact their ability to get life insurance."

"By putting this ban in place, we will remove this barrier, so more Australians will access genetic testing and, in turn, its full benefits for patients, public health and medical research can be delivered."

Citing a Monash University study, Mulino pointed to a participant called "Ben".

"Ben didn't have any significant family history of cancer, but he took part in a genetic testing study. The results showed he carries a PALB2 variant, which raises the risk of prostate and breast cancer in men. This information was important not only for him but also for his female relatives, who now know they face higher risks of breast and ovarian cancer and have begun getting tested. Learning about these elevated risks has motivated Ben to adopt risk-reducing strategies," he said.

The FAAA also raised concerns about the requirement to exclude protected genetic information and the impact the role of medical practices in responding to underwriting requests.

"This might mean a much more careful review of patient files before responding to underwriting requests. This could lead to delays in doctors responding to requests for underwriting information or a material increase in the cost for them responding," the submission read.

The FAAA said it supports the use of an ASIC-approved form for the provision of consent by the client to the issuing of protected genetic information to the insurer.

This will require a six-month implementation period and that ASIC consults on this "very early". "Otherwise, the life insurers will need to develop their own forms and if ASIC does later issue a mandated form, then this will add significant cost as part of the transition," the FAAA explained.

There is currently a partial Moratorium on Genetic Tests in Life Insurance in place, which the industry self-imposed in 2019.

Under this, insurers cannot request or use genetic test results in underwriting unless the level of cover applied for exceeds certain thresholds.

Finura's Australian Wealth Tech Predictions report for the year ahead states that as competition heats up among licensees, many will look to forge strategic partnerships with a "technology backbone".

This will be in the form of managed account providers and tech services companies, and consulting firms.

"As licensees face increasing pressure to loosen their grip on technology choice and services revenue (like paraplanning), they get eaten away by technology. It's increasingly looking like a challenged business model," the report said.

"When it comes to practice support, there is no stronger power couple than managed account providers and platforms. The powerful gatekeepers will take further steps to develop intimacy with their key practice relationships."

Evidentia's acquisition of consulting firm Encore Advisory Group is one example, and is tipped to be the first of many moves by asset consultants to differentiate their service models as they have scale, the margins, and incentive to support firms in taking the self-licensed path.

According to Plan for Life, HUB24 and Netwealth now command some 80% of all net inflows, underscoring a potential oligopoly emerging.

"They have 9x Iress's market cap and matching free cash flow. They can outspend every advice tech player on R&D - and they will. This isn't a platform war anymore. It's ecosystem construction. Small practices don't need full CRMs when their platform does 80% of the job," the report read.

Finura joint managing director Peter Worn said HUB24's discretionary superannuation contributions fund flows has put it in good stead against big super funds like AustralianSuper.

"HUB24 put out some results this week that even surprised analysts for first-half results for net flows. [We're] seeing HUB24 stretch their lead," Worn said, noting this is also reflected in its booming share price.

While the collapse of the First Guardian and Shield master funds detracted Netwealth in 2025, Worn predicts this will only have a short-term impact on share price performance.

"[The two platforms'] lead has continued to stretch somewhat. Businesses like AMP, Insignia, CFS and Macquarie, are trying to catch up and seem to be catching up quite quickly from a functionality point of view. But just like any industry, scale is the hard to catch up on really quickly when you've got cheap providers getting 80% of the net flows. We expect that will continue to happen," he said.

Looking back on last year, the research found established software players reported flat revenue as there was no "no meaningful shift in average practice spend on advice tech".

"The exception to this was the influx of AI solutions targeting financial advisers. Predominantly starting as 'note-takers', these solutions all saw rapid growth. Solving the horrible job of doing file notes. Similar trends were seen in the medical and legal fields," the report said.

Torre's sentencing was backdated to 29 January 2025 in a verdict handed down by the District Court of Western Australia.

Torre was sentenced to three counts of stealing and two counts of fraud resulting in the misappropriation of a total of $1.3 million of clients' superannuation funds during the period March 2010 and January 2015. He pleaded guilty to the charges early last year.

Torre's victims included a couple over the age of 60 who were defrauded $500,000 and another man over the age of 60 who had $150,000 stolen.

ASIC deputy chair Sarah Court said: "Torre betrayed the trust of his clients and left many of them financially devastated."

"The sentence imposed by the court demonstrates the seriousness of the financial harm Torre caused his clients and sends a clear message that misconduct predicated on trust will not be tolerated."

As a result of the conviction, Torre is automatically disqualified from managing companies for five years.

When handing down the sentence, Judge John Prior noted Torre's actions as a "gross breach of trust" of vulnerable victims who relied on him as a professional financial adviser.

"The victims entrusted you with some of their life savings, their superannuation's funds, which they'd worked hard for over the years and were hoping to utilise or enjoy in their retirement," Judge Prior said.

According to ASIC, the former adviser used falsified credentials on LinkedIn and claimed that he was working for Brigg Macadam, with the firm later stating that Torre was never an employee.

"I find your offending was due to a combination of greed, incompetence and arrogance," Judge Prior said.

"I must impose a sentence that will deter other professionals such as financial advisers who might be minded to think that they can use their client's money inconsistently and against their clients' instructions and authorities."

The Independent Adviser Licensing Mode provides guidance that aligns with members' priorities and super fund expectations, while implementing an operating model that leverages IFS' technology to drive profitability and scalability.

Advisers can also operate confidently with "strong" compliance support, with specialised training, tools, resources and partnerships with industry super funds made available from the program.

To ensure a measured rollout, IFS will launch 20 licensed spots during the initial phase. An Expression of Interest (EOI) process will run throughout next month, with information briefings scheduled to demonstrate its operating model, standards and referral pathways.

This licensing solution represents a significant step toward closing the advice gap and ensuring Australians have access to the expertise for their financial wellbeing, IFS said. However, the company reiterated that the pathway is not intended to displace or compete with existing super fund referral arrangements.

This underscores the importance of ensuring pre-retirees receive the advice they need to feel confident and prepared as they transition out of the workforce. It also highlights the need for super funds to be equipped to effectively support this growing cohort, IFS said.

It is also a response to heightened demand for financial guidance, substantiated by over 2.5 million Australians reaching retirement within the next 10 years.

IFS executive manager of advice services Adrian Gervasoni said super fund members often seek guidance focused on education, decision-making and goal setting rather than complex portfolio management or tax structuring.

"However, many advisers find it challenging to adapt their traditional advice models to meet these expectations profitably and compliantly," Gervasoni said.

"IFS' new licensing solution bridges this gap by enabling independent advisers to deliver tailored advice under a trusted AFSL framework, supported by an efficient technology platform, robust compliance and training resources."

This comes as the Commonwealth Superannuation Corporation recently showcased Financial Standard its Super Specialist program to spike intra-fund advice engagement.

As part of the upgrade, advisers are set to benefit from technology that significantly improves productivity and efficiency from FNZ's global platform, which achieved a 90% improvement in onboarding efficiency.

The upgrade allows advisers to be onboarded in just 2.5 minutes, new investors in an average of 4.5 minutes, and personal details to be updated in as little as 30 seconds, the firm explained.

The program will also support Centric's transition to FNZ's end-to-end technology solution, which operates across multiple markets worldwide. The modernisation effort was designed with advisers and their clients to deliver a more "consistent and innovative" platform experience, FNZ said.

The uplift will also strengthen digital-first capability and operational workflows, while setting the foundation for sustained innovation and growth in adviser-led wealth management in Australia, it said.

Additionally, FNZ will continue to provide end-to-end services to Centric, including execution, clearing and settlement, platform technology, contact centre, administration, and custody on its platform across superannuation, retirement, and wealth.

Commenting, FNZ group chief commercial officer and group head of Asia Pacific, Middle East and Africa Anthony Habis said the long-term partnership creates a more accessible, transparent and personalised wealth management offering across Australia.

"Australia is a priority market for FNZ, and by bringing our proven global technology to the Centric platform we are equipping advisers with market-leading technology that enhances their ability to serve clients today and into the future, while demonstrating how innovation in Australia can set the standard for adviser-led wealth management globally," Habis said.

Meanwhile, Centric's head Martin Morris added that the modernised program provides advisers with access to more efficient, streamlined workflows.

"Centric is an adviser-led platform designed to put advisers and their clients at the centre of everything we do," Morris said.

"Together with FNZ, we are strengthening our ability to deliver greater value, agility and innovation to clients across Australia."

One of the major opportunities in 2026 that is tipped to garner huge demand for financial advice is retirement.

"There is a strong demand for advice which we only see getting stronger as more people age and retire," Evalesco senior financial adviser Melody Edwards said.

Advisers should look towards the gender discrepancies that confoundingly impact needs for retirement advice, she stated.

"With longer life expectancy, usually younger than their partners, women are inheriting larger sums of wealth and taking control of financial decisions more than ever before.

"They are seeking guidance and financial education to build their confidence to make smart decisions with their wealth and enhance their financial wellbeing," Edwards said.

Meantime, AMP's head of portfolio design and management Stuart Eliot placed more emphasis on changing global markets.

"Looking ahead, we expect global markets to remain influenced by economic and policy developments, including efforts to manage inflation, support growth and stimulate investment in areas like technology and housing," Eliot said.

"While these factors provide a positive backdrop for equities, we remain mindful of risks such as geopolitical tensions and shifts in global trade dynamics."

Fradley Advice specialist financial adviser Nathan Fradley also agreed that "the news cycle is already crazy, and I don't see global event news cycles slowing down.

"It feels chaotic, it feels chaotic for [advisers], it feels chaotic for everyday Australians," he said.

Ultimately, Fradley described that navigating geopolitical tensions and volatile global markets is where the opportunities lie for advisers in 2026.

"Financial advisers do their best work in front of clients. We help them decipher and digest global controversy and take the pain of decision or indecision away in their day-to-day lives, or simply in being clam when everyone else is panicking," he said.

How these international shifts affect portfolio construction will also be a significant consideration for advisers in the new year.

Eliot said that 2026 will be largely defined by the ongoing sale of USD-dominated assets by central banks, and a continuing trend in precious metals.

"Our priority is to navigate these uncertainties with a prudent, diversified approach that protects and grows members' savings," he said.

Eliot and Edwards align in their advisory approach to addressing these tensions in investment decisions through the use of selective exposure and diversification.

"Our investment philosophy remains clear, through selective exposure, we aim to capture long-term growth while maintaining diversification and value discipline," Eliot said.

For Edwards, strategic asset allocation and long-term thinking are how to ensure that investors diversify into quality assets to manage mounting risks.

"Managing a more consistent journey" and not falling for trends like "buying gold or Bitcoin," are crucial to the new year investment philosophy for Edwards.

"Our positioning is not boring, it's consistency," she said.

Alternatively, Eliot indicated there is an area of potential opportunity in "China's continued investment in technology and innovation."

Eliot described that this market has the potential to outperform global equities in the next 12 months.

Despite the market tumult and geopolitical noise reshaping portfolio construction, many advisers agree that opportunities are abound in 2026.