HUB24 retains the top overall position in 2025, while also topping four categories. Netwealth and Praemium follow closely, underscoring the tight competitive environment among leading providers. BT Panorama, AMP North and Macquarie Wrap also performed strongly across multiple categories.

Investment Trends recalibrated its benchmarking methodology this year, increasing weightings in high-priority areas and removing commoditised features. As a result, overall scores moderated across the market, reflecting a more demanding assessment framework rather than a slowdown in innovation.

“The bar has been raised materially,” said Julian Cappe, Head of Research at Investment Trends. “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.”

New category awards reflect shifting adviser priorities. Macquarie Wrap led in Cybersecurity, while Netwealth ranked first in Service. More than 20% of advisers now rank security among their top three criteria when selecting a platform, reinforcing its rise from a compliance consideration to a core decision driver. Likewise, poor service was a driver in 50% of cases where advisers stopped using a platform, underscoring the commercial impact of responsiveness and execution.

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

Efficiency pressures continue to shape adviser behaviour. With more time spent on client-facing activities, advisers are prioritising intuitive, frictionless platforms that reduce administrative burden.

At the same time, platforms continue to navigate the trade-off between value and cost. With advisers under pressure to deliver competitive pricing, many providers are introducing simpler, lower-cost investment menus.

Artificial intelligence is gaining traction across the ecosystem; our research shows that 60% of advisers are now using AI within their practice, including 27% who report using it extensively. Advisers are primarily leveraging AI for client communications, while platforms are focusing on operational efficiency and service enhancements. Meanwhile, heightened cyber threats and regulatory scrutiny are prompting further investment in identity verification, authentication and approval controls.

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

About the report

The Investment Trends’ flagship 2025 Platform Competitive Analysis and Benchmarking Report is based on qualitative benchmarking via data collection and interviews with platform providers from September to December 2025 covering functionality available to platform users as at 31 December 2025.

The post Platforms lift the bar as adviser expectations surge; HUB24 retains leadership appeared first on AdviserVoice.

Technology is also reshaping how Australians engage with advice.

Advice confidence rebounds, but nearly 16 million Australians still miss out and women are slightly more affected.

The post Advice confidence rebounds, but nearly 16 million Australians still miss out: Investment Trends 2025 Financial Advice Report appeared first on AdviserVoice.

Cameron Spittle

Investment Trends has released its 2025 Adviser Product and Marketing Needs Report, providing an in-depth analysis of how Australian financial advisers select investment products, construct portfolios, and engage with fund managers. The report examines evolving preferences, decision drivers and communication needs across advice practices.  

The post Fund managers must evolve product and engagement strategy to stay adviser-aligned  appeared first on AdviserVoice.

The latest report reveals that the shift toward larger advice practices is accelerating. Firms are expanding not only in adviser headcount but also by bringing in-house specialists such as accountants and lawyers to broaden their services and better address growing client needs.

“31% of practices now have more than five advisers, and these larger firms hold on average $15 million more in funds under advice per adviser compared to smaller practices,” said Cameron Spittle, Director at Investment Trends. “Despite their larger footprint, efficiency remains a challenge. Smaller practices continue to grapple with compliance burdens and regulatory uncertainty, while larger practices are more focused on resourcing and technology integration to scale effectively.”

The report shows that profitability continues to improve, with more than half of financial advisers (52%) reporting a rise in practice earnings, while just 11% recorded a decline, the lowest level in a decade. Among the most profitable practices, success is underpinned by three key levers: higher ongoing fees, leaner cost structures, and greater use of managed accounts to deliver scale and consistency.

“Efficient advice delivery models and disciplined pricing are increasingly separating high performers from the pack,” said Spittle. “We are seeing a strong focus on operational efficiency that is driving down both operating and advice production costs.”

The research highlights key trends in both advice fees and cost to serve. “Ongoing advice fees are significantly higher among the top 20% of practices, far outpacing the average with ‘highly profitable’ advisers charging nearly double the ongoing fees of their peers. When combined with lean, tightly managed cost-to-serve models, these higher fees are translating into substantially stronger margins.”

The results also show that satisfaction with licensees has rebounded, with Net Promoter Scores rising from +1% in 2024 to +11% in 2025. At the same time, advisers continue to rely heavily on licensee support. Self-licensed firms most often outsource compliance and audit functions, while licensed advisers lean more on their licensee for paraplanning. Across both groups, demand for high-quality support remains strong, spanning technical assistance, advice enablement, and compliance.

The NPS rebound is encouraging, but it’s not the full story,” added Spittle. “Advisers are still calling for genuine support, and current outsourcing patterns reflect this. Licensees that adapt to these shifting needs will be best positioned to strengthen advocacy and retention.”

The post Advice practices refine their models as profitability lifts and support expectations evolve: nvestment Trends 2025 Adviser Business Model Report appeared first on AdviserVoice.

Advisers are no longer spreading flows across multiple platforms.

Investment Trends has released the 22^nd edition of its 2025 Adviser Technology Needs Report, delivering a comprehensive view of how Australian financial advisers engage with investment platforms and planning software. The study explores the drivers and barriers shaping platform selection, satisfaction and usage, while uncovering perceived strengths, weaknesses and unmet needs across the market.

The latest report reveals a decisive trend toward platform consolidation. Advisers now use an average of just 2.0 platforms, down from 2.2 in 2024, and are funnelling a growing share of new business into a single provider. In 2025, 71% of new client inflows are directed to the adviser’s primary platform, up from 65% in 2022, reflecting advisers’ focus on simplicity, efficiency, and deeper integration.

“Advisers are no longer spreading flows across multiple platforms. They’re backing the ones that meet their expectations and can facilitate their preferred investment philosophy,” said Cameron Spittle, Director at Investment Trends. “This consolidation is deliberate and accelerating. For providers, retaining primary status is no longer about brand, it’s about delivering real usability, functionality and value.”

The report also highlights a growing divergence in adviser technology strategies. One in four advisers (23%) now prefer a single, end-to-end solution, up from 18% last year, while nearly the same proportion (22%) favour open architecture with seamless integration. However, a significant 36% remain agnostic, and another 9% are unsure of their ideal setup.

“Technology spend has climbed to $38,000 per practice and it is more important than ever for platforms to be able to integrate seamlessly,” said Spittle. “Regardless of whether advisers prefer a fully integrated solution or best-of-breed technology stack.”

The report also shows that platform-based AI use cases and integration remain limited, but adviser demand for more sophisticated tools is growing. 61% of advisers now use AI, mostly via third-party solutions for simple tasks, but are increasingly seeking embedded, workflow-aligned tools to support more complex functions such as strategy development (62%) and meeting preparation (61%).

“AI has moved beyond the hype, advisers are engaging with it, and they’re signalling what they want next,” said Spittle. “Interestingly, when asked about their preferred access points for AI, advisers favour integration within their advice software, especially for client-facing and strategic tasks.”

The post Adviser flows concentrate as platforms face a new loyalty test appeared first on AdviserVoice.

• Sentiment towards US shares weakens; Australian equities lead on net buying intention: Geopolitical tensions and US trade policy uncertainty dampen sentiment, with Australian equities holding the strongest net intention to buy, more than twice that of US equities
• Returning online investors fuel growth as first-time participation slows: The online investor numbers grew to 1.36 million, driven by reactivations, while first-time investor inflows fell to a post-COVID low, now accounting for just 4% of participants
• Child accounts and AI adoption signal new expectations for online investor engagement: One in eight investors hold child accounts and 15% use AI tools, prompting new platform expectations around education, transparency, and long-term support features

Investment Trends has released its 32nd semi-annual edition of the 2025 First Half Australia Online Investing Report, the industry’s most comprehensive benchmark of online investor attitudes, behaviours, and platform performance across shares and ETFs.

The report reveals a marked shift in sentiment as investors respond to growing geopolitical and trade uncertainty. While confidence in US equities has deteriorated, intentions remain net positive. Australian equities now hold the strongest net intention to buy, more than double that of US shares, reflecting a preference for perceived stability and confidence in local fundamentals.

“We’re seeing a recalibration in how investors approach global markets,” said Yiğit Günhan, Senior Analyst at Investment Trends. “Investors aren’t rushing to exit international markets, but they are becoming more selective, with domestic equities standing out as the comparatively more stable option.”

The report also reveals that despite ongoing volatility, the number of active online investors continues to climb, up 2% half-on-half, from 1.33 million in November 2024 to 1.36 million in May 2025. This growth driven largely by returning investors looking to ‘buy the dip’, while new investor participation has slowed to a post-COVID low to 52,000 individuals, accounting for just 4% of the active base.

“We’re seeing a more conviction-driven online investor base take shape,” said Günhan. Reactivations suggest that dormant investors are returning with purpose, while the slowdown in new entrants signals an opportunity, and responsibility, for platforms to provide clearer guidance and support in a more uncertain environment.”

The report highlights that over one in eight (13%) online investors hold investment accounts on behalf of their children, with goals spanning education funding, wealth creation, and financial literacy. Platforms servicing this segment are increasingly evaluated on long-term value, guidance tools and ease of use. Meanwhile, 15% of investors now use AI tools for investing, most often for education and market analysis, though trust and transparency remain barriers to broader adoption.

“Whether investors are opening accounts for their children or exploring AI tools, they’re looking for platforms that do more than execute trades,” said Günhan. “They’re looking for platforms that can support education, embed good habits early, and evolve with the next generation of investors. AI tools will play a key role, but only if they’re transparent, trusted, and built for learning.

About the report

The 2025 First Half Australia Online Investing Report is based on a survey conducted by Investment Trends from 1 April to 18 May 2025, capturing 8,608 respondents including 5,588 online investors. The Report is the largest and most comprehensive independent study of the retail online investing market in Australia.

The post Returning investors drive market growth as caution replaces confidence appeared first on AdviserVoice.

The report shows that industry NPS (Net Promoter Score) and member satisfaction both improved over the past year. NPS at a market level notably climbed 15 points in 2025 from -19% in 2024 to -4% in 2025, with most funds showing consistent gains. Leaders in this key measure were ESSSuper and UniSuper at +20% This uplift was linked to stronger outbound communication and advice-led support.

Most improved NPS performers included Mercer, Colonial First State, AustralianSuper, MLC, and Australian Ethical.

Overall member satisfaction rose from 66% to 68%, with retail funds closing the gap, though industry fund members remained more satisfied on average.

These results confirm that service-led strategies are paying off,” said Olivia Beringer, Research Director at Investment Trends. “Funds that prioritise clear, consistent, and human-led service are seeing stronger trust and loyalty. The uplift in NPS reflects rising member confidence, and this is emerging as a critical competitive edge. The challenge now is to sustain this momentum.

The data shows that funds continued strong investment in advertising over the past 12 months won new and retained existing members, with messaging starting to pivot toward retirement. Around 6% of existing members, equivalent to approximately 1M Australians, were prompted by advertising to think more about their super. On the acquisition front, 5% of new super fund members say advertising influenced their decision to open a new account in the past year, equivalent to approximately 51,000 Australians.

“Advertising continues to play a vital role in super fund strategy,” said Beringer. “It’s not just about visibility, when funds clearly communicate their value, they can drive action, shape perception, and build momentum for stronger long-term engagement.”

The report also highlights that both switching and intentions to switch declined in the last 12 months, coinciding with the lowest job mobility levels recorded since 2022. Switching activity hit a three-year low, with just 7% of members changing their main super fund in the past 12 months, and only 5% indicating an intention to switch in the next 12 months (down from 10%).

This year’s report clearly show we are seeing a pause in churn and a lift in satisfaction”, said Beringer. “For super funds, this is a window of opportunity to deepen member loyalty. Focusing now on impactful retention drivers will help future-proof relationships with members as external market dynamics shift ”.

The post Member satisfaction lifts as super funds compete on service, marketing and retention, finds flagship report appeared first on AdviserVoice.

Irene Guiamatsia

Two years on from the Retirement Income Covenant coming into force, research from leading financial insights firm Investment Trends highlights the stark disconnect between the income sources pre-retirees expect to rely on and the reality faced by those already in retirement.

As Australia – and the rest of the world – prepares for retiring baby boomers, the findings highlight the vital pillar our superannuation system is to supporting members in preparing for retirement.

The research reveals that pre-retirees expect their superannuation savings will contribute on average 30% of their retirement funding. The spouse/partner’s super is expected to account for 16% and household savings and investments expected to play a substantial role, contributing 25%.

The reality for retirees bears one similarity and several differences to those expectations. The contribution of their own superannuation is the only estimate pre-retirees get right – 29% of retirees’ income comes from this.

Retirees, however, find themselves relying more on social security entitlements (23% of retirement income) —a source many pre-retirees significantly underestimate.

“There’s a clear gap between expectation and reality, on a few levels,” said Irene Guiamatsia, Head of Research at Investment Trends. “Whether it’s the actual income required, the mix of funding sources to generate that income (chart shown) or even the preferred retirement lifestyle itself. But superannuation is the unwavering pillar members know they can rest on as they transition to the reality of retirement.”

Guiamatsia suggests super funds have the opportunity to take a more active role in equipping pre-retirees with the knowledge they need to be better prepared for the reality that awaits by, for example, providing information on how superannuation interacts with social security.

“This is about empowering members to make better choices and take control of their future. Understanding how different income sources come into play can help pre-retirees to take action now to maximise their retirement income in the future,” concluded Guiamatsia. 

The post Mind the gap: Super funds key pillar of support in both retirement expectations and reality appeared first on AdviserVoice.

Irene Guiamatsia

Investment Trends, a leading financial services research firm, has released its 2024 Adviser Business Model Report, offering crucial insights into the evolving landscape of financial advisory practices in Australia. The report highlights significant trends, market opportunities, and the strategic shifts advisers are making to navigate a dynamic environment.

The report shows financial advisers have experienced substantial client attrition due to recent fee increases, reducing the average client book from 120 clients in 2023 to 99 in 2024. Despite this, the quality of client relationships has improved, with higher inflows and total funds under advice. The average level of new client inflows has also risen to $6.6 million from $6.0 million in 2023, indicating a healthier, more engaged client base.

“The changes advisers have made in their practice operations are a clear signal of a deliberate shift towards quality over quantity in client relationships,” said Irene Guiamatsia, Head of Research at Investment Trends. “Advisers have however not lost sight of – and in fact are doubling down on – the imperative for enhanced efficiency as a means to deepen client engagement and create a more personalised client experience.”

The report also highlights a significant increase in practice profitability, with a small group of advisers reporting profit margins exceeding 40% for FY23. These best-in-class advisers attribute their success to stringent cost discipline and strategic fee increases. This trend is further supported by the continuous rise in funds under advice, now averaging $69 million, up from $63 million in 2023.

“Fee increases have provided a strong foundation for the rise in practice profitability which we’ve seen across the sector for the second year running; But we find that practices that vastly lifted their bottom line were those with a near-ascetic approach to cost management,” noted Guiamatsia.

The report also uncovers significant gender differences in how advisers manage their practices. Female advisers are 25% more likely to adopt a life stage mindset when advising clients, focusing on pre-retirees and retirees. This contrasts with their male counterparts, who are 30% more likely to describe their client focus based on their wealth bracket and focus on affluent clients.

Additionally, 65% of female advisers feel less unsettled by regulatory changes compared to 45% of male advisers, indicating a resilience that may offer a competitive edge in the evolving regulatory environment.

“Female advisers’ approach to client relationships and their resilience to regulatory shifts present unique opportunities for differentiation,” Guiamatsia added. “These strengths can be leveraged by advice practices to better meet the diverse advice needs of Australian consumers.”

The 2024 Adviser Business Model Report provides deep insights into business models, operating models, and client engagement trends for advice practices. By understanding and adapting to these key trends, licensees can better position themselves to capitalise on emerging opportunities and future-proof their businesses.

About the report

The Investment Trends 2024 Adviser Business Model Report provides a detailed analysis of key trends and opportunities within the financial advice sector. Based on a quantitative online survey of financial advisers conducted by Investment Trends between May 2024 and June 2024. Total number of responses after data cleaning and validation: n=1,732 financial advisers.

The post Adviser fee hikes drive client attrition, boost profit margins appeared first on AdviserVoice.

The report shows participation in online investing has surged to 1.28 million active investors in the first half of 2024, reflecting a growth from 1.22 million in the previous six months. This surge is predominantly driven by younger investors starting their online investing journey, particularly those aged 18-24, known as Zoomers.

This demographic now constitutes close to one-third of new online investors, significantly impacting market dynamics. These new participants were often prompted to start investing online by the ability to invest small amounts of money and access investment-related education.

“The latest wave of new online investors is markedly younger” said Yiğit Günhan, Senior Analyst at Investment Trends. “Their participation reveals a sustained interest driven by accessible investment opportunities and educational resources. This influx is reshaping the landscape, indicating a prime opportunity for online brokers to attract and retain this demographic.”

The report highlights that investor sentiment towards equities has seen a marked improvement over the past six months. This positive shift extends to cryptocurrencies, where the outlook has quickly turned favourable. All investor segments – new, dormant, and reactivated – have shown a more optimistic view of the market, particularly for international shares compared to domestic equities. The results show that online investors expect, on average, a 5.3% return from domestic equities, and 6.1% return from international equities over the next year.

“The renewed optimism in the market is a testament to the resilience and adaptability of online investors. Our data shows a notable increase in confidence towards both domestic and international equities, signaling a broader readiness to embrace diverse investment opportunities,” observed Günhan. “For online brokers, this optimism underscores the importance of providing a diverse range of investment options and transparent, competitive pricing to capture investor interest.”

The report also shows that the number of active international share investors has grown to 152,000, representing 12% of the active online investor population. This segment’s growth highlights a significant interest in global equities as investors now allocate an average of 8% of their portfolios to international equities, up from 7% in the previous period. They most often choose their international broker based on brokerage/fees (50% cite), platform features/usability (32%), and fee transparency (23%).

“The rise in international online share investing is a clear indication of investors’ growing appetite for global exposure” added Günhan. “These investors are notably more cost-sensitive, seeking not only lower fees but also transparent pricing and an easy-to-use platform.”

The report highlights that as the market continues to evolve, online brokers must innovate in product offerings, user experience, and educational initiatives to meet the dynamic needs of the changing online investors. The report underscores a significant opportunity for brokers that can address these evolving demands effectively.

Media contacts:

Notes to the editor

 About the report:  

The Investment Trends 2024 Australia First Half Online Investing Report provides a detailed analysis of the Australian online investing market, examining the attitudes, needs and product usage of active online investors. The 2024 H1 Online Investing Report is based on a survey conducted by Investment Trends from April to May 2024, capturing responses from 13,764 participants, including 9,315 current online investors, the Report is the largest and most comprehensive independent study of the retail online investing market in Australia.

About Investment Trends:  

Investment Trends is the leading researcher in the retail online share dealing and leveraged trading markets globally. We combine our analytical rigour and strategic thinking with the most advanced research and statistical techniques to help our clients gain competitive advantage. We have over 20 years’ experience in researching the retail wealth management and global broking markets from which we provide new insights and decision-making support to over 130 leading financial service businesses globally. Investment Trends’ clients include several global banking organisations, all major online brokers and CFD providers as well as industry regulators, advice providers, fund managers, super funds, investment platform providers, and industry associations.

The post Surge in online investing driven by young investors and bullish sentiment appeared first on AdviserVoice.