Maria Lykouras

Stockbroking and investment advice firms need to do more to attract and retain a diverse pool of talent, with a new insights report highlighting the opportunities this could bring, and the risks of failing to act.

The insights report conducted by the Stockbrokers and Investment Advisers Association (SIAA), Invested in what comes next, finds that while stockbrokers and investment advisers have rebuilt their models, shifted to transparent fees and met rigorous education standards, public perceptions remain rooted in outdated stereotypes.

The report argues these perceptions fail to reflect the reality of a modern, market-facing profession, where investment professionals help clients interpret live market movements, respond to company announcements and make informed decisions about their capital, businesses and long-term financial position.

“Stockbroking and investment advice now rivals other established professions, but it is not seen as relevant or trusted as it should be,” SIAA chief executive officer Maria Lykouras says.

“The reality is stockbroking and investment advice is a dynamic, market-facing profession that offers intellectual challenge and opportunities to have a real-world impact. In an era where AI is reshaping every knowledge industry, the value of human judgement, applied in real time and in complex conditions, has never been more consequential.

“But the perception gap is leading a generation of incoming talent – and potential clients – to dismiss the profession before they have properly engaged with it,” Ms Lykouras says.

A profession on the frontline of markets

The report highlights the distinctive role stockbrokers and investment advisers play in helping Australians navigate live market conditions, from rate decisions to capital raisings, listings and periods of volatility.“The work is live, the decisions carry weight, and the value of trusted human judgement is clear,” Ms Lykouras says.

“On any given day, investment professionals are tracking central bank decisions, interpreting earnings results as they land, and speaking with clients about what the current environment means for their capital, their business or their long-term position.

“For people looking for a career that combines markets, client relationships, intellectual challenge and real-world impact, stockbroking and investment advice has a much stronger story to tell,” Ms Lykouras says.

Barriers to attracting talent

The report, which draws on insights from across SIAA’s membership, independent research and industry consultation, identifies several structural barriers to building a broader talent pipeline. These include:

• Entry pathways that rely on networks, rather than access
• Career progression that assumes working patterns that are difficult to sustain
• Client allocation and advancement that often follows informal channels

The barriers often disproportionately disadvantage women in the sector. Only one in four investment professionals are women, and that figure drops sharply at senior level.

“A new generation of talent is actively seeking careers that offer pace, purpose and real-world impact – and stockbroking and investment advice offers all of this.“We know women find the work rewarding. They value the autonomy, intellectual challenge, depth of client relationships and long-term commercial opportunities. But many firms are failing to adapt their recruitment and retention strategies to capture this incoming talent,” Ms Lykouras says.

A workforce challenge with commercial consequences

This lack of diversity has significant consequences for attracting and retaining clients even as demand for investment advice continues to grow.

The report also finds SIAA members have a structural advantage in responding to these shifts, operating across the full investor spectrum from self-directed and online participation through to full-service advice. As clients move between these models over time, firms trusted across each stage will be best placed to grow with them.

Around $5 trillion is expected to pass from older to younger generations in Australia within the coming decade, and women are expected to receive around 65% of this wealth.

“Investors need trusted human guidance more than ever, particularly as wealth changes hands and financial decisions become more complex,” Ms Lykouras says.

“The next generation of clients is not looking for inherited relationships, but rather guidance that aligns with their own values and expectations. Women in particular are looking for advisers who have market expertise, but who also understand their situation, priorities and stage of life,” Ms Lykouras says.

“Firms that make adjustments to attract and access a diverse talent pool that others cannot will gain a competitive advantage by being able to serve a different and larger client base.

”The report also highlights a significant advice gap, with only 20–30% of the millions of Australians actively participating in markets doing so with professional guidance, despite high satisfaction among those who work with an investment professional.

The report suggests firms could:

• Expand graduate recruitment beyond traditional networks
• Build mentoring and sponsorship structures for early-career talent
• Review client allocation and advancement pathways
• Design performance frameworks that recognise long-term client relationships, not just short-term revenue
• Tell the story of the profession clearly, consistently and with confidence

Many firms have started to address these challenges, but Ms Lykouras says other firms need to follow that lead to make the progress consistent and scalable across the sector.

“The window to shape the profession’s reputation is open now. Stockbroking and investment advice firms have a generational opportunity to change perceptions and bring new talent and new clients into the sector,” she concludes.

Read the report.

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Maria Lykouras

The Stockbrokers and Investment Advisers Association (SIAA) has launched the Developing Adviser Resource Toolkit (DART), a new AI-powered professional development resource designed to help early-career advisers build the practical skills, confidence and professional judgement needed for a successful career in investment advice.

The launch comes at a critical time for the profession, with recent industry research forecasting adviser numbers could fall to fewer than 15,000 by 2030 despite growing consumer demand for financial advice^[1]. New entrants to the profession face increasingly complex regulatory, technical and professional requirements, reinforcing the need for practical support and development opportunities early in their careers.

SIAA Chief Executive Officer Maria Lykouras said supporting the next generation of advisers was critical to the future of Australia’s investment advice profession.

“The future of Australia’s investment advice profession depends on attracting, developing and supporting emerging advisers,” Ms Lykouras said.

“While formal education provides an important foundation, developing advisers also need opportunities to apply their knowledge and gain experience in realistic professional scenarios.”

While designed to support developing advisers, DART will also benefit professionals transitioning into financial advice from other careers. By combining practical learning resources with AI-powered simulations, the toolkit helps career changers accelerate their understanding of the advice process, practise client interactions and build confidence in delivering advice, while drawing on the professional skills and experience they already bring to the role.

“DART is not only for those starting their careers. It’s also designed to support professionals entering financial advice from other fields, helping them apply their existing experience while accelerating their development as advisers,” Ms Lykouras said.

Developed by SIAA in consultation with industry stakeholders including compliance leaders, training managers and heads of advice, DART provides practical resources, guidance and skills development for advisers undertaking their Professional Year and those in the early stages of their investment advice careers.

The toolkit combines educational resources with innovative AI-powered learning experiences, helping emerging advisers build confidence and capability in a safe learning environment.

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Maria Lykouras

SIAA issues open letter to the Senate Economics Legislation Committee Inquiry into the Treasury Laws Amendment (Tax Reform No 1) Bill and Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026

The Stockbrokers and Investment Advisers Association (SIAA), the professional body for the stockbroking and investment advice industry, is concerned that the proposed capital gains tax (CGT) changes contained in Schedule 1 of the Treasury Laws Amendment (Tax Reform No.1) Bill and the associated Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026 (the Bill) will have significant unintended consequences for Australian investors and capital markets.

Australia’s tax settings should support long-term wealth creation for everyday Australians and a capital markets ecosystem that funds Australian businesses and drives economic growth and innovation. Our key concerns are the the proposed CGT changes work against these objectives and will:

• Reduce investor confidence and participation in markets outside superannuation thereby cutting off an accessible path to long-term wealth creation for everyday Australians.
• Have a disproportionate impact on those with lower incomes such as women and younger investors who are investing their after-tax savings from a smaller base and will be subject to the 30% minimum capital gains tax.
• Increase complexity and cost for investors who will need professional advice to understand the tax they will have to pay on sales of their securities.
• Make it harder to attract patient capital into sectors such as biotech, technology and resources exploration, which have historically relied heavily on retail investor support.

We are particularly concerned about the impact the CGT changes will have on younger Australians who have invested in shares and ETFs in an effort to build wealth and save for their first home.

Stakeholders are being given too short a time to respond to these significant changes to CGT. We call on the government to split the CGT changes from the Bill to allow more time for considered, broad and meaningful consultation with stakeholders on the impact that they will have on Australian investors and capital markets.

By Maria Lykouras, CEO

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Judith Fox

LGT Crestone says wealth management organisations should do more to attract women to the profession such as offering more workplace flexibility and paid parental care leave after hosting the Stockbrokers and Investment Advisers Association (SIAA) networking event ‘Women advisers – driving future growth.”

SIAA’s Diversity and Inclusion Working Group arranged the 21 March event so female advisers could share stories on how they entered the industry, discuss barriers they encountered and what firm leaders could do to overcome those hurdles. Speakers included Canaccord Genuity Senior Wealth Adviser Naomi Fraser, LGT Crestone Partner and Investment Adviser Joanna Veitch, and Shaw and Partners Investment Adviser Candice Bourke. The event was moderated by LGT Crestone’s Chief Operating Officer Michelle Inns.

“Barriers to entry for women to enter the wealth industry can be significant. These can be overcome with a commitment by employers to achieving greater female participation and greater diversity generally in the workplace,” Inns said.

“LGT Crestone is working with industry participants to ensure women are involved in wealth management and that workplaces reflect both societal and client expectations. While 50% of all other roles are held by females, like others in the industry, our proportion of female advisers is much lower. Over the last three years we’ve doubled our female advisers through various initiatives, including enshrining flexible workplace policies, providing 16 weeks of paid primary carer leave (or 32 weeks half-pay), generally enhancing diversity in the workplace, but most importantly setting female hiring targets. While it’s going to require sustained focus and time to get anywhere near parity, if we get our policies right, wealth management can be a fantastic career path for women.

“Women will control the bulk of the world’s wealth over coming decades, thanks to a combination of inheritance and greater financial independence, so clients should have the option of being advised by a woman on how their wealth is being managed,” said Inns.

“We also need to challenge existing cultures and overcome gender biases in recruitment practices which favour men getting jobs and being promoted in wealth management roles. Employers may need to focus more on outcomes than whether a person is tied to a desk.”

SIAA CEO Judith Fox said feedback from various member firms indicated there is a high level of interest among employers to develop pathways for women to become financial advisers, but action is needed.

“Now is the time for wealth firm leaders to innovate and develop strategies and pathways to encourage a greater number of women to become wealth professionals. Males are overrepresented in both stockbroker and financial adviser roles. Women make up just 13% of SIAA’s membership and investment advice remains one of the most male-dominated professions in Australia. Yet research shows that many women prefer to deal with a female investment adviser,” Fox said.

“Women make up around half of Australia’s population and they can offer a perspective that men can’t. With more women in the wealth management workforce, there is a greater diversity of skills, perspectives, and experiences, which can lead to increased innovation, creativity, and productivity, which will benefit clients and help to promote wealth creation overall,” Fox said.

“SIAA and LGT Crestone believe that greater female participation in the wealth management workforce could contribute significantly to the nation’s economic prosperity and the growth of client wealth,” Fox said.

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