David Hutchison

Managed portfolios have evolved from an efficiency tool into the default operating system for advice businesses today, with advisers increasingly adopting them to improve governance, scale their businesses and deliver more consistent client outcomes, according to North’s latest Managed Portfolios Insights Report.

The report finds Australia is increasingly following trends already established in the United States and United Kingdom, where managed portfolios have become the backbone of advice delivery.
In a sign of the growing maturity of Australia’s wealth market, managed portfolios now account for 30% of total advised FUA, up from just 16% in 2021, according to NMG^[1].

It reflects a broader shift across the advice profession, where managed portfolios are increasingly being viewed not simply as investment products but as the core infrastructure that enables advisers to serve more clients, because it delivers better client outcomes with improved efficiency and stronger investment governance.

North reaches new $28 billion milestone

The report highlights North’s managed portfolios surpassed $28.3 billion in funds under management, as at 30 June 2026. That marks an increase of over 31%, up from $21.5 billion a year earlier, with AI and retirement income thematics proving popular among advisers.

This momentum was driven by several exciting new additions to the platform, as North added 63 new portfolios, 18 new series and four new portfolio managers over the past 6 months.

The report also demonstrates how advisers are putting managed portfolios at the centre of their operating models. Leading providers are now combining scalable portfolio management with client segmentation, tailored solutions, advice technology and engagement tools to deliver a vastly enhanced advice proposition and better client experience.

Focus on retirement income and greater personalisation

Alex Berlee, Director of AGS Financial Group, said managed portfolios had become an important part of delivering better outcomes for clients while helping advisers manage growing business demands.

“We’re big believers in the value of SMAs for both clients and the practice and have had an excellent take-up so far. In terms of retirement income, we’ve implemented specific retirement SMAs to provide more stable, income-focused portfolios,” Berlee said.

“These differ from our accumulation client SMAs in two ways. Firstly, they’re core income focused, to help reduce volatility for retired clients. Secondly, we separate out the growth and defensive assets into two specific SMAs in line with the bucketing approach to help avoid drawdown from volatile growth assets.”

Aequitas Investment Partners chief executive officer Nino Ramunno noted there has been growing demand for bespoke managed accounts, greater portfolio personalisation and outsourced investment expertise.

“Practices want solutions that reflect their brand and investment beliefs while taking advantage of institutional-quality governance and portfolio management,” Ramunno said.

Andrew Yap, Head of Portfolio Solutions, Zenith Investment Partners said managed portfolios have grown because they fundamentally transform how advice practices scale and deliver portfolio management.

“With fewer advisers and growing client demand, managed portfolios provide a clear pathway to efficiency; automating trading, rebalancing and reporting, and freeing up adviser time for client engagement. They also enhance practice attractiveness in a market rich with M&A activity,” Yap said.
David Hutchison, General Manager, Managed Portfolios and Investments at AMP, said managed portfolios have become central to how advice businesses operate and grow.

“Managed portfolios have become a strategic operating model for many advice practices today. They deliver better client outcomes via better governance, streamlined and repeatable client experiences and they also provide practices with a scalable solution capable of delivering meaningful outcomes for more Australians.”

“The defining shift ahead isn’t growth in funds under management. It’s the better investor outcomes (beyond just investment returns) and what practices do with the capacity managed portfolios release. Firms that treat managed portfolios as core infrastructure rather than an investment product are already reporting more consistent client experiences and greater capacity to take on new clients.”

“The next phase of growth will be driven by technology, customisation and strong

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Notes:
[1] Source: NMG SMA Market Report, June 2026

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Edwina Maloney

Financial advisers say lifetime income solutions are changing retirement conversations by giving clients greater confidence to spend, improving access to the Age Pension and helping turn accumulated savings into a more reliable income for life.

This, advisers say, gives their clients greater certainty about what they can sustainably spend and helps reduce the fear of running out of money later in life.

More than $21 billion of members’ retirement savings are now invested across AMP’s lifetime income solutions, including more than $1 billion invested by North clients through MyNorth Lifetime.

Susan Morris, Head of Strategic Advice and Senior Financial Adviser at Hyland Financial Planning, said that MyNorth Lifetime spells freedom for her clients.

“The tangible outcome of immediate age pension to support retirement income, together with the knowledge that a level of income will continue for life, helps assuage the fear of spending during the good times in the early years.

“Previously clients would often delay the big trips or more discretionary spending until a time when they might be less able to enjoy them due to ageing.”

Alex Berlee, Director at AGS Financial Group, said that the certainty that comes from a lifetime income stream is a game-changer for his clients.

“Knowing that longevity risk is taken off the table means clients can spend with confidence and enjoy the fruits of their labour. And to do that while maintaining their long-term investment approach, together with some Centrelink uplift in many cases, is a great result.”

Mende Dulevski, Director and Principal Planner at CLS Investment Services, said that many people are scared about spending their money in retirement, and they shouldn’t be.

“If we sit down with our clients and explain to them what their needs and wants are in retirement and how we can overcome those challenges and objectives by having access to all this money, they realise they can retire with an income stream that’s going to benefit them for years to come.

“MyNorth Lifetime gives our clients better scope to get more access to the Age Pension and by utilising the solution, it gives them a guaranteed income stream for life.

“Clients also get better access to the medical benefits as well so they can spend a certain amount of money in retirement with the knowledge and certainty that they’re not going to run out of money.”

Edwina Maloney, Group Executive, Platforms at AMP, said adviser feedback had been central to the development and evolution of MyNorth Lifetime.

“Advisers are telling us lifetime income can fundamentally change the retirement conversation, from whether clients can afford to spend, to how they can make the most of the years ahead.

“Having led the industry in the development of these new types of income solutions, we’ll continue to focus on giving advisers the flexibility, tools and support they need to turn retirement savings into reliable income and better client outcomes.”

Meaningful benefits

AMP’s lifetime income solutions help by:

• providing income for life, regardless of how long members live
• increasing retirement income through strong lifetime income rates, more favourable Age Pension treatment and greater confidence to draw down savings
• offering eligible AMP Super members a temporary income increase during periods of higher care needs, and
• providing support through both financial advice and tailored digital guidance.

MyNorth Lifetime was launched in September 2022, with analysis over 2025 showing it has been delivering an average 60 per cent uplift in retirement income, compared to non‑Lifetime members. The solution has won numerous industry awards, most recently Chant West’s Best Fund: Lifetime Product award.

AMP Super Lifetime Boost was launched in May 2025, followed by the launch of AMP Super Lifetime Pension in May 2026, providing AMP Super members access to the same lifetime income certainty and potential to increase their income in retirement.

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