Released yesterday at the Stockbrokers and Investment Advisers Association (SIAA) Conference, the industry-first study conducted by Praemium in partnership with SIAA and CoreData, surveyed 100 advisers from stockbroking and advice firms.

The findings show firms are building on traditional strengths in execution, direct ownership and investment expertise as they position for the next phase of private wealth advice.

High‑net‑worth advice already core to stockbroking

Nearly 80% of surveyed advisers have a focus on HNW clients, with 64% reporting that these clients represent at least half of their client base. Almost 80% of firms manage individual client portfolios exceeding $6 million, and over a quarter serve client bases that are at least 50% wholesale investors, reflecting the growing scale and sophistication of the sector.

“What’s clear from the data is that firms aren’t pivoting into high‑net‑worth advice, they’re already operating in it. The shift we’re seeing is how they’re broadening their role to support more of the client balance sheet, particularly as portfolios become larger and more complex,” said Denis Orrock, Chief Strategy Officer of Praemium, speaking at the conference.

Structural wealth growth reinforcing the transition

Despite Australia’s high‑net‑worth investable assets pool reaching approximately $4.4 trillion, only around 24% of high‑net‑worth individuals currently have a nominated financial adviser. At the same time, Australia is entering its largest intergenerational wealth transfer on record, with the acceleration of the baby boomer cohort driving increased demand for advice as more investors seek to structure, protect and transition their wealth efficiently in a tightening policy and tax environment.

This creates a widening gap between demand and access, alongside growing client complexity across retirement, succession, tax, alternatives and whole‑of‑wealth oversight.

“The high‑net‑worth segment continues to expand at pace, but advice penetration hasn’t kept up. That imbalance creates a clear runway for firms that can broaden their offering and deliver advice more consistently across a larger client base,” said Andrew Inwood, CEO of CoreData.

A decisive shift toward advice‑led, hybrid models

The research shows the direction of travel is clear. Seventy per cent of surveyed firms now identify as advisory‑led broking businesses, while just 5% believe purely transactional models will grow or remain dominant over time.

This shift is reflected not only in revenue mix, but in how firms position themselves. Almost a quarter of firms no longer use the term “stockbroker” in their marketing, with younger advisers particularly likely to describe their practices as investment‑led or advisory‑first.

“What we’re seeing with hybrid models is a response to two competing client expectations — the need for broader, more structured advice, alongside a continued preference for transparency and direct ownership. Firms that can combine both are creating a model that is more scalable and better aligned to high-net-worth client needs.” Inwood said.

Portfolio construction already broadening beyond equities

Portfolio construction is already evolving. While 95% of advisers continue to access Australian equities on behalf of clients, the investment universe has broadened significantly:

• 88% provide ETF access
• 90% access international equities
• 60% provide access to alternatives, with client demand accelerating

ETFs are expected to drive the strongest growth in client interest over the next three years, cited by 35% of advisers, while alternatives are increasingly used to support income, diversification, and downside resilience in HNW portfolios.

Critically, this expansion is occurring alongside — not instead of — direct ownership, with 79% of advisers citing HIN ownership as important to their clients for transparency, control and tax outcomes.

Younger advisers accelerating the pace of change

The research highlights a clear generational dynamic. Younger advisers are more likely to adopt broader portfolio frameworks, and scalable advice models earlier in the client lifecycle.

They are normalising hybrid advice models, using managed portfolio solutions, where appropriate, and reserving bespoke structuring for higher‑complexity clients, creating a pathway for firms to scale advice quality as portfolios grow.

“What we’re seeing from younger advisers is a different starting point. They’re building advice relationships earlier, using more structured portfolio approaches and thinking about scalability from day one. That is accelerating the adoption of hybrid models and enabling firms to capture a greater share of client wealth as complexity increases.” Orrock said.

An industry evolving with intent

The research presents a picture of an industry that is self‑aware, pragmatic, and already in transition.

As adviser numbers contract — down 48% since 2018 — stockbroking firms are deliberately positioning themselves to deliver greater value per client, through deeper advice, broader portfolios, and more durable revenue models.

Maria Lykouras, CEO of the Stockbrokers and Investment Advisers Association (SIAA), said the sector is evolving in a measured and deliberate way.

“At SIAA, we’re seeing stockbroking firms broaden their role, while remaining at the frontline of markets, responding to increasingly sophisticated client demand. They continue to help Australians navigate complexity and make decisions that shape long‑term outcomes — the core objectives of stockbroking and investment advice,” Maria said.

“As Australia’s private wealth market grows in scale and sophistication, the industry is well positioned to evolve with it, moving beyond traditional execution, to identifying and managing broader investment opportunities that deliver lasting value for investors and their communities.”

-ENDS-

Media contact:

Adele Welsh

Head of Marketing

+61 424 189606

adele.welsh@praemium.com

About Praemium

Praemium empowers Australia’s leading financial advisers with innovative investment, administration, and retirement solutions designed for Australia’s wealthiest investors. Praemium’s solutions provide seamless access to global markets, alternative assets, and over 360 integrated SMAs. With advanced technology and unrivalled reporting, Praemium enables advisers to manage, report, and administer complex and sophisticated wealth portfolios, with a digitised view of total wealth. From outsourced administration of non-custody assets to superannuation solutions, Praemium delivers a complete wealth management platform that drives superior results.

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With the goal of recognising individual financial advisers and advice businesses for their work with clients, aged care initiatives, and general excellence in the area, Aged Care Steps (ACS) is expecting an even greater nomination pool this year.

“We’ve loved being able to put a spotlight on the growing field of aged care advice, especially being able to celebrate the amazing advisers and businesses that operate in our industry and lead the way in having a positive impact on their clients” said Louise Biti, Director – Aged Care Steps.

2025 sees two categories available for nomination – one for individual advisers and one for advice businesses. Advisers are able to self-nominate or put forward colleagues or fellow advisers. This year’s categories are:

• Aged Care Adviser of the Year
• Aged Care Advice Initiative of the Year

The ‘Aged Care Adviser of the Year’ award recognises and celebrates financial advisers who have successfully incorporated aged care advice into their advice propositions to support older Australians and their families.

“Professionally, this is a very special award to win. To be recognised by my peers is validation of the work I’m doing in delivering quality aged care advice. And personally, the award also acknowledges all the hard work I’ve put into aged care advice over the years. It’s wonderful recognition for the work I truly love doing.”
Katie Spence, Sage Care Advice, 2024 Winner, Aged Care Adviser of the Year

The ‘Aged Care Advice Initiative of the Year’ category (formerly known as the ‘Aged Care Advice Program of the Year’) will once again spotlight a financial services business that is creating and undertaking aged care advice initiatives that advocate for and promote aged care advice to their clients or wider community.

Previous award winners have been acknowledged for their tailored programs, advocacy, and strong leadership and promotion of the importance of aged care advice.

“We’re incredibly proud that our Ageing with Grace Support Service has been recognised by our peers by taking out the 2024 Aged Care Advice Program of the Year Award. This award means so much to us, because it reflects what we care about most – supporting families through the challenges of aged care with compassion, clarity, and confidence.”
Kara Treeby CFP^®, Story Wealth Management, 2024 Winner, Aged Care Advice Program of the Year

Applications are now open

Applications will be reviewed and assessed by our external panel of respected professionals.

Phil Anderson (GM Policy, Advocacy & Standards at FAAA) and Sue Viskovic (Founder of Elixir Consulting) are returning for their third year as judges, and Andrew Inwood (Founder of CoreData Group) is joining this year’s panel for a second time.

Full details of the Awards and the nomination and application processes are available here.

The 2025 applications close on Friday, 26 September at 6pm AEST.

In a year when aged care is set to become more expensive and more complicated, with the introduction of the new Aged Care Act and fee changes, highlighting and promoting advice excellence is more important than ever.

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The ACS Aged Care Adviser of the Year Awards recognise and champion the work done by exceptional aged care advisers across the country, helping people navigate the increasingly complex landscape that is aged care planning.

“We are very proud to announce the winners of the 2024 ACS Aged Care Adviser of the Year Awards”, said Assyat David, Director of Aged Care Steps.

“The exceptional quality of submissions that we received is a testament to the passion, talent and dedication within the aged care advice industry and proof of the tangible difference aged care advisers are making in their clients’ lives. Congratulations to all the finalists and winners – your work exemplifies the very best in aged care advice.”

2024 Winners

This year’s judging panel included Phil Anderson, FAAA, Sue Viskovic, Elixir Consulting and Andrew Inwood, CoreData Group, who have selected the winning advisers under three categories:

• Aged Care Adviser of the Year
• Aged Care Advice Program of the Year
• Aged Care Advice Excellence Award

Aged Care Adviser of the Year Winner – Katie Spence

Katie Spence has been recognised for her work simplifying and effectively communicating the concept of aged care financial advice to clients and their families, ensuring they’re able to understand their options and plan appropriately. She has been recognised as an exemplary Adviser by her clients, who have built a strong referral network in acknowledgement of her work with each of them and the effect she has on their peace of mind as they plan for their own future or that of their loved ones.

Aged Care Advice Program of the Year Winner – Story Wealth Management

In 2024, Story Wealth Management launched their specialised program, the ‘Ageing with Grace Support Service’, designed to address and support the financial, logistical, and emotional challenges faced by seniors and their families through a financial advice lens.
With the program’s mission of meeting the growing demand for aged care advice in their client base and wider community, they have already had great success, and established partnerships with local Care Coordinators, elder law specialists, and service providers.

Aged Care Advice Excellence Award Winner – Zachary Dodds

The Judges of this years’ awards have chosen to recognise an additional Financial Adviser for the excellence demonstrated through his nomination. As well as growing his impact on clients in the past year, Zac was a key organiser in the newly-established Aged Care Expo held in Geelong, bringing together a range of specialist providers and educators to provide quality information for the community.

Zac was also instrumental in Muirfield’s participation in Seniors Week and a number of seminars and workshops, allowing clients and the wider community to self-educate on the importance of aged care financial advice before making the next step of speaking to a qualified adviser to create a tailored plan.

A great year for aged care financial advice

As evidenced by this year’s winners and finalists, the aged care financial advice sector is home to a range of exceptional financial advisers who are also business leaders and community advocates. Aged Care Steps is proud to be able to acknowledge and celebrate the successes of the leaders in this field and support them in their shared goals of helping Australians access high-quality aged care financial advice.

In the current environment where aged care advice decisions are becoming more complex and fees are increasing, it is important for older Australians and their families to have access to quality aged care advice from licensed financial advisers who demonstrate advice excellence as well as passion, empathy and commitment.

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Now entering its third year, the awards continue to recognise the amazing work of Australian financial advisers in the ever-growing field of aged care advice.

“These awards play an important role in drawing attention to and celebrating excellence in aged care advice. As individuals seek out financial planners to plan their retirement, we want them to know they are collaborating with some of Australia’s best advisers, recognised for their significant influence on the industry and their clients’ well-being,” said Louise Biti, Director of Aged Care Steps.

“We’re delighted to announce the 2024 finalists for both the Aged Care Adviser of the Year and the Aged Care Advice Program of the year and congratulate them all on this achievement,” continued Biti.

Advisers have been nominated under two categories:

• Aged Care Adviser of the Year
• Aged Care Advice Program of the Year

‘Aged Care Adviser of the Year’ recognises an individual adviser who is deemed to have demonstrated outstanding professional commitment in providing aged care advice to older Australians and their families.

The ‘Aged Care Advice Program of the Year’ category recognises an Australian adviser or financial services business that has actively advocated the promotion of aged care advice amongst their client base, referral networks, peers, or local community.

The 2024 awards were reviewed and assessed by an external panel of respected professionals comprising Phil Anderson, Sue Viskovic, and Andrew Inwood. The judges recognised the exceptional quality and calibre of the submissions and were also impressed by the volume of submissions received this year.

The 2024 Finalists are (in alphabetical order by first name):

• Aged Care Adviser of the Year
  • Belinda Veriton – RFS Advice
  • Brenda Will   Bruining Partners
  • Craig Phillips – Phillips Wealth Partners
  • Dean Winfield  – Planrite Advice Group
  • Joe Formica   Progressive Financial Solutions
  • Katie Spence – Sage Care Advice
  • Robyn Clelland  – Corso Provate Wealth (Nanna’s Planners)
  • Robyn Clelland – Muifield Financial Services

• Aged Care Advice Program of the Year
  • Alteris Financial Group
  • Muirfield Financial Services
  • Phillips Wealth Partners
  • Story Wealth Management

Aged Care Steps will be announcing the winners of the awards on 21 November 2024.

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The collaboration between Praemium and CoreData is poised to advance the advice landscape by leveraging extensive research insights to deliver market-leading thought leadership and support advisers through practical insights that contribute to the continued growth and development of the advice industry.

Key highlights of the Ppartnership:

• Research-Driven Product Enhancements: Praemium will harness the research capabilities of CoreData to refine and enhance its existing solutions portfolio. This will enable Praemium to deliver solutions that are even more tailored to the specific needs of its clients, setting new industry standards for innovation and quality.
• Client education initiatives: A cornerstone of this partnership is the commitment to providing comprehensive client education. Praemium and CoreData will collaborate on the creation of educational resources, webinars, and workshops designed to empower clients with the latest industry insights, trends, and best practices.
• Industry evolution and thought leadership: Praemium and CoreData will work closely to facilitate the evolution of the advice sector. By jointly conducting research, publishing whitepapers, and participating in industry events, they aim to drive discussions and innovations that will shape the industry’s future.

Denis Orrock, Chief Strategy Officer Praemium, commenting on the partnership, “We are excited to join forces with CoreData, a recognised research and consultancy leader in financial services. This strategic partnership is a testament to our commitment to support the advice industry. By combining our strengths, we are confident that we will deliver unparalleled value to our clients and the broader industry.”

Andrew Inwood, CEO of CoreData, echoed this sentiment, saying, “Collaborating with Praemium presents a tremendous opportunity to apply our research insights directly to real-world industry solutions. We are eager to work together to drive meaningful change and help our industry thrive.”

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Retirees report they are feeling worse off.

The retirement experience of retirees has declined in 2022, pointing to an austere outlook for the growing number of Australian retirees transitioning into retirement.

CoreData’s Best Possible Retirement (BPR) Index has recorded a three point decline in 12 months, from 56 to 53 out of 100, attributable mostly to the decline in retiree satisfaction where the number of retirees not satisfied increased by 9% to one in three.

This satisfaction deteriorated more significantly in later stages of retirement with 39% of those who retired more than ten years ago, reporting they were not satisfied. Further, irrespective of how long retirees had been in retirement, satisfaction all but disappeared to 1-2% in 2022.

Meanwhile, Australians have given small funds a slightly better BPR Index than the industry sector, with both sectors scoring equal scores for retirement satisfaction (61), confidence and comfort (63) and financial discipline (62) but small funds outperforming on the retirement experience indice by one point (small funds 61 versus industry sector 60).

CoreData Founder Andrew Inwood said the BPR Index findings were disappointing and reflected the urgency and leadership needed to develop retirement solutions and outcomes that are not reliant on market performance and returns.

“How Australians retire should not be determined by when they retire and what cycle the market is in, but rather draw on a range of consistent and reliable determinants which give Australians confidence and peace of mind in retirement.”

Retirees are living the nightmare

Retirees report they are feeling worse off, up 8% from 19% in 2021 to 27% in 2022.  Further, more than 30% (32%) say they are spending less than in 2021 and less retirees are confident they will have sufficient savings to last the rest of their life, with those confident falling form 35% in 2021 to 29% in 2022.

CoreData’s BPR Index collected data from more than 5,900 Australians to score Retirement Preparedness (If still in the workforce) and Retirement Satisfaction (If retired) to produce an index between 0-100 – to devise a measure of Australian’s Best Possible Retirement. The third iteration of CoreData’s BPR Index, it allows us to compare the retirement success/preparedness of different consumers and understand what drives that ultimate feeling of retirement success and preparedness.

Other key findings on retirees from the BPR Index Report include:

• Retirement experience has fallen by three points while confidence in future financial security has fallen with less than one in three sure of having enough funds to last their lifetime.
• Retirement satisfaction components continued to decline in confidence and comfort (57%) driven by a 9% decrease in the ability to vision the future and a 2% fall in conscious competence (this refers to confidence in making financial choices).
• Financial discipline also declined, down by 10% with a fall in risk management by 12% a strong driver of this closely followed by financial control and planning, both down 9%.

Pre-retirees not much better off

In the case of pre-retirees, preparedness for retirement has been in steady decline since it began being measured in 2020 with a 6% increase in those not well prepared (41% in 2021 to 47% in 2022) and just 14% regarding themselves as quite well prepared to well prepared.

These stats are worse for women, with less than one in ten women now well prepared. Further, of those Australian with less than five years to retirement, one in three remain not well prepared.

Other key findings on pre-retirees from the BPR Index Report include

• Confidence and comfort measures declined from 2021 where 56% of pre-retirees said they would have enough money to live well, dropping to 52% in 2022.
• There was similar declines in measures on visioning the future including a 4% decrease in whether they were happy with the direction their life was taking from 2021 to 2022, and a 5% reduction in whether they were more optimistic than pessimistic about the future.
• Financial discipline also continued to decline, strongly driven by a 10 point drop in risk management. There was decline in both the percentages of pre-retirees who could continue their current lifestyle without earning an income for less than six months, up from 42% in 2021 to 49% in 2022.

Most satisfying fund sectors

Small is best when it comes to performing well in the BPR Index, with small funds just outperforming the industry sector. Both sectors scored equal scores for retirement satisfaction (61), confidence and comfort (63) and financial discipline (62) but small funds outperformed in the retirement experience indice by one point ( small funds 61 versus industry sector 60).

Meanwhile, for pre-retirees, retail sector funds performed best across all indices including preparedness for retirement (56) , confidence and comfort (53) and financial discipline (60), followed by small funds which came in equal second place with industry sector funds with scores of 54,53 and 55 respectively.

Sample and Methodology

From March to April 2022, CoreData spoke to over 5,900 Australians over the age of 45 via an online survey instrument representing approximately 3,300 pre-retirees, and 2,500 retirees. Respondents were asked a series of questions to gain quantitative insight into a range of attitudinal and behavioural factors including confidence and comfort, financial discipline and retirement experience. This data was then used to score Retirement Preparedness (If still in the workforce) and Retirement Satisfaction (If retired) and to produce an index between 0-100 to provide a measure of Australian’s Best Possible Retirement.

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Nineteen super funds say they are finding getting ready for the RIC challenging – but they are stepping up to the challenge.

With the 1 July 2022 deadline fast approaching, a survey of 19 super funds shows that they are finding getting ready for the RIC challenging – but that they are stepping up to the challenge. Australian super funds will need to publish a retirement income strategy before the deadline to comply with the new legislation.

CoreData conducted a research survey and interviews to assess super funds’ readiness to meet the deadline and requirements of RIC legislation. The research, commissioned by Challenger, consisted of one-on-one interviews and quantitative surveys conducted with 43 professionals working at 19 super funds.

The June 2022 report, drawing on key findings from the research, suggests super funds believe they are well-prepared to meet their RIC obligations. However, while senior executives in the majority of super funds believe they have a well-articulated strategy to comply with the RIC, product managers and those responsible for executing the strategy plans in these organisations have a lower awareness of this strategy or are not so sure their fund is ready.

Leaders are also divided on how to operationalise their strategy – half are expecting to further develop their internal capability while two in five are seeking solutions from partners/providers to help plug gaps in their knowledge base (such as institutional term annuities and the decumulation investment mandate).

However, it is longevity solutions for managing longevity risk – the risk of running out of savings during retirement – that top the list for super funds needing expert support. At 89%, demand is twice as high as any other gap in the solutions funds need to support their RIC rollout. Two in three funds said they will outsource longevity risk to third parties while one in four funds did not know if they would do this.

CoreData Global CEO Andrew Inwood welcomed super funds’ interest in expert support for managing longevity risk for their members. “What’s unique about longevity risk is that it’s specific to retirees and needs a specific solution. Managing investment strategy is only part of the answer; it will not solve longevity risk.

“The internal capability a super fund needs to implement a longevity solution or mitigate longevity risk is considerable in terms of their operational capability and liability management.”

“Partnering with an expert will enable a fund to bring a compliant, fit-for-purpose retirement income product to market quickly with fewer internal resources dedicated to longevity protection.”

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Lisa McCallum

Listed financial services technology business OneVue has won the ‘Best Innovator’ award in the SMSF Adviser Category for the annual Self-Managed Super Funds Provider Awards announced in Sydney.

The awards recognise outstanding service to the self-managed super fund sector from a survey of over 850 financial advisers and accountants providing SMSF advice conducted by leading financial services research house, CoreData.

OneVue was chosen by advisers and accountants as the most innovative service provider to advisers through the strength of its proprietary platform technology, which provides a single view of all assets and liabilities and delivers market leading integrated tax reporting and administration.

CoreData principal Andrew Inwood said the ‘Innovator’ award recognised the increasing needs of advisers and accountants for a more efficient technology solution to manage SMSF portfolios, which include directly-held assets, such as property.

The research identified OneVue’s recent dashboard upgrade as a key improvement, with enhanced functionality on the OneVue platform, including ability for advisers to review all SMSF member contribution levels for a select period and by reducing the cost for investing in managed funds through the increasingly popular FUND.eXchange Lisa McCallum, EGM, Group Initiatives at OneVue, said platforms needed to continually enhance their flexibility and capability to help SMSF trustees operate reliably.

“As the SMSF industry matures platforms become more important for trustees to manage their compliance and administration needs. Over the last 12 months the momentum has really increased around our managed accounts and managed funds offering including the innovative Fund.eXchange. It is really great to get an increasing amount of
recognition for what we have systematically put in place to improve the adviser and accountant experience. We however are not complacent and will continue to launch a number of new initiatives through 2018,” said Ms McCallum.

OneVue was also recognised as the platform with the most new developments in features and functionality by researcher Investment Trends in their 2016 Platform Competitive Analysis and Benchmarking Report, which compared more than 100 investment platforms in the market.

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The SMSF Awards are designed to recognise the best service providers as rated by SMSF trustees and SMSF-advising financial planners and accountants.

Andrew Inwood, Principal of CoreData said: “Charter Hall is a consistent performer that has been singled out by SMSF trustees for their distributions and returns.”

Head of Charter Hall Direct, Richard Stacker, attributed the award to Charter Hall’s rigorous approach to property investing, strong track record of performance and the quality of product that the Charter Hall Direct business has consistently delivered to investors.

“We are delighted to receive the recognition associated with this award. Our capabilities to access, deploy, manage and invest capital means that we are able to create industry leading property investment funds that provide our investors with stable income streams.

“The Direct business has a strong track record of identifying new high quality investment products that offer investors access to long leased assets with strong tenant covenants in growing markets. With a strategy to co-invest in the funds we create, our interests are aligned with our partners,” Mr Stacker said.

Avi Anger, Charter Hall’s Head of Transactions, said: “The Group’s focus on partnering with high calibre tenants that enjoy strong market share within their sector is opening up opportunities to work with them to meet their property needs. The market continues to become extremely competitive for long weighted average lease expiry (WALE) investment assets, particularly leased to blue chip tenants. Our ability to complete off-market transactions demonstrates the capabilities of our business to create value for our business partners and investors.”

The Direct Property business has established and launched a number of new investment opportunities including the Direct Office Fund (DOF), the Direct Industrial Fund No.3 (DIF3) and recently the Direct Automotive Trust (DAT).

DAT is raising $55 million to acquire three automotive assets with 100% occupancy, a WALE of 13 years and income generated from leases to Automotive Holdings Group Limited, a leading ASX 200 business. Fund Manager, Steven Bennett said the CoreData award demonstrates the strength of Charter Hall’s team to actively manage its portfolio to deliver superior returns to investors.

“We take an active management approach to all of our assets to ensure that we maximise the properties value to deliver superior returns to our investors.

For example, DOF, which is currently open to new investors, recently sold a property at St Leonards in Sydney for $150 million, following a successful rezoning of the site. The sale price was significantly above book value and delivered a fantastic financial outcome for DOF investors.”

The Direct Property business has delivered attractive returns for investors and has been very active over the past five years. The latest IPD benchmark results showed Charter Hall’s unlisted retail funds and syndicates held five out of the top 10 positions for performance in the 12 months to 30 June 2015.

“With the cash rate currently sitting at 2.0%, three year term deposits at 2.8% and the ASX 200 Dividend Yield at 4.5%, interest in direct property, which is providing a starting yield to investors of above 7.0% for high quality assets with moderate gearing, is proving to be a popular option,” Mr Bennett added.

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