Bryce Quirk

Australia’s financial advice practices want to serve more clients but are constrained by capacity and process inefficiencies, according to the 2025 Advice Practice Profitability Report, commissioned by Colonial First State (CFS) and conducted by Empower Business Advisory.

Drawing on insights from more than 500 advisers and support staff, the report delivers a comprehensive view of the operational realities, strategic priorities, and growth ambitions shaping Australia’s financial advice practices.

Despite ambitions to expand client relationships, advisers are falling short of growth targets and managing only marginally more clients. The average adviser now manages 112 ongoing clients, up from 110 in 2024, and aspires to serve 152. Fewer than one in five (18%) say they are at their ideal number of clients or looking to reduce them.

When asked about the barriers to serving more clients, an increasing proportion of advisers are finding themselves or their client service teams operating at full capacity, climbing from 35% in 2024 to 42% in 2025. Inefficiencies in providing advice, such as producing statements of advice, is the next most cited barrier at 27%.
Building more profitable practices is the top strategic priority for advisers over the next three years (54%), followed by increasing capacity to serve more clients (50%) and streamlining processes (44%).

“Advisers want to serve more clients and streamline operations, yet capacity constraints are rising. This highlights a critical dynamic – platform selection is a strategic enabler of growth,” said Bryce Quirk, Group Executive Distribution, Colonial First State.

“The 2025 Advice Practice Profitability Report shows that advisers using CFS FirstChoice serve 30% more ongoing clients than those on other platforms, while maintaining strong profitability. FirstChoice outperforms the industry average across each of the business impact metrics tracked in the study, with its strongest lead in adviser satisfaction for lowering the cost of serving clients, reducing business complexity, and supporting simpler advice strategies,” added Mr Quirk.

Platforms will play a key role in boosting advisers’ operational capacity, with more practices planning technology stack reviews (28%, up from 22% in 2024) and better system integration (32%, up from 23%).

Advisers using CFS’s FirstChoice as their primary platform reported serving an average of 139 clients compared to the 107 served by advisers using other platforms.  This is achieved through operational efficiencies delivered by the platform, with features such as the client onboarding tool launched in 2024 saving an average of 31% of the time required to establish an individual account and 36% for a family with three or more accounts.

Advisers who use FirstChoice Managed Accounts extensively, defined as using managed accounts with at least 80% of their clients, report positive business outcomes that directly benefit clients. These include helping to keep advice fees low (85%), reducing business complexity (90%), and providing an effective solution for clients with simpler advice needs (92%).

“Building more streamlined and profitable practices is a key strategic priority for most advice firms, with the majority focused on simplifying operations and increasing revenue per client over the next three years,” said Recep Peker, Managing Director of Empower Business advisory. “Many see platforms playing an essential role in expanding their operational capacity, and want to partner with those offering robust, consistent processes that give them the confidence to scale sustainably and achieve their growth ambitions.”

“Advisers are also looking to reinvest their efficiency gains back into their businesses and clients. Beyond serving more clients, they say greater capacity would allow them to refine their business models and strengthen their value proposition to clients, while also achieving better work-life balance for themselves and their teams,” said Mr Peker.

Read the 2025 Advice Practice Profitability Report.

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Lana Clark

Advice businesses that are enjoying more success, as defined by their Earnings before Interest and Tax (EBIT) margins and owner satisfaction, exhibit six critical characteristics, according to a new report by VBP-backed Elixir Consulting.

The inaugural 2024 Advice Operations Research Report, sponsored by Colonial First State, found top-performing businesses have six things in common: a healthy culture, dedicated Practice Manager, documented processes, they outsource tasks, use managed discretionary accounts, and engage an external business coach.

The report, which is based on a survey of 171 advice businesses, also found a direct correlation between pay and performance, with businesses that reward all employees by paying bonuses and competitive salaries recording an average EBIT margin of 27%.

(By comparison, the average advice business has an EBIT margin of 23% after normalising Principal salaries to $150k + super.)

They also recorded higher employee satisfaction and culture scores.

According to the report’s author Lana Clark, Founder of GSD Lab and Senior Consultant at Elixir Consulting, the research highlights the positive impact optimising operations can have on profitability, employee satisfaction and culture.

“It is incredibly valuable having hard data on what’s happening inside advice businesses to give those struggling to create, implement and manage essential operational aspects a compass for achieving back-office excellence,” she said.

“So many discussions about business growth and profitability are focused on recruitment, scale and M&A, but another important lever is optimising operations. Advisers can enhance client service, build a strong culture and mitigate risk by driving operational improvements.”

Elixir Consulting surveyed 171 advice businesses across Australia, representing 561 financial advisers, 43 risk specialists, 72 accountants and 25 mortgage brokers, as part of its research.

Over 50% of participants belonged to a medium-to-large licensee, 11% belonged to a boutique licensee and 37% were self-licensed. A quarter were based in a capital city, 40% were based in metropolitan areas and 33% were in regional areas. www.virtualbusinesspartners.com.au Commercial in Confidence +61 (0)2 8999 9696 2

Bryce Quirk, Group Executive Distribution at Colonial First State, said the comprehensive analysis provided a clear picture of the current state of advice operations and the future direction for practices pursuing excellence.

“We believe that helping advice practices be more successful can only help more Australians access and enjoy the benefits of professional advice,” he said.

“Over 60% of survey participants said they had a lot of new client opportunities but only half felt they could comfortably service them. The other half were struggling to keep up with demand.”

“We want to support advisers to efficiently deliver high quality advice and increase their capacity to see clients and grow their business.”

Based on the report, the average advice business added 36 new clients in 2023. The median firm added just 21.

Sue Viskovic, Founder of Elixir and Head of Consulting at VBP, said the report reinforced the importance of the right technology for streamlining back-office operations, citing that 68% of respondents did not have effective systems for managing workflow. Furthermore, one third described their systems and processes as “out of date, not documented and not consistently followed”.

“As experienced business coaches, we know that fully tested and thoroughly documented processes are a critical step, if not an absolute must, to successfully streamlining and automating business operations,” she said.

“The trend towards greater technology adoption is accelerating, which is encouraging to see, but this also increases the importance of cyber security, particularly as systems become more connected and integrated.”

For a copy of the report, visit https://vbp.ac-page.com/advice-operations-research-report-2024

For more information, please contact:

Leng Ohlsson

Splash Content

M: 0409 509 516

E: leng@splashcontent.com.au

W: splashcontent.com.au

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Bryce Quirk

Colonial First State (CFS) welcomes the announcement by Wealth Insights that its award-winning FirstChoice platform has been named the best value platform in Australia for 10 years in a row.

FirstChoice was also ranked first for Ease of Doing Business, Technical Support and Administrative Support in Wealth Insights’ Service Level Report.

CFS also celebrates 12 years of being ranked first for technical support, thanks to its award-winning FirstTech team’s work in providing phone and email technical support, as well as providing guides, training and access to content through the FirstTech app, FirstTech podcast and adviser briefings.

In total, FirstChoice was ranked first across four categories:

• #1 for Value
• #1 for Ease of Doing Business
• #1 for Technical Support
• #1 for Administrative Support

CFS has made significant enhancements to the FirstChoice platform in the past year including through initiatives that reduce the set-up time for new and existing accounts by up to 80%.

The new functionality enables advisers to utilise existing client data via seamless integration with Xplan, reducing the risk of implementation errors and the need for the re-keying of data.

Bryce Quirk, Group Executive Distribution, said: “We are incredibly proud to be the best value superannuation and investment platform for 10 years running and to be further recognised in other categories that have a meaningful impact on advice businesses.

“We know that value for money and ease of doing business are critical for members, investors and the advisers that support them. The technical and administrative support they receive from our dedicated award-winning teams also plays a critical role in helping advisers provide advice that is in the best interests of their clients,” Mr Quirk said.

“This independent recognition validates our approach to listening to advisers, understanding what matters to them and responding, so they can help more Australians get the advice they need.”

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Bryce Quirk

Colonial First State (CFS) has today announced that the BlackRock iShares Bitcoin Trust (IBIT) is available on CFS Edge.

Commenting on yesterday’s announcement, CFS Group Executive Distribution Bryce Quirk said CFS Edge continues to expand its investment menu to meet the growing demands of financial advisers and their clients.

“Advisers continue to share feedback that their clients have varying investment needs. They have asked us to expand the breadth of asset classes they can access via Edge,” Mr Quirk said.

“We are pleased to build on our existing relationship with BlackRock by offering their iShares Bitcoin Trust to advised Australians with an appetite for these types of assets,” he said.

“This is one of many planned inclusions to broaden investment options for advisers and their clients.”

Given the volatility associated with this asset type, the BlackRock iShares Bitcoin Trust is only available on CFS Edge for investors who have a financial adviser.

Bitcoin is the world’s largest cryptocurrency since launching 15 years ago, with a market cap of over USD $1.3 trillion.

The BlackRock iShares Bitcoin Trust (IBIT) is an exchange-traded fund that seeks to reflect generally the performance of the price of bitcoin and trades on the NASDAQ. It enables investors to access bitcoin within a traditional brokerage account, without having to buy, store, or manage it directly.

Yesterday’s announcement reflects a further expansion of the CFS Edge investment menu, which also includes access to international equities across 15 stock exchanges, including the New York Stock Exchange and the NASDAQ, as well as 10 currencies including US dollars, Euros and Pounds Sterling.

It comes after the launch of the Accelerate Series, which combines reduced investment fees with discounted administration fees to deliver a highly competitive Separately Managed Account (SMA) solution.

There are now over 100 managed accounts and more than 50 tailored accounts on the platform from leading investment managers including BlackRock, Fidelity, Infinity Asset Management, Lonsec, Morningstar, and Russell Investments.

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Bryce Quirk

Colonial First State (CFS) today announces the launch of CFS 10X, a new offering designed to help ambitious financial advice practices grow their business.

CFS 10X will deliver a series of dedicated events and webinars as part of its ongoing commitment to the advice community.

Commenting on the launch, CFS Group Executive Distribution Bryce Quirk said CFS 10X will give advisers access to the right education, expertise, community, and opportunities to see them achieve their goals.

“This year CFS will be using both research and practice case studies into the key drivers of business growth to help advisers unlock opportunities. Driving efficiency, achieving scale and expanding your tech capabilities are just some of the areas CFS 10X will be exploring with practices this year,” Mr Quirk said.

CFS 10X is comprised of four key pillars: Your Business, Your People, Your Clients and Your Expertise. A full schedule of national events and webinars will be supplemented by masterclasses from leading experts.

“We know that advisers are looking for practical solutions when it comes to people management and developing a high-performance team,” Mr Quirk said.

“We also know that practices are eager to understand how they can automate their processes to unlock efficiencies and provide even better service to more clients,” he said.

“This is why one of the first events we’ll be launching through CFS 10X will give advisers access to peer benchmarking, insights and solutions from an industry-wide research study into practice management and productivity,” he said.

In partnership with CFS 10X, Elixir Consulting recently conducted a national research study to discover what’s working well and what’s holding some firms back from reaching their true potential.

With a focus on back-office operations that impact business effectiveness and client experience, the research creates industry benchmarks and solutions to help practices break through efficiency barriers, understand effective ways to structure teams and design sustainable business models.

Elixir Consulting founder and managing director Sue Viskovic will unpack the research in a national webinar on 28 February.

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Bryce Quirk

Colonial First State is pleased to announce leading financial advice network, Viridian Advisory, as a cornerstone client of CFS Edge.

CFS Group Executive Bryce Quirk said the new relationship with Viridian cements CFS Edge as a platform of choice for high quality and client-focused advice businesses. 

“We see a huge advice gap in the Australian market.  By choosing Edge, we believe professional advice businesses like Viridian are well positioned to help provide more advice to more Australians and to deliver even better outcomes for their clients,” Mr Quirk said.

“CFS Edge was co-developed with financial advisers and that really resonated with a group like Viridian. They understand how important it is to have a strong technology offering that is flexible, integrated and adviser friendly.”

Viridian Advisory is one of the largest wealth management practices in Australia with a team of 350 staff including more than 120 financial advisers. The group has a presence in 27 locations across Victoria, New South Wales, Queensland, Western Australia, South Australia, Tasmania and the ACT. 

Raamy Shahien, Joint CEO of Viridian Financial Group, said he was attracted to the strength of the technology features that are unique to CFS Edge.

“We like CFS’ continued investment in technology to transform the way advice is delivered,” he said.

“Viridian has always been dedicated to continuously improving outcomes for our clients and team. We view investment in capability, specialisation and technology coupled with open architecture central to achieving our aspirations in this space.” 

“Working with CFS will enhance our ability to unlock opportunities for advisers and their clients and provide a great platform for our continued growth with like-minded advice firms.”

CFS Edge is the first major new platform in the Australian wealth management sector in almost a decade.

Developed in collaboration with FNZ, a global leader in wealth management platforms, CFS Edge will transform the way advisers can service their clients through features not before seen in the Australian market.  The platform enables digital adviser workflows, advanced data analytics, an integrated app store and analysis tools for licensees, advisers and members.

Built with managed accounts at its core, CFS Edge offers advanced modelling tools designed to support deeper analysis through greater customisation and granularity in comparisons and portfolio analysis.

Yesterday’s announcement comes amid strong competition in the platform market, where close to $1 trillion is managed on behalf of Australian investors.^[1]

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[1] Source: Plan for Life Platform Wrap Report, March 2023

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Bryce Quirk

Colonial First State (CFS) has partnered with Atchison, Drummond and Russell Investments to expand the investment choice on CFS Edge with 25 new managed accounts.

Commenting on today’s announcement, CFS Group Executive – Distribution, Bryce Quirk, said: “We have a strong belief in the value of advice, and we view managed accounts as a key way we can provide an improved investment experience for advisers and their clients.

“Utilising best-of-breed portfolio management capability and investment strategies, managed accounts on CFS Edge are designed to deliver efficient portfolio implementation and transparency of investments in a cost-effective solution.”

In addition, CFS has launched nesting capability of separately managed accounts (SMAs) on CFS Edge. Mr Quirk explained that nesting simplifies and streamlines portfolio management, promotes diversification, transparency of underlying holdings while enabling the inclusion of multiple SMAs into a single portfolio management solution.

“Nested managed accounts are another key feature of CFS Edge, giving advisers and their clients the ability to hold a separately managed account (SMA) inside other portfolio types such as another SMA, Managed Discretionary Account (MDA), or Model Portfolio (MP),” Mr Quirk said.

“The breadth and depth of CFS Edge will give advisers the ability to blend simple low-cost solutions with the most sophisticated investment options in a single account, allowing them to service different client segments from a single platform,” he said.

“Advisers have told us that the needs of their clients are evolving, and we are responding at pace to those needs.”

CFS Edge is the first major wealth management platform with managed accounts at its core. The platform offers advanced modelling tools designed to support deeper analysis through greater customization and granularity in the comparisons and portfolio analysis that can be undertaken.

Built in collaboration with FNZ, a global leader in wealth management platforms, CFS Edge is the most contemporary wealth management platform in the market, bringing world-class technology and capability to the Australian financial advice sector and their clients.

The platform offers real-time two-way integration with financial planning software including Iress Xplan and AdviserLogic.

New managed accounts on CFS Edge

Atchison:

• 4 Diversified portfolios: Active 55, 70, ETF 55 and 70
• 6 Single sector portfolios: Australian shares, International shares, Real Assets Portfolio, Alternatives Portfolio, Long Duration Portfolio, Floating Rate Portfolio

Drummond:

• 9 Diversified portfolios:

• • Direct 50, 70 and 90 Portfolio
  • Strategic 30, 50, 70, 90 and 100 Plus Portfolio
  • Dynamic Portfolio

Russell Investments Managed

• 6 Diversified portfolios: Conservative, Diversified 50, Balanced, Growth, High Growth and Geared 120 Portfolios

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Bryce Quirk

Colonial First State (CFS) has unveiled the future of managed accounts that will provide access to game-changing pricing, greater flexibility and enhanced investment capabilities exclusive to CFS Edge.

At the official CFS Edge launch event in Sydney yesterday, CFS Group Executive – Distribution, Bryce Quirk, unveiled the CFS Edge Accelerate Series, the next evolution in managed account construction that will further drive down the cost of investing and advising clients.

The Accelerate Series will be available later this year and will harness the heritage and scale of CFS asset management to deliver highly rated and frequently used investment options at a significant discount, coupled with the ability to reduce the percentage-based Administration Fee on CFS Edge to zero where the managed account comprises the Accelerate funds offered only through CFS Edge.

The new offering has been designed in response to feedback from advisers, helping them meet Best Interest Duty obligations through low-cost and flexible solutions.

“The Accelerate Series is a game-changer.  Not only are investments offered with transparent and institutional pricing, but we will also waive the percentage-based Administration Fee on CFS Edge where managed account comprises only Accelerate investments offered through CFS Edge,” Mr Quirk said.

“CFS is revolutionising managed accounts by offering advisers and clients access to no percentage-based Administration fees and doing away with inefficient and clunky rebates.  Client funds are always invested, and cash statements are free of confusing rebate arrangements that otherwise need to be explained to clients,” he said.

“Through the Accelerate Series, advisers will be able to combine domestic and international equities and over 550 funds in a single account, on a single platform.”

Nested managed accounts are another key feature of CFS Edge, giving advisers and their clients the ability to hold a separately managed account (SMA) inside other portfolio types such as another SMA, Managed Discretionary Account (MDA), or Model Portfolio (MP).

The Accelerate Series will deliver a full-service solution designed to be suitable for a wide range of clients, from younger accumulators to high-net-worth individuals.

“Advisers have told us that the needs of their clients are evolving, and we are responding at pace to those needs,” Mr Quirk said.

“The breadth and depth of CFS Edge will give advisers the ability to blend simple low-cost solutions with the most sophisticated investment options in a single account, allowing them to service different client segments from a single platform,” he said.

CFS Edge customers will also have access to international equities across 15 stock exchanges, including the New York Stock Exchange and the NASDAQ, as well as 10 currencies including US dollars, Euros and Pounds Sterling *

Customers can hold multiple currency wallets to meet their needs, preventing the need to cross back to Australian Dollars to trade in foreign markets.

CFS Edge is the first major wealth management platform with managed accounts at its core. The platform offers advanced modelling tools designed to support deeper analysis through greater customization and granularity in the comparisons and portfolio analysis that can be undertaken.

Built in collaboration with FNZ, a global leader in wealth management platforms, CFS Edge is the most contemporary wealth management platform in the market, bringing world-class technology and capability to the Australian financial advice sector and their clients.

The platform offers real-time two-way integration with financial planning software including Iress Xplan and AdviserLogic.

The following 15 international stock exchanges will be available to trade on:

• NYSE – New York Stock Exchange
• NASDAQ – National Association of Securities Dealers Automated Quotations Stock Market
• LSE – London Stock Exchange
• TSX – Toronto Stock Exchange
• XPAR – Euronext Paris
• XETRA – Frankfurt Stock Exchange
• XAEX – Euronext Amsterdam
• HKEX – Hong Kong Stock Exchange
• XSWX – SIX Swiss Stock Exchange
• XBRU – Euronext Brussels
• XLIS – Euronext Lisbon
• OMX – Copenhagen Stock Exchange
• STO – Stockholm Stock Exchange
• SGX – Singapore Stock Exchange
• BIT –  Borsa Italiana

The following 10 foreign currencies will be available to invest in:

• USD – US Dollar
• SGD –  Singapore Dollar
• GBP – British Pound
• CAD – Canadian Dollar
• HKD – Hong Kong Dollar
• EUR – European Member countries
• CHF – Swiss Franc
• DKK – Danish Krone
• SEK – Swedish Krona
• AUD – Australian Dollar

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Kelly Power

Australian wealth management group Colonial First State (CFS) last night hosted a special event in Sydney to help superannuation fund members make sense of recent challenges in the economy and financial markets so they can make informed decisions about their long-term superannuation strategies.

Hosted by CFS Chief Distribution Officer, Bryce Quirk, the event for members and their financial advisers, included practical and informative sessions with industry experts from CFS.

Chief Executive Officer of CFS Superannuation, Kelly Power, reminded members of the importance of staying focused on the bigger picture with their superannuation.

“Super is a long-term investment and there will be ups and downs along the way. Markets have and will continue to fluctuate over time and as investment professionals with decades of experience, we aim to look through the short-term volatility to provide members with strong, long-term returns,” Ms Power said.

Attendees heard from one of Australia’s leading economic visionaries, Managing Director, Market Economics, Stephen Koukoulas on the once-in-a-lifetime economic changes that investors are experiencing and what these changes mean for investors.

CFS’s new Chief Investment Officer, Jonathan Armitage discussed investing for retirement with Craig Day, Executive Director Technical Services.

“CFS has been helping retirees, superannuation members, and investors plan for a better financial future for more than 30 years. As we look to the future, we’ll continue to invest in our capabilities, and maintain a focus on keeping fees competitive while offering great returns,” added Ms Power.

Practical seminars

Additional panel sessions at the event explored strategies that could help members maximise their funds for retirement and understand their retirement income options including allocated pensions and annuities, making super last, and qualifying for the age pension.

Members without a financial adviser were also invited to learn more about how financial advice works, how to get the most out of the financial planning process, and how it could help their reach their retirement goals.

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Bryce Quirk

Australian wealth management group Colonial First State (CFS) has launched the Centre Stage masterclass series, designed to inspire financial advisers to think differently about their approach to business, their teams, clients – and life in general.

CFS Chief Distribution Officer, Bryce Quirk said the Centre Stage masterclass series would provide high-calibre educational content that would give financial advisers new perspectives on how to build stronger teams and invigorate their businesses.

Mr Quirk said: “Despite the headwinds Australia’s economy is facing, advisers are optimistic about business conditions, the outlook and future revenue growth in the advice industry.^[1] Demand from clients for quality financial advice continues to grow, with 2.6 million Australians intending to seek advice within the next two years.^[2] That’s why now is a great time for advisers to think about the best way to position their businesses for the future.

“At CFS, we believe in the power of great financial advice. Our masterclass series will help advisers to build practical skills that will empower them to drive change in their businesses and make it easier and more efficient to deliver advice to their clients.”

A focus on performance, storytelling and innovation

CFS created the Centre Stage program by partnering with high profile Australian thought leaders who have an inspiring story to share and important lessons to convey.

The program will focus on three key themes: creating a high-performance culture; using storytelling and authentic communication to deepen client relationships; and embracing innovation in advice businesses.

The first CFS Centre Stage masterclass in the series will be presented by Next Evolution Performance Chief Executive Officer and Co-Founder Vanessa Bennett, whose workplace strategies help to develop high-performing people by using neuroscience to optimise productivity, profitability and energy – without the risk of burnout.

“In my masterclass, I will discuss what we mean by high performance – and why it’s so important to have a high-performance culture in your business in order to increase profitability,” Ms Bennett said.

“The more effectively an adviser can set up a high-performance culture, the less time they will need to spend leading their team. The team will be happier and more productive, and the flow on effects in improving outcomes for clients will be massive,” she added.

The next speaker in the Centre Stage series is Sam Cawthorn, CEO and Founder of Speakers Institute and Speakers Tribe, bestselling author of 11 books, and the 2009 Young Australian of the Year, who will share his messages of resilience and using storytelling to influence, motivate and inspire others.

Mr Quirk said the masterclass series was part of CFS’s ongoing commitment to the growth and development of the advice industry.

“The partners we’ve chosen offer a fresh take on topics like connection, innovation and performance. The insights they share transcend industries and will provide advisers with practical steps they can take in areas such as attracting and retaining quality talent, deepening client relationships, and invigorating their businesses through innovation,” Mr Quirk said.

The CFS Centre Stage masterclasses are delivered as short videos that can be accessed free of charge and on-demand, so advisers can watch at a time that suits them.

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[1] CoreData Adviser Pulse Check Survey, Q4 2021
[2] FPA, Money & Life Tracker Report, September 2021

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