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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Denis Orrock

Praemium’s latest research in conjunction with CoreData reveals that the “Bank of Mum and Dad” continues to play a pivotal role in the generational wealth of Australians, with high-net-worth families providing significant support to the next generation, often well before inheritance.

Key statistics from the research:

• 96% of high-net-worth investors have already provided financial support to loved ones, most commonly for education (58%), ongoing financial support (56%), direct cash gifts (49%), covering major life events (48%) and gifted or transferred property (34%).
• Nearly a third who have provided financial support to loved ones have given between $250,000-$500,000 to family members, with 26% contributing between $500,000 and $1 million.
• 96% intend to pass on assets, of these 85% plan to transfer at least some wealth while still alive.
• 89% report a strong understanding of legal wills, 80% of trusts, and 81% of self-managed super funds as vehicles for wealth transfer.
• Only 41% of those intending to pass on assets have formalised and documented their plans, and just 63% have made any kind of plan with their adviser to reduce tax on wealth transfers.

While the research shows a high level of awareness and understanding of wealth transfer structures, it also highlights that many families are still in the process of formalising their plans. Challenges such as managing family dynamics, understanding tax implications, and ensuring responsible stewardship remain front of mind for many.

These findings present an opportunity for advisers to support clients in planning and documenting their giving strategies, and to encourage early conversations with beneficiaries. By helping clients navigate the complexities of gifting – whether through trusts, superannuation, or direct support – advisers can add value and help ensure that generosity aligns with both family values and financial goals.

Denis Orrock, Chief Strategy Officer at Praemium, comments: “We’re seeing families take a much more active role in supporting the next generation, with significant value being transferred well before inheritance. Advisers can play a key role in helping clients formalise their plans, manage tax, and involve beneficiaries in the conversation early. They can also help address some of the challenges investors face with transferring wealth now and in the future.”

“With most high-net-worth investors already supporting loved ones in substantial ways, and a high level of awareness of the available structures, the research underscores the need for expert, personalised advice. Praemium is committed to helping advisers and their clients manage these decisions with clarity, confidence, and care.

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Denis Orrock

Australian financial advisers using managed accounts are reporting unprecedented client outcome improvements, with 88% experiencing positive results according to comprehensive new research from platform provider Praemium.

The research, surveying advisers across Australia, reveals that three in five advisers have adopted  managed accounts and 81% have a strong understanding of them, positioning Australia as an emerging global leader in the solution.

According to the research, Separately Managed Accounts (SMAs) are the most popular structure (used by 88% of managed accounts users). The primary drivers for adoption, are operational efficiency (72% of managed account users cite this) and access to professional investment management (67%), benefits that translate directly into scalability and time savings.

The research quantifies significant efficiency gains, with 25% of managed account users reclaiming a full working day per week on portfolio management activities, and an additional 28% report saving 4-6 hours weekly through operational efficiency gains. Over half of those using the solution noted that adopting managed accounts has made it easier to scale their business, with 35% stating it allowed them to take on more clients.

“Managed accounts are enabling advisers to shift their focus from portfolio construction to strategic advice and client relationship management,” said Praemium’s Chief Strategy Officer, Denis Orrock. “This evolution is critical as practices look to scale and differentiate in a competitive environment.”

The report also highlights the importance of platform integration. Portfolio reporting tools and seamless connectivity with financial planning software were cited as essential by 69% and 61% of users respectively, followed by tax reporting tools (55%).

“These integrations are not just nice-to-haves, they’re foundational to delivering a streamlined experience for both advisers and clients. Our continued investment in reporting and connectivity reflects our belief that advisers deserve tools that work together seamlessly, saving time, reducing complexity, and enhancing client outcomes. As the managed account space evolves, so too does our platform, with a clear focus on scalability, transparency, and adviser efficiency.” Orrock adds.

Despite some lingering concerns among non-users, such as perceived loss of control and uncertainty around value – 63% of those not currently using managed accounts are considering adoption in the future. This signals a significant opportunity for future market growth, as the solution evolves from an operational tool to an integral component of a holistic advice model.

Key Statistics:

• 62% of advisers currently use managed accounts.
• 25% save over 7 hours per week; another 28% save 4–6 hours.
• 88% of users report improved client outcomes.
• 69% cite portfolio reporting tools as essential; 61% cite planning software integration.
• 67% of users achieved more consistency in their client offering
• For more information or to access the full report, please contact Praemium’s media team.

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The research reveals that six in ten advisers cite U.S. President Trump related events as having a moderate to major effect on portfolio construction and client conversations, with 60% of advisers stating they have made changes to their investment strategy in response to recent market volatility.  This uncertainty has also intensified client engagement, with 47% of advisers reporting increased communication volumes and a heightened need for reassurance.

While 73% of advisers remain “cautiously optimistic” about risk and long-term investing, those advisers servicing larger portfolios are spending more time reassessing investment strategies, with 35% of high-net-worth advisers dedicating four or more hours per client in the last six months to strategy reviews.

The data also highlights a growing need for agility. “Navigating volatile markets” was cited as the top challenge (36%) for advice businesses, followed closely by the burden of managing increased client communication (33%). Advisers describe the need for rapid, informed decision-making, noting “speed in execution and trading” and “timely data” as critical to navigating today’s increasingly fast-changing markets.

Commenting on the findings, Praemium Chief Strategy Officer Denis Orrock said: “As global dynamics shift, advisers are having to respond rapidly and spend more time educating and reassuring clients. In order to keep delivering this value for their clients, advisers have a growing need for platforms and tools that can support more frequent reviews, scenario modelling, and timely reporting in volatile markets.”

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According to the nationwide study, many are using them to access diversification, inflation protection and returns less correlated with public markets. Amid a cautious economic climate, investors are moving beyond traditional asset classes to build broader more resilient portfolios. While private equity remains a common alternative holding, growing interest is emerging in areas such as infrastructure, water rights, venture capital and hedge funds. For those already holding alternative assets, 85% plan to increase their allocation in the next 12 months. Notably, 46% of HNW investors who do not currently invest in alternatives are considering doing so in the next 12 months.

The research highlights that HNWs are becoming more proactive in sourcing these investments, with many leveraging a diverse mix of professionals and digital platforms. HNW investors are not navigating this shift alone. Around 70% of respondents had engaged with financial professionals in the past year, with 84% of those engaged opting to work with financial advisers.

For advisers, this growing demand comes with significant opportunity. Many HNW clients are looking for help navigating risks, understanding liquidity and return profiles, and integrating alternatives into their broader portfolio strategy.

“While private markets have faced renewed scrutiny and valuation resets in recent months, wealthy investors continue to see alternatives as a strategic component of their portfolios,” said Denis Orrock, Chief Strategy Officer at Praemium. “Platforms play a key role in helping advisers access the growing range of alternative assets while providing the administration, reporting, and execution support to implement them effectively. The significant growth in funds allocated to alternatives on the Praemium platform, coupled with growing interest in our Spectrum solution, clearly signals that advisers are actively seeking platform partners with specialised expertise to support this dynamic asset class.”

The research also points to an ongoing education gap. Nearly half of respondents reported that they lacked familiarity with the range of alternative investments available. This signals a clear opportunity for advisers and platforms to step in with accessible insights, better transparency, and more structured access pathways.

“There’s a real opportunity for advisers to lead the conversation, particularly now,” added Denis Orrock. “Clients want to understand how these assets perform in different market cycles, and they’re looking to their advisers to filter opportunities and provide clarity. Advisers who can bridge the access and education gap on alternatives will be well positioned to add value and differentiate their offer.”

While current conditions may test investor conviction, the longer-term trend is clear: alternatives are becoming a core pillar of wealth portfolios. Advisers who engage early and guide clients through the volatility will be best placed to build trust and differentiate their offering.

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According to the research there’s a strong correlation between levels of wealth and allocations to the Alternative Assets asset class. At HNW-focused adviser firms, an average of 9% of portfolios are invested in Alternatives. That’s more than double the allocation at adviser groups focused on less wealthy clients.

The wealthier the client, the higher the allocation to Alternative Assets. Advisers managing client portfolios north of $20 million typically have an average 14% of portfolios in Alternatives.

HNW Advisers see Alternative Assets as the investment of the future

Whilst the existing HNW preference for Alternative Assets is striking, the Praemium/Core Data research suggest this trend will only strengthen:

• 69% of HNW-focused advisers see Alternatives as key in meeting client demands in the future.
• Advisers with a focus on HNW clients are twice as likely to see Alternative Assets as a vital part of meeting clients’ future demands as non-HNW advisers.

Access is the issue

Whilst client and adviser demand for Alternative Assets is strong, giving clients access to those assets is seen as more of a challenge. Over 30% of HNW-focused advisers found it difficult to access Alternatives via their primary investment platform. Nearly 10% described it as impossible.

As advisers who are focused on wealthier clients continue to seek asset allocation choices that meet the unique needs of HNW clients, it is likely issues of platform access will become more important. The Praemium/CoreData research highlights the importance of improving access to Alternatives via platforms.

In 2024, HNW-focused advisers are showing a clear preference for platforms that offer a wider range of investment options – especially those that allow access to non-custodial assets. With 28% of HNW-focused advisers already using non-custodial assets (versus just 11% for advisers focused further down the wealth spectrum) it’s likely platforms that are more flexible around asset choice – whilst providing exceptional administrative capability – will continue to grow their share of the HNW advice market.

Praemium’s Chief Strategy Officer Denis Orrock commented “The research aligns with what we are seeing on our platform, with alternative assets growing by around 20% per annum to total around $6bn in funds under administration. This increasing demand reflects the critical role these investments play in the portfolios of high-net-worth clients. Our new Spectrum product was designed to address these very needs, offering streamlined access to the broadest range of alternatives and non-custodial assets and alleviating some of the challenges that advisers have implementing and administering these assets.  Spectrum represents our commitment to enhancing platform flexibility and ensuring advisers have unrivalled access and the tools to support clients in capturing new investment opportunities.”

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Praemium in conjunction with Investment Trends has released the 2024 HNW Investor Report, which outlines that despite cost-of-living pressures, Australia’s wealthiest are getting wealthier. The latest survey showed that HNWs are continuing to diversify their investment portfolios and seek increasingly sophisticated and personalised financial strategies, presenting advisers opportunities to provide tailored support and guidance.

Research key trends and findings

1. Record growth in numbers and wealth

The population of HNW investors has reached a new high, with 690,000 individuals now classified as high-net-worth, marking an 8.7% increase from 635,000 in 2023. These investors collectively manage $3.4 trillion in investable assets*, up from $2.98 trillion in the previous year. This rapid expansion underscores the dynamic nature of wealth accumulation among the affluent, with ultra-high-net-worth (UHNW) individuals experiencing double-digit portfolio growth over the past year.

2. Evolving investment goals and diversification strategies

As the financial landscape changes, HNW investors are shifting their priorities from income generation to a more balanced investment approach that includes capital growth and wealth preservation. The growing interest in private markets is evident, with 146,000 HNW investors currently engaged in private market investments and an additional 32,000 planning to enter this space within the next year. This trend reflects a desire for diversification and higher returns, particularly among UHNW individuals, who are drawn to the potential of private equity, venture capital, and private debt funds.

3. Increasing need for specialised advice

Despite the rise in wealth and sophistication among HNW investors, there remains a substantial demand for specialised advice. Key areas that HNWs say they require advice include estate planning, tax optimisation, and investment strategy reviews. A sizeable proportion of HNW investors, particularly those in the $5 – $10 million range, are seeking expert guidance to navigate the complexities of managing substantial wealth and preparing for intergenerational transfer. Additionally, as more investors take a self-directed approach or seek episodic advice, the role of advisers in providing targeted, specialised advice becomes even more critical.

4. Opportunities in wealth transfer and philanthropic giving

With $1.9 trillion poised to be transferred to the next generation, wealth transfer planning is increasingly becoming a focus for HNW individuals. Many investors are also incorporating philanthropy into their financial plans, with 40% intending to leave a portion of their wealth to charitable causes. This shift presents a unique opportunity for advisers to offer strategic guidance on philanthropic giving, helping clients align their financial legacy with their personal values.

5. Continued demand for adviser support

As the HNW landscape evolves, the need for expert financial advice remains strong. Advisers have a unique opportunity to support HNW clients by offering comprehensive, customised strategies that address their specific needs and preferences. From navigating private market investments to optimising wealth transfer plans, advisers can play a crucial role in helping HNW investors achieve their financial goals and secure their legacy for future generations.

“Australia’s high-net-worth investor remains a dynamic and ever-evolving segment and this year’s research, highlights a noticeable shift in their investment and advice requirements.,” said Denis Orrock, Praemium’s Chief Strategy Officer. “As these investors grow in number and wealth, the advice and wealth management sector have a significant opportunity to provide tailored, high-value services that address their evolving priorities. By focusing on personalised strategies, building collaborative, engaging services, and addressing tax and estate planning needs, advisers can play an integral role in helping clients navigate the complexities of wealth management. Likewise, platforms can also play an increasingly important role in providing access to exclusive investment opportunities, and the tools and reporting this investor demands to stay informed about their investment performance and their long-term financial goals.”

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Over the last year Praemium has seen a 23% increase in funds allocated to alternatives, with alternatives now approaching $6bn in FUA on the platform and accounting for 11% of total FUA. It is a trend that aligns with the findings of the research and highlights the importance of advisers prioritising engagement and education to empower clients in navigating this shift in investment preferences.

Key statistics from the research include:

17% Adoption Rate: Over 17% of HNW investors are now diversifying their portfolios with alternative assets, showcasing a growing appetite for dynamic investment strategies.

27% Higher Engagement: HNW investors embracing alternative investments exhibit a remarkable 62% engagement with their portfolios compared to those adhering solely to traditional asset classes (35%), underlining the appeal of exploring new investment avenues.

Trend toward Self-Directed Investment: Despite adviser recommendations, 64% of HNW investors seek out their own methods for investing in alternatives, indicating a gap in adviser-client dialogue and the need for enhanced collaboration.

Risk of Independent Investment Decisions: Failure to engage clients on alternative assets, risks investors seeking investment opportunities independently, potentially leading to disjointed portfolio construction and increased risk.

Speaking on the research Praemium’s Chief Strategy Officer, Denis Orrock notes: “Advisers often cite liquidity and transparency as hurdles for investing in alternative assets. A key contributor to successfully implementing alternatives into portfolios and overcoming these hurdles is leveraging a platform partner equipped with the capabilities to facilitate seamless trade execution and deliver transparent reporting on complex assets. Praemium has extensive experience with supporting advice firms to access these diverse opportunities from capital call management for private equity strategies to more sophisticated specialist alternative strategies investors are seeking.

As the research highlights there is a significant opportunity for advisers to have the collaborative advice relationship HNWs are wanting which can strengthen client relationships, mitigate the risk of clients seeking opportunities independently, and help the adviser position themselves as a trusted partner to guide them through the complexities of this asset class.”

Read the report.

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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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Denis Orrock

Complii Fintech Solutions Ltd (ASX:CF1), provider of Australia’s first fully integrated capital markets platform for financial advisers and brokers, has announced a strategic partnership with leading investment platform Praemium Ltd (ASX:PPS) to collaborate on offers and cross-selling, opening up new opportunities for both companies.

Praemium caters to sophisticated advisers, private wealth managers and stockbrokers and offers cutting-edge functionality and solutions that streamline the advice process to deliver efficiencies and enhance client experience.

Praemium is a current shareholder in Complii, holding almost 12 million shares, representing c. 2% of Complii’s total ordinary shares.

The partnership will result in a more cohesive technology and product integration, facilitating the smooth flow of information between respective platforms, increasing process efficiency, and enabling seamless client interactions across their respective client bases.

Complii and Praemium will also actively engage in cross referrals, encouraging clients to explore the comprehensive services offered by both businesses, thereby expanding business opportunities and strengthening their strategic positioning in the marketplace.

Craig Mason, Executive Chairman of Complii Fintech Solutions, noted “I am delighted with this partnership with Praemium which will cement our long-standing relationship. With closer platform integration and active referrals this collaboration will see the Complii Group acquire new customers cost effectively, significantly expanding our reach. Importantly, our existing customers will have access to an expanded suite of products and services, further enhancing their experience.”

Denis Orrock, Chief Strategy Officer at Praemium, added “We are looking forward to collaborating further with Complii. We believe this partnership will not only enhance our combined service offering to the financial services market but will strengthen client relationships and create a positive impact to the industry through greater integration and cooperation between the two companies.

“We are excited with the increased go-to-market opportunity this brings,” Orrock said.

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