Keith Marshall

The next generation of financial advisers will be defined by professionalism, leadership and trust, according to AMAFA Managing Director Keith Marshall.

Addressing delegates at AMAFA’s national conference in Hobart, Mr Marshall said that ready or not, the next chapter of the profession is already being written.

“Artificial intelligence and automation, regulatory expectations, fewer risk advisers, capacity constraints, succession pressures and clients expecting more value and greater clarity, are all reshaping our profession. The profession cannot stand still, but it can, and must, choose how it changes.”

Mr Marshall said clients have never had more information, choice, or noise – and therefore have never needed trusted advice more.

“Information does not create clarity, advice does. AI doesn’t build trust, people do. Technology may change how advice is delivered, but trust will always determine its value.”

He said the advisers who will shape the profession over the next decade will be those who deliver better advice, creating greater value for clients and leading them through periods of uncertainty.

“The future belongs to advisers who consistently create the greatest value,” Mr Marshall said. “Not those with the most products, the biggest office, or the most sophisticated software. The greatest value, delivered consistently, client by client.”

Mr Marshall said the message from the regulator is clear. “I read what ASIC says on a day-to-day basis. I think its expectations are actually very clear. They’re looking for better advice, better businesses, better protection and better leadership. That’s exactly what we want.”

Mr Marshall said AMAFA’s strategy is to help advisers build businesses that clients can rely on. “Our strategy is to have great systems and clear expectations. The aim is to help advisers build strong businesses, so that they have the capacity to do their best work.”

Advisers now face a choice, he said, between simply reacting to change or deliberately building businesses designed for the future. “The next chapter will not be written by technology, regulation or markets alone. It will be written by advisers who are prepared to lead.”

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Keith Marshall

AMAFA has formed a strategic investment capability partnership with Human Financial Management Limited (Human Financial) to enhance portfolio construction support, investment governance and adviser resources across the AMAFA network.

The partnership will provide AMAFA advisers with access to portfolio construction frameworks, model portfolio solutions, Investment Committee research and reporting support, market insights and adviser education resources.

AMAFA will retain full responsibility for its Approved Product List (APL), Investment Committee decisions, adviser governance framework and compliance obligations.

AMAFA Managing Director, Keith Marshall said the partnership represents a natural evolution of AMAFA’s commitment to supporting advisers with practical, high-quality investment solutions.

“We have built a strong governance framework over many years, supported by independent research, robust APL processes and technology-driven controls,” he said. “The partnership with Human Financial builds on those foundations by bringing additional portfolio expertise, investment insights and resources to our adviser network.”

Under the partnership, Human Financial will provide support across:

• Investment philosophy and portfolio construction frameworks
• Strategic asset allocation guidance
• Investment Committee support and reporting
• Human Financial model portfolio capability
• Adviser education and investment communication resources
• Market and portfolio commentary

Human Financial Chief Investment Officer, Angus Sippe welcomed the partnership and the opportunity to support AMAFA’s continued growth.

“AMAFA has developed a strong adviser framework with clear governance and adviser-first principles,” he said. “We look forward to working with the AMAFA team to help enhance their investment capability and provide advisers with additional portfolio support and education resources.”

Mr Sippe has more than 20 years’ investment management experience across global multi-asset investing, portfolio construction and institutional investment management. Before joining Human Financial, he was a senior multi-asset portfolio manager at Schroders and a voting member of Schroders’ Global Asset Allocation Committee.

On a day-to-day basis, AMAFA advisers will be supported by Ateeth Rungta, Human Financial’s Head of Distribution, who has more than 25 years’ experience across financial services, adviser support and wealth management.

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Keith Marshall

AMAFA has launched the AMAFA Succession Reality Check, a simple business continuity and succession planning self-assessment tool designed to help financial advisers review the resilience and long-term sustainability of their own advice businesses.

While advisers regularly encourage clients to plan for unexpected events and future transitions, it is just as important they apply the same principle to their own practices, according to AMAFA CEO Keith Marshall.

“Many advisers spend a lot of time talking to clients about business continuity, risk management and succession planning,” Mr Marshall says. “But it’s important they also practise what they preach and take a good look at how well their own businesses are prepared for disruption, illness, retirement or an unplanned exit.”

The AMAFA Succession Reality Check provides a simple framework for reviewing current arrangements, identifying gaps and considering next steps across key areas of business continuity and succession planning. AMAFA has made the tool freely available to all advisers, and no personal identifying details are required.

“The Succession Reality Check tool is designed as a starting point and is intended to help advisers look at the operational resilience of their practices and prompt thinking around how they might support continuity of service for clients during periods of change,” Mr Marshall says.

“It offers advisers a quick, no-nonsense way to assess where they stand today and highlight areas they may need to address in order to support their clients, their staff and the value of their own business.”

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Keith Marshall

Licensees who dress exit fees up as professional indemnity (PI) run-off cover fail the transparency test and undermine adviser trust, according to AMAFA managing director Keith Marshall.

“When licensees label what is essentially a commercial recovery fee as run-off cover, it raises questions around honesty and transparency,” he says. “Advisers are expected to be open and upfront with clients, the same principle should apply to licensees.”

Mr Marshall says that in most cases no additional premium is incurred when an adviser leaves a licensee and the PI policy remains active, meaning a run-off cover fee cannot be justified.

“Some licensees defend the practice by claiming their PI premiums don’t fall when an adviser leaves, even though revenue does, but that argument goes around in circles,” he says. “If a licensee replaces the lost revenue when an adviser moves on, as most do, their overall PI exposure remains covered and generally reduces over time. The issue arises when they can’t replace the revenue and therefore feel the premium impact. But that’s a business issue, not an insurance issue, and exiting advisers shouldn’t have to wear it.”

Mr Marshall also notes that PI insurance operates on a claims-made basis, meaning cover applies when a claim is made, not when the advice was given. While AFSLs must maintain cover for current and former representatives, it doesn’t automatically generate new costs when an adviser leaves.

“Where there’s an unresolved complaint or a genuine increase in risk, recovering specific costs such as an excess or additional premium is fair,” he says. “But where an adviser simply transitions elsewhere, calling it run-off cover misrepresents what’s actually happening.”

He adds that it’s unfair to charge advisers for run-off cover because they have no practical way to obtain their own policy. “Getting standalone PI run-off cover is almost impossible for individual financial advisers,” he says.

Mr Marshall says clarity and transparency around exit fees would help promote greater trust across the industry. “If an adviser chooses to leave a licensee, we believe that decision should be respected, and their exit made as smooth as possible. Where any costs are involved, they should be transparent and clearly explained. It’s about being open, fair and proportionate – and doing the right thing by advisers.”

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Jonathan Trapnell

Boutique licensee Australian Mortgage and Financial Advisers (AMAFA) is hosted its first Melbourne-based Peer Group Session last week, bringing its Victorian advisers together face-to-face for collaboration, education and professional exchange.

The session follows the expansion of AMAFA’s on-the-ground presence to Victoria as part of a continued national growth strategy, with Jonathan Trapnell leading as State Manager, Victoria and Tasmania.

AMAFA Managing Director Keith Marshall said the expansion reflects the licensee’s long-term commitment to supporting advisers across key regions.

“We’ve seen growing demand for quality advice and increasing opportunities to partner with advisers across both states,” Mr Marshall said. “Establishing dedicated leadership enables us to enhance our support for our existing advisers in Victoria and Tasmania, strengthen relationships on the ground and accelerate the growth of our adviser network.”

Mr Marshall said Mr Trapnell is highly regarded within the adviser community, bringing professionalism, extensive industry knowledge and strong relationships that align with AMAFA’s culture of integrity, collaboration and practical adviser-focused support.

“Jonathan’s proven track record in adviser support and business development, including his experience at Synchron and Sequoia, made him the natural choice.”

Established in 2013, AMAFA is a boutique Australian Financial Services Licensee (AFSL 389206) headquartered in Brisbane. With its roots in a mortgage broking business founded in 1999, AMAFA supports a growing network of financial advisers across Australia and has built a reputation for personalised support, robust compliance and a collaborative culture that empowers advisers to grow their businesses.

Mr Trapnell said he is delighted to be part of AMAFA at a time when advisers are demanding more from their licensee relationships. “AMAFA’s adviser model is built on accessibility, collaboration and action. Our advisers know they can pick up the phone and talk directly to the Managing Director or decision-makers. There are no ivory towers here. That agility, combined with our focus on fostering a genuine sense of community, is what helps advisers navigate change and grow stronger businesses.”

Mr Trapnell said the Peer Group Sessions provide a space for advisers to share challenges and solutions, to discuss what’s working, what’s not, and how their experiences can help others across the network. “It’s a collegial approach that again reflects AMAFA’s belief in shared learning and a culture of community.”

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