Maria Lykouras

The Stockbrokers and Investment Advisers Association (SIAA) has welcomed the release of the ASX Australian Investor Study 2026, which marks 40 years of research into Australian investor participation and behaviour.

The number of Australians investing outside their superannuation and primary home has grown by 2.5 million since 2020, a 28% increase, reaching a record 11.5 million investors in 2026.

Maria Lykouras, SIAA Chief Executive Officer on the findings demonstrating Australia’s strong investing culture and the opportunity to support more Australians on their journey: “The ASX Australian Investor Study has become an important benchmark for understanding how Australians invest, what they are seeking from markets and where barriers to participation remain. As a longstanding affiliate member of SIAA, ASX continues to play an important role in supporting Australia’s capital markets and providing valuable insights that help inform the industry, policymakers and investors.”

Maria on the record shift towards investment participation outside superannuation and primary home: “One of the most significant findings in this year’s study is that a record 11.5 million Australians now invest outside of their superannuation and primary home. This demonstrates the important role investing plays in helping Australians build long-term wealth and improve their financial security. “It is also encouraging to see strong levels of participation in shares, ETFs and other listed investments, highlighting the important role capital markets continue to play in supporting both investors and the broader economy.

“At the same time, the study highlights the significant opportunity that remains.

“Almost 10 million Australians have either never invested outside of their superannuation or family home, or have stopped investing altogether. Of those, approximately 950,000 intend to start investing within the next 12 months.”

Maria on the next wave of younger and more diverse investors:

“Importantly, younger Australians account for almost four in ten intending investors, while women represent 61 per cent of those planning to start investing. If these trends continue, we could see a more diverse and inclusive investor base emerge over the coming years.

“The findings also reinforce that confidence and knowledge remain some of the biggest barriers preventing Australians from investing. Many intending investors are unsure where to find trusted information, which investment products are right for them, or how to get started. That highlights the continued importance of investor education and the critical role that brokers, advisers and other market participants play in helping Australians make informed investment decisions.”

Maria on the importance of improving financial literacy and access to advice: “The growing demand for financial advice is another important finding. More Australians are seeking guidance to help them navigate increasingly complex financial decisions, with younger Australians leading this trend. However, access to advice remains a significant challenge. There has never been a more important time to improve access to quality, affordable financial advice. We need a regulatory framework that continues to protect consumers while making it easier and more commercially viable for advisers to provide advice, particularly to Australians with relatively straightforward financial needs.”

Maria on the role technology can play in supporting greater access to investing and advice: “The study also highlights the growing role technology is playing in how Australians engage with investing. AI and other digital tools have the potential to improve financial literacy, support advisers and reduce the cost of delivering advice. However, technology should complement professional advice, not replace it. As innovation continues, policymakers must ensure that consumers can benefit from technological advances while still receiving appropriate protections and safeguards.

“Ultimately, the findings show that more Australians want to take an active role in shaping their financial future. Our goal should be to ensure they have access to the information, tools and professional support they need to invest confidently and achieve their long-term financial goals.”

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Stephen Norton is Chief Operating Officer of CommSec and brings more than 25 years’ experience across stockbroking, capital markets, investment management, institutional banking and wealth management. Prior to CommSec, he held senior roles with Instinet, UBS Private Bank and HSBC Investment Management and has extensive experience leading regulatory, compliance and technology transformation initiatives.

Chris Webster is National Head of Advisers at Canaccord Genuity Wealth Management Australia and has more than 20 years’ experience in financial services. Before joining Canaccord in 2021, he spent 11 years at Euroz Hartleys, including four years as Head of Private Clients, and previously worked with Deutsche Bank in London. Chris was previously a Director on SIAA’s Board from February 2021 to October 2023.

SIAA Chief Executive Officer Maria Lykouras said the appointments reinforce SIAA’s commitment to ensuring the profession remains well represented by industry leaders with a deep understanding of the opportunities and challenges facing the profession.

“Stephen and Chris’ appointments strengthen the diversity of experience represented on the Board.” Ms Lykouras said

“They have both built distinguished careers across the financial services industry, and will help ensure SIAA continues to benefit from the insights of senior industry practitioners as we continue to advocate for our members.” Ms Lykouras said.

SIAA Chairman Hamish Dee said the Board welcomed the appointments of Stephen and Chris and looked forward to benefiting from their extensive industry expertise.

“Both bring valuable insights and perspective, adding to the strong mix of industry, leadership and governance experience across the Board, and we look forward to their contribution,” Mr Dee said.

The appointments fill vacancies created after Michelle Inns departed her role as Chief Operating Officer and Executive Director at LGT, and Liam Madden departed his role as Managing Director and General Counsel at Instinet, with both subsequently stepping down from the SIAA Board.

“Michelle was a strong advocate for greater diversity across our profession and was instrumental in driving initiatives focused on improving gender balance, while Liam’s legal expertise and governance experience were invaluable to the Board,” Mr Dee said.

“On behalf of SIAA and our members, we thank them both for their commitment and service.”

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Maria Lykouras

Stockbroking and investment advice firms need to do more to attract and retain a diverse pool of talent, with a new insights report highlighting the opportunities this could bring, and the risks of failing to act.

The insights report conducted by the Stockbrokers and Investment Advisers Association (SIAA), Invested in what comes next, finds that while stockbrokers and investment advisers have rebuilt their models, shifted to transparent fees and met rigorous education standards, public perceptions remain rooted in outdated stereotypes.

The report argues these perceptions fail to reflect the reality of a modern, market-facing profession, where investment professionals help clients interpret live market movements, respond to company announcements and make informed decisions about their capital, businesses and long-term financial position.

“Stockbroking and investment advice now rivals other established professions, but it is not seen as relevant or trusted as it should be,” SIAA chief executive officer Maria Lykouras says.

“The reality is stockbroking and investment advice is a dynamic, market-facing profession that offers intellectual challenge and opportunities to have a real-world impact. In an era where AI is reshaping every knowledge industry, the value of human judgement, applied in real time and in complex conditions, has never been more consequential.

“But the perception gap is leading a generation of incoming talent – and potential clients – to dismiss the profession before they have properly engaged with it,” Ms Lykouras says.

A profession on the frontline of markets

The report highlights the distinctive role stockbrokers and investment advisers play in helping Australians navigate live market conditions, from rate decisions to capital raisings, listings and periods of volatility.“The work is live, the decisions carry weight, and the value of trusted human judgement is clear,” Ms Lykouras says.

“On any given day, investment professionals are tracking central bank decisions, interpreting earnings results as they land, and speaking with clients about what the current environment means for their capital, their business or their long-term position.

“For people looking for a career that combines markets, client relationships, intellectual challenge and real-world impact, stockbroking and investment advice has a much stronger story to tell,” Ms Lykouras says.

Barriers to attracting talent

The report, which draws on insights from across SIAA’s membership, independent research and industry consultation, identifies several structural barriers to building a broader talent pipeline. These include:

• Entry pathways that rely on networks, rather than access
• Career progression that assumes working patterns that are difficult to sustain
• Client allocation and advancement that often follows informal channels

The barriers often disproportionately disadvantage women in the sector. Only one in four investment professionals are women, and that figure drops sharply at senior level.

“A new generation of talent is actively seeking careers that offer pace, purpose and real-world impact – and stockbroking and investment advice offers all of this.“We know women find the work rewarding. They value the autonomy, intellectual challenge, depth of client relationships and long-term commercial opportunities. But many firms are failing to adapt their recruitment and retention strategies to capture this incoming talent,” Ms Lykouras says.

A workforce challenge with commercial consequences

This lack of diversity has significant consequences for attracting and retaining clients even as demand for investment advice continues to grow.

The report also finds SIAA members have a structural advantage in responding to these shifts, operating across the full investor spectrum from self-directed and online participation through to full-service advice. As clients move between these models over time, firms trusted across each stage will be best placed to grow with them.

Around $5 trillion is expected to pass from older to younger generations in Australia within the coming decade, and women are expected to receive around 65% of this wealth.

“Investors need trusted human guidance more than ever, particularly as wealth changes hands and financial decisions become more complex,” Ms Lykouras says.

“The next generation of clients is not looking for inherited relationships, but rather guidance that aligns with their own values and expectations. Women in particular are looking for advisers who have market expertise, but who also understand their situation, priorities and stage of life,” Ms Lykouras says.

“Firms that make adjustments to attract and access a diverse talent pool that others cannot will gain a competitive advantage by being able to serve a different and larger client base.

”The report also highlights a significant advice gap, with only 20–30% of the millions of Australians actively participating in markets doing so with professional guidance, despite high satisfaction among those who work with an investment professional.

The report suggests firms could:

• Expand graduate recruitment beyond traditional networks
• Build mentoring and sponsorship structures for early-career talent
• Review client allocation and advancement pathways
• Design performance frameworks that recognise long-term client relationships, not just short-term revenue
• Tell the story of the profession clearly, consistently and with confidence

Many firms have started to address these challenges, but Ms Lykouras says other firms need to follow that lead to make the progress consistent and scalable across the sector.

“The window to shape the profession’s reputation is open now. Stockbroking and investment advice firms have a generational opportunity to change perceptions and bring new talent and new clients into the sector,” she concludes.

Read the report.

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Maria Lykouras

The Stockbrokers and Investment Advisers Association (SIAA) has launched the Developing Adviser Resource Toolkit (DART), a new AI-powered professional development resource designed to help early-career advisers build the practical skills, confidence and professional judgement needed for a successful career in investment advice.

The launch comes at a critical time for the profession, with recent industry research forecasting adviser numbers could fall to fewer than 15,000 by 2030 despite growing consumer demand for financial advice^[1]. New entrants to the profession face increasingly complex regulatory, technical and professional requirements, reinforcing the need for practical support and development opportunities early in their careers.

SIAA Chief Executive Officer Maria Lykouras said supporting the next generation of advisers was critical to the future of Australia’s investment advice profession.

“The future of Australia’s investment advice profession depends on attracting, developing and supporting emerging advisers,” Ms Lykouras said.

“While formal education provides an important foundation, developing advisers also need opportunities to apply their knowledge and gain experience in realistic professional scenarios.”

While designed to support developing advisers, DART will also benefit professionals transitioning into financial advice from other careers. By combining practical learning resources with AI-powered simulations, the toolkit helps career changers accelerate their understanding of the advice process, practise client interactions and build confidence in delivering advice, while drawing on the professional skills and experience they already bring to the role.

“DART is not only for those starting their careers. It’s also designed to support professionals entering financial advice from other fields, helping them apply their existing experience while accelerating their development as advisers,” Ms Lykouras said.

Developed by SIAA in consultation with industry stakeholders including compliance leaders, training managers and heads of advice, DART provides practical resources, guidance and skills development for advisers undertaking their Professional Year and those in the early stages of their investment advice careers.

The toolkit combines educational resources with innovative AI-powered learning experiences, helping emerging advisers build confidence and capability in a safe learning environment.

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Maria Lykouras

SIAA issues open letter to the Senate Economics Legislation Committee Inquiry into the Treasury Laws Amendment (Tax Reform No 1) Bill and Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026

The Stockbrokers and Investment Advisers Association (SIAA), the professional body for the stockbroking and investment advice industry, is concerned that the proposed capital gains tax (CGT) changes contained in Schedule 1 of the Treasury Laws Amendment (Tax Reform No.1) Bill and the associated Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026 (the Bill) will have significant unintended consequences for Australian investors and capital markets.

Australia’s tax settings should support long-term wealth creation for everyday Australians and a capital markets ecosystem that funds Australian businesses and drives economic growth and innovation. Our key concerns are the the proposed CGT changes work against these objectives and will:

• Reduce investor confidence and participation in markets outside superannuation thereby cutting off an accessible path to long-term wealth creation for everyday Australians.
• Have a disproportionate impact on those with lower incomes such as women and younger investors who are investing their after-tax savings from a smaller base and will be subject to the 30% minimum capital gains tax.
• Increase complexity and cost for investors who will need professional advice to understand the tax they will have to pay on sales of their securities.
• Make it harder to attract patient capital into sectors such as biotech, technology and resources exploration, which have historically relied heavily on retail investor support.

We are particularly concerned about the impact the CGT changes will have on younger Australians who have invested in shares and ETFs in an effort to build wealth and save for their first home.

Stakeholders are being given too short a time to respond to these significant changes to CGT. We call on the government to split the CGT changes from the Bill to allow more time for considered, broad and meaningful consultation with stakeholders on the impact that they will have on Australian investors and capital markets.

By Maria Lykouras, CEO

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