Neil Younger

Business services partner, Entireti, has partnered with specialist wealth management career and talent development platform, Striver, to launch a program that will place high quality graduates and job seekers in the group’s member firms, reinforcing its commitment to raising up the next generation of financial advisers.

The partnership will see Entireti’s advice networks, including Akumin, Fortnum and Personal Financial Services (PFS), white label Striver’s technology platform, which connects employers and candidates, and also features a range of education and training resources and tools.

Neil Younger, Entireti Group Chief Executive Officer, said the advice profession’s demand and supply challenges required greater attention from all stakeholders, including the government, tertiary education providers and service providers to the industry.

“We need more advisers to meet the advice needs of Australians and close the advice gap, and that includes investing in the next generation,” he said.

“As one of the largest advice business services providers, Entireti has the infrastructure and scale, and also a mandate, to invest in programs that will underpin the long-term growth and success of our advice businesses and the broader profession.”

Matt Lawler, Akumin Chief Executive Officer, said attracting and developing new entrants was in the group’s heritage and DNA and across the Akumin community many firms had mentored and continued to mentor professional year (PY) advisers.

He said the Striver partnership reflected the group’s desire to play an even bigger leadership role in replenishing adviser numbers, increasing the capacity of advice businesses to serve more clients, and building a sustainable, thriving profession.

“We’re here to help advice businesses grow and achieve their objectives, which involves attracting and retaining talent, and identifying future leaders,” Lawler said.

“We are excited to partner with Striver to connect employers and candidates, and create pathways for people to pursue a rewarding career in financial advice.”

Matt Brown, Chief Executive Officer of Fortnum and PFS said the partnership with Striver would connect employers and candidates, and create pathways for people to pursue a rewarding career in financial advice.

Alisdair Barr, Striver Founder and Chief Executive Officer, said Entireti currently represented the group’s only licensing and business services partnership, despite having garnered support from a number of fund managers, super funds, platforms and software providers.

“To achieve our mission to support 5,000 new advisers over the next decade to make advice accessible to 750,000 more Australians, we need to partner with organisations like Entireti to build a network of advice businesses that are committed to taking on new entrants, teaching them the ropes, and giving them a good experience so they stay in the profession and build their career,” he said.

“We’ve been successful at placing talent inside Akumin businesses for a number of years, leading to this opportunity to support the broader Entireti group, which we are extremely excited about.”

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Neil Younger

Business services and licensing group, Entireti has completed the acquisition of AMP Limited’s financial advice businesses, including AMP Financial Planning, Hillross and Charter Financial Planning – currently referred to as NewCo – and unveiled the group’s expanded senior leadership team.

Entireti, which houses Fortnum Private Wealth, Personal Financial Services and NewCo, now has circa 1,300 financial advisers, 400 businesses and around 180 employees.

According to Neil Younger, Entireti Chief Executive Officer, the group’s large, experienced team and commitment to hitting completion targets ensured a smooth transition and minimal disruption to day-to-day operations for businesses coming across while also maintaining high standards of service and support for existing businesses.

“Across the business, there is a sense of excitement and a strong alignment of vision and purpose,” he said.

“We’re excited about extending our position as the best service provider to advice businesses in the market, and we have the right team, operating model and strategy to achieve that.”

“Our size enables us to deepen our services and solutions for advisers and their clients. At the same time, as a house of brands, we can provide personalised service and support, and preserve and foster the characteristics that make each underlying proposition unique.”

Under the group’s new structure, the executive leadership team consists of:

• Neil Younger, Group CEO and Managing Director
• Glen Castensen, Group Chief Operating and Financial Officer
• Daniela Mascarello, Executive General Manager, Group Risk
• Matt Lawler, CEO NewCo (AMPFP, Hillross, Charter & Jigsaw)
• Matt Brown, CEO, Fortnum & PFS
• Cassandra Salmon, Executive General Manager, Group Technology
• Simone Munro, Executive General Manager, Group People and Brand
• Nick Hilton, Executive General Manager, Advice Delivery
• John Carnevale, Executive General Manager, Investment Services.

Younger said the group had plans about how to grow together, leveraging its national footprint.

“Our focus is not about being the largest, it’s about increasing our relevance for advisers and their clients both now and into the future,” he said.

“Our model supports multiple advisory brands and propositions under the one roof, underpinned by high quality, centralised shared services. We are an all-encompassing business partner to the advice community and our intent is to continue evolving our offerings to help advice businesses expand their capacity and capability so they can help more people and, in doing so, grow their business.”

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Neil Younger

Following Fortnum Private Wealth’s (Fortnum) recent acquisition of Australian Unity’s financial advice business, Professional Financial Services (PFS), the group has created a new parent company brand called Entireti.

Entireti will become the overarching brand identity that encompasses the group’s business services and licensing offerings. This includes the leading brands of Fortnum and PFS, as well as any future take-to-market propositions.

According to Neil Younger, Entireti’s Chief Executive Officer, Fortnum and PFS will continue to operate under their respective names in recognition of their unique positions in the market, significant goodwill, and the brand equity both businesses have built over many years.

“The name Entireti perfectly sums up what we are all about,” Younger said.

“It implies completeness as a unified group, rather than standalone parts. It also reflects our collective strength, community culture and robust foundation.”

“We see a great opportunity to drive the evolution of our industry over the coming years and for Entireti to be recognised as Australia’s leading advice services business.”

In November 2023, Fortnum acquired Australian Unity’s financial advice business taking over the provision of business and licensing services to PFS’ 170+ advisers.

Today, Entireti employs over 55 staff and services around 400 financial advisers nationally. The group’s 170 advice businesses collectively oversee in excess of $30 billion in funds under advice, on behalf of over 60,000 clients.

Matt Brown, Executive General Manager of Advice at Entireti, said the new brand would further unite the group’s people and empower them under a common purpose.

“We’re already one of Australia’s premier business and licensing services organisations, which is reflected in our network of exceptional advisory firms, and we want to help more advisers deliver quality advice and grow their business,” Brown said.

“We have ambitious plans, which includes expanding the range of services we offer, as we strive to meet the holistic needs of professional advice businesses.”

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Matt Brown

Austbrokers Life has announced a partnership with Australian Unity Personal Financial Services (AUPFS) that will offer their clients access to a broader set of capabilities focused on enhancing financial wellbeing.

Austbrokers Life is one of Australia’s leading life insurance specialists, providing financial advice to individuals and key persons and buy/sell advice to businesses across the country. With close to 9,000 clients, Austbrokers Life helped manage 180 claims providing over $37m in claim payments in the last financial year alone. They form part of the Austbrokers group, one of Australia’s largest networks of professional general insurance brokers.

Under the partnership, AUPFS has authorised Austbrokers Life to deliver financial advice under Australian Unity’s Australian Financial Services License (AFSL).

It will also see AUPFS deliver strategic and other support to Austbrokers Life that will enhance the quality of advice its clients receive, and give access to broader solutions to their clients in financial advice, trustee services, along with banking and health insurance

Matt Brown, Executive General Manager Australian Unity Advice said the two organisations’ shared values will ensure a successful partnership.

“Australian Unity is delighted to partner with Austbrokers Life, an organisation that is likeminded in its deep commitment to delivering quality advice and financial solutions that support the wellbeing of Australian households,” he said.

Ben Donald, Managing Director of Austbrokers Life said that its life insurance clients will greatly benefit from the partnership.

“Financial guidance is a core component of what we do, enabling our expert team to advise Australians through life. Receiving this support from Australian Unity is a strong validation for the quality of advice we provide. It will enable our business to benefit Australians in new ways with a more comprehensive advice offering.”

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Matt Brown

More so than any other generation, Baby Boomers’ current age bracket spans many different, and complex, life stages. For advisers, it pays to be attuned to the individual needs of each client, alongside understanding the assets and structures that are required for each stage in this period of life.

There are baby boomers currently transitioning into retirement, while others are already there, and some are preparing for care and considering their care solutions. It’s expected some five million Australians will surge into retirement between 2021 and 2027^[1] – translating to an elevated focus on retirement issues and concerns including health care, aged care and aged-based financial concessions.

While age often factors into this equation, there’s no exact science for working out where a baby boomer sits along the scale and which of these issues will impact them the most.

For those entering retirement, focus needs to be placed on educating how much they should be saving, while retiree’s need to understand how much they’re able to draw down on capital saved in retirement.

The 2020 Retirement Income Review^[2] found that many retirees have a lower standard of living than what they can afford due to concerns about outliving savings, future health and aged care costs, and complex information on how to maximise retirement incomes.

Pre-retirees seem to have the same concerns and may also be over saving based on misconceptions on how expensive retirement is, missing out on a higher standard of living in their working years.

For those boomers who are entering care, advisers need to be confident in preparing them for the transition and establishing structures to pay for required care. Boomers wanting to stay at home may need to free up wealth if they are asset rich and income poor. Alternatively, if clients are seeking to move into a residential community, advisers need to be across the bond required and income and asset assessments to make the transition smooth.

Of course, there’s a school of baby boomers who have neglected to think about financial wellbeing altogether and will need a prompt to ensure they’re able to support their lifestyle through their golden years.

While advisers need to be attuned to the cohorts’ different life stages, it’s also important to remember baby boomers typically like to engage with advisers differently to other generations.

When COVID-19 forced our whole industry to pivot online, with remote meetings and electronic signatures quickly becoming the norm, many baby boomers embraced the changes. But some have been more comfortable with the new processes than others, and those who aren’t may need that extra practical step to feel secure. It could be as simple as a 10-minute call to chat through the electronic signature software – it’s often the small, simple things that make such a difference.

Ultimately, the baby boomer cohort is diverse. Advisers need to cut through the clutter and focus on their client’s individual needs, to ensure they’re comfortably supported as they navigate through their financial needs in older age.

By Matt Brown

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[1] https://www.firstlinks.com.au/turning-point-2020s-baby-boom-retirement-surge
[2] https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-udcomplete-report.pdf

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Every day the squeezed generation faces a mountain of emotional and financial challenges.

Generation X is the squeezed generation, and it’s not hard to figure out why. Facing unique challenges both day-to-day and financially, they’re experiencing pressure from all sides.

Currently sitting between 40 and 55 years old, many in the cohort are hitting that time in their lives where they’re not only responsible for a growing family, but simultaneously managing the care of ageing parents. Financially, Gen Xers have hit a period of many outgoing expenses, with school fees, extra-curricular activities, mortgages and family expenses often stacking up alongside the costs of supporting parents into retirement homes, home care, or other wellbeing needs.

It’s a tough job, and one I know well as a Gen Xer and parent to three kids aged 10 to 14 myself.

A recent report by the Financial Planning Association of Australia shows that more than 51 per cent of Gen Xers don’t believe they’ll have enough money to retire, while 37 per cent report their top financial dream is to set themselves up financially for retirement.

This, for advisers, should serve as a reminder that technical expertise, market awareness and financial knowhow is only part of the equation. What’s clear is it’s important not only to understand and navigate the financial stressors facing this generation, but the emotional ones too with many in the cohort potentially grappling with the mortality and passing of their parents, while supporting a growing family.

COVID-19 has exacerbated many of these challenges for Gen X. ‘Australian Unity’s Wellbeing Index’ recently found that while generally Australians have maintained a relatively stable sense of wellbeing, dual and single parents with dependents at home reported higher levels of stress and more home life difficulties throughout 2020.

By meeting this generation with empathy and understanding, financial advisers can home in on their specific needs to deliver sound financial advice, relative to each individual. Strong emotional intelligence provides advisers with a solid foundation to build trust and offer support through stressful times, while at the back end, having the right systems and controls in place to support a strong engagement model ensures advisers can provide advice with confidence. 

With many aspects of a Gen Xers life beyond their control, it’s also important for advisers to give them the space to choose how they engage with advice and empower them to feel in charge of their financial future.

It’s integral advisers not only know what’s keeping different clients up at night, but how sound strategies help them, from owning and holding onto assets, to saving for future retirement and navigating investment markets.

Every day the squeezed generation faces a mountain of emotional and financial challenges, but by providing them a kind ear and the right financial strategies, advisers can ensure that each client walks out of their office one step lighter than when they entered.

By Matt Brown

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Yet, in the lead up to this significant transfer, we know that many are unprepared. In fact, research by Roy Morgan revealed that only 7.4 per cent of millennials have used any type of wealth management product obtained from a financial professional.

COVID-19 has perpetuated existing uncertainty, exacerbated mounting market volatility and increased the need for all of us – particularly younger generations who have never experienced such market uncertainty – to seek financial advice.

It also highlights the importance for financial advisers to be prepared to support this cohort with their unique financial needs.

Trusted and tailored advice will be key to supporting the millennial generation through this sudden accumulation of wealth in a time where stability is scarce. But there are key differences in the needs of this cohort when it comes to providing financial advice.

Confidence to clearly define the scope of requirements

Financial advisers need to understand millennial clients and speak clearly to their needs.

Have you ever been to the doctor with a sore throat, and walked away having been assessed for every disease under the sun, resulting in a much higher cost than what you anticipated or were prepared for?

Yes? Well, that’s what could happen if financial advisers aren’t provided with the tools and confidence to clearly define the scope of advice needed for their millennial client. Whereas older clients – accustomed to the advice experience – are comfortable with a full-scale assessment, millennials who are new to advice, are focused on their here and now. While it’s critical to still understand the bigger picture facing each and every client, millennials want a more targeted assessment process.

With a significant onus on the financial adviser to devote large amounts of time conducting detailed due diligence, advisers need to be confident to hone in on the individual, specific needs for each client, without giving them a costly and unbeneficial head to toe examination.

Guiding investment principles

Financial advisers need to understand trends and philosophies guiding millennial investment behaviour.

Responsible investing is on the rise amongst all cohorts, with responsible investments accounting for more than half of all professionally managed assets in Australia up from 16 per cent in 2014, according to Money Management, but millennials are the most likely cohort to consider social issues when investing.

A survey of investors, conducted by Nuveen, also found that 95 per cent of millennials would prefer to invest in ways that will positively impact the environment, in comparison to only 63 per cent of non-millennials who agreed with this statement.

What’s clear, is that when it comes to providing advice for the millennial cohorts, advisers need to not only be attuned to the needs of the client, but also to their beliefs and guiding investment principles in order to serve the cohort well.

Taking advice digital

Financial advisers need to use the tools that millennials use.

Millennials are digital natives. They are essentially the first cohort to come of age at a time of prolific digitisation. Their exposure to the internet, social networks and mobile phones, all at an early age, have made them the first digital generation.

As such, many millennial clients are seeking flexible and online advice tools.

In the US, millennials are twice as likely as young boomers to consider using a robo-adviser, at 51 per cent and 24 per cent respectively, while 36 per cent of Gen Xers reported the same. The same trend is yet to hit Australian shores in full force, with research house Investment Trends finding only seven per cent of active online Australian investors accessing robo-advice tools in some form.

But the cohort is still driving digital change, and in order to cater to this generation, advisers need to become comfortable with electronic mediums such as video conferencing and document sharing infrastructure.

Next steps

The financial advice industry has a job to do. A job to engage with and educate millennials of the benefit of financial advice ahead of the greatest intergenerational wealth transfer in history, in a time of immense volatility. To do this well, will take some moves from all participants to increase accessibility, an understanding of their investment and wealth principles, and embracement of digital and communication technologies.

By Matt Brown, Executive General Manager

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Peter Hiom

National Australia Bank (NAB) and ASX have announced that nabtrade, NAB Asset Management and NAB Asset Servicing (NAS) will join the ASX mFund Settlement Service.

NAB is the first major bank to commit to the mFund service, launching by the end of the year.

mFund is an electronic processing service that allows investors to use an ASX broker to apply and redeem units in unlisted managed funds.

NAB will support mFund through nabtrade, NAB Asset Management and NAB Asset Servicing. These areas will provide specialist investment solutions and registry services and, via nabtrade, deliver a key access point for investors.

NAB GM of Self Directed Wealth, Nathan Walsh, said: “Self-directed investors are looking for simple ways to diversify their portfolio. By joining the ASX mFund settlement service, nabtrade is expanding its smarter digital investing capability, giving customers better value and greater access to insights, and a range of investment solutions. This follows the introduction of International Trading and IPOs earlier this year which have received strong interest from self-directed investors and SMSFs”.

Peter Hiom, ASX Deputy CEO, said: “The addition of NAB across the three touch points of broker distribution, funds management and registry, is a key milestone in the development of the mFund service. It’s a strong vote of confidence in the quality of the mFund initiative and even better news for investors.

“NAB’s commitment supports the ASX’s ‘investment supermarket’, providing investors with a broader range of investment opportunities in a cost-effective and efficient manner,” he said.

NAB EGM Asset Servicing, Matt Brown, said the agreement would deliver outstanding results for clients: “This partnership between NAB and ASX further demonstrates our commitment to providing exceptional service for our clients.”

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