The dominant story of 2025 in the advice world has undoubtably been ASIC’s suing of InterPrac due to the failure of two funds. According to My Dealer Services (MDS), these developments have exposed the risks of being associated with larger licensees to many advisers.
This, MDS managing director Alex Euvrard said, has spurred interest in advisers seeking self-licensing arrangements with the desire for more independence.
“MDS has already received a number of approaches from advisers wanting more control over their own destiny,” he said.
“Advisers like self-licensing as a way to control their business and make their own choices about how they treat their clients and where they place their money without the scrutiny of a parent licensee and being dictated to by templates.”
He added: “The greatest thing about the advancement of technology and services is that smaller licensees can now access and plug in support services that deliver leading compliance, software, investment and practice management solutions, functions traditionally held with the larger licensees.”
For Euvrard, it’s that access to better practice solutions that is driving many firms to seek self-licensing arrangements.
“MDS grew the number of self-licensees it services by 20 per cent to 120 in 2025 and despite up to 15 per cent of the industry forecast to potentially depart at the end of the year because of the introduction of two pathways to remain on the Financial Adviser Register,” he said.
“We are proud that we have already managed to shepherd all of our more than 400 adviser members through the rigours of the new requirements,” Euvrard said.
Debate has now raged for a while about the merits of self-licensed and licensee business models. For PlanningSolo founder Jordan Vaka, the current licencing regimes show a “structural and systemic issue that suppresses, infantilises and increases the cost of financial advice in Australia”.
“For the QAR to talk all of a sudden, pivot to affordability of advice and never touch on the cost of licensing, is a complete joke. Makes the whole thing irrelevant to me. It dismisses the entire discussion,” Vaka said.
MDS said this debate has only helped fuel business, allowing them to grow.
“MDS has introduced 10 new and five enhanced supplier partnerships this year that give MDS members access as well as pricing benefits to best-in-class providers. These included platinum and gold partnerships with Morningstar, HUB24, Lonsec and intelliflo,” said head of strategy Ashley Mahadeea.
“We remain dedicated to empowering members with resources and partnerships that drive better client outcomes. Carefully selecting the right product and service providers to support MDS members is another step toward that commitment.”
