Boutique licensees are growing, micro-AFSLs are accelerating, and larger and institutional groups are finding that scale on its own is no longer a compelling value proposition. Advisers are moving toward models that offer greater autonomy, practical support, cultural alignment and flexibility.
If licensees are going to meet these expectations, they will need to be far more adviser-centric. We hear the term bandied about a bit, but what does being ‘adviser-centric’ actually look like in practice?
1. An adviser-first philosophy
For us, it starts with an operating philosophy that puts adviser outcomes at the centre, not as a slogan or a marketing line but as the basis for how decisions get made.
Future focused licensees know that when advisers run stronger, more profitable and more sustainable practices, everyone wins. This mindset should inform how advisers are appointed, how resources are allocated and how services are designed. It is the difference between treating advisers as genuine partners in a shared ecosystem and treating them as another arm of distribution.
And advisers are now expecting this approach as standard.
2. Supporting new-start advisers
A genuine marker of a future focussed licensee is how it approaches new-start advisers.
Many larger groups set minimum revenue thresholds, sometimes $200,000 a year or more, before an adviser is even considered. While that may work for scale models, it risks shutting out capable people and narrowing the pathway into the profession.
Future focussed licensees take a longer-term view. They understand that capability and commitment often show up well before significant revenue. They are prepared to support promising new-start advisers early in their careers, recognising that helping the next generation find its footing is part of the responsibility of any forward-thinking licensee.
At a time when adviser numbers are falling and demand for advice is rising, providing a genuine entry pathway is no longer a nice-to-have. It is essential.
3. Systems and support
If advisers want autonomy, they need efficiency to make it work. The licensee of the future will be judged on how effectively its systems and support help advisers run streamlined, scalable and profitable practices.
Software flexibility
This expectation is changing fast. Advisers now want the freedom to choose systems that fit the way they work, whether that is fully hosted Xplan, AdviserLogic, hybrid setups or bespoke solutions.
Yet many licensees still prescribe the software stack. It is usually done for the licensee’s convenience, not the adviser’s benefit, and the cost burden almost always sits with the adviser. Locking advisers into rigid technology creates unnecessary expense and operational drag, and advisers are pushing back.
Future focussed licensees are moving towards flexibility, multi-platform support and more affordable, adviser-friendly options. Our long-term goal is to provide technology that is better suited to advisers and materially cheaper than the major platforms.
Paraplanning as strategic support
With rising documentation requirements and ongoing regulatory pressure, in-house paraplanning has become a key lever for adviser efficiency.
Our in-house paraplanning team offers competitive pricing and fast turnaround, which works well for both established advisers and those still building scale. Every Statement of Advice is compliance checked before it goes to the client, removing the need for a separate audit step and giving advisers confidence in the quality of their documentation. The service is flexible too, whether used as a primary solution or for overflow during busy periods.
Virtual assistant support
Administrative bottlenecks continue to slow advisers down. VA services provide simple, practical, on-demand help that keeps practices moving through peak periods, staff leave or growth phases.
Licensees that offer this kind of support show they understand what delivering advice looks like day to day.
4. Partnership
More advisers are choosing licensees where they are known personally, where decisions are made quickly and where support is tailored rather than standardised. They want to feel part of a collegial community, not a number in a large system.
Boutique models are well placed to meet these expectations. They can be more responsive, closer to their advisers and often led by people with real adviser experience who understand the realities of running a practice because they have lived them.
As the industry continues to decentralise, these qualities will only become more important.
The licensee of the future
Advisers are reshaping the landscape, as they should be and arguably always should have been. They are doing it through their choices and their expectations are clear: autonomy, flexibility, efficiency and a genuine partnership culture.
Licensees that adopt an adviser-first mindset, support new-start advisers, invest in meaningful efficiency solutions and operate with a boutique philosophy will not just meet the profession’s expectations, they will help lead the next chapter of advice.
Because adviser-centricity is not a slogan. It is a way of operating. And in the evolving landscape of Australian advice, it is what will separate those who stand still from those who stand apart.
Keith Marshall is founder and managing director of AMAFA.
Great article and agree totally! We have always believed that this is the most transparent approach.