HUB24 Limited (HUB) Earnings Call Transcript & Summary

Good morning, everyone. Just a couple of logistics. The door is closing. The front door is closing before we take off. There'll be others joining as I'm sure. Thank you very much for coming along today to our second Investor Strategy Day for HUB24. As I said at our AGM last week -- and I had the jump on the guys because I actually presented some of these slides last week. So hopefully, I'll do a better job. But as I said at the AGM last week, it's always a privilege and a pleasure to talk about HUB24. I need to stick to time. The team don't think I will because I'm an oxygen thief. And I love talking about this industry and our customers and our business. So -- but really excited to have you all here today. Hopefully, today, you get a feel of -- and those of you who are online, thank you and welcome as well. You get a bit of a deeper dive on our strategy, the ecosystem and how we work with the industry, where we're at with our progress in executing strategy, the leadership position, the trends in the market and the opportunities that are there for HUB24 to take and some of the opportunities that we make through our ecosystem and challenging the model with technology unlocking value and creating new solutions that extends the reach of the market for advisers and actually helps customers build a better financial future. In fact, if I look at our first slide here, empowering better financial futures together. Now more than ever, is HUB24 facing into that challenge and/or excelling in that challenge of building or empowering better financial futures together. Together with advisers, together with shareholders who support our business, together with customers, together with fund managers, investors, other product manufacturers who make their products and services available on our platform. Together with tech providers and others that actually remove data around the industry to help advisers and clients achieve outcomes. Together with accountants and actuaries in the Class space as well and across the border space. So -- and it's very, very important because today, as we stand here in this industry, there's been so much change over the last few years, I think, since FOFA, but accelerated since the Royal Commission, and the players in the marketplace are very different today than they were 5 years ago. The market is still fragmented. There is still a need for, I suppose, this industry to coalesce and build its foundations for the future. We believe we have a role in that, and we love playing that role. At the same time, we need to work with the whole industry to do that. That creates opportunity to innovate, opportunity to meet customer needs and opportunities for shareholders as well. So hopefully, by the end of the day, you'll have a deeper understanding of our strategy and where we're at and how it fits together and, of course, opportunities for questions at the end of the session. I want to keep the content going. Happy to take questions at the end and should be plenty of time for that. A welcome to our new Chairman-elect or our new Chairman, Paul Rogan, who is in the audience here, who has come along today. He was appointed as our Chair officially on Thursday after AGM. And so, Paul, if you want to say hello afterwards, and welcome to everyone again. We've got a few members of our team. I'll introduce the team subsequently when we talk about the agenda. But in terms of where HUB24 is today, in terms of our vision, I suppose to -- we talked about our vision being lead the wealth industry as the best provider of integrated platform, tech and data solutions. I think in many ways we're doing that. And in many ways, there's more opportunities to do that. If you look at the slide on the screen in terms of some of the stats where we stand in the industry at the moment, and I said at the AGM last week, I didn't think we would be here 10 years ago. But we are, and there's a great opportunity to keep consolidating our position. So arguably and well acknowledged to be Australia's best platform in the marketplace, voted by advisers and independent research. The third fastest-growing superannuation fund, behind 2 large industry fund behemoths who've had merger after merger. But in terms of net flows into superannuation, HUB24 has the third highest dollar inflows into superannuation as in the data in the footnote. I think it's back to '22. That's the latest data available. Not something we aspire to, but something we're proud of and something we intend to build on in terms of the retail sector and advisers helping clients and us playing that role, it's a delight to have that level of growth. The best SMSF software provider and advice platform for the year from SMSF Adviser awards in the last few weeks. That's accolading Class. And you'll hear from Tim Steele shortly, our CEO of Class and it's accolading the HUB24 platform, but also the best SMSF documents provider. Everyone knows our heritage as managed portfolio is having a market-leading capability. It's how we came to market or gained market share rapidly. It's how we lead the market in many ways in the HUB platform. And we continue to do so with the most choice, the most options and the best technology and the best outcomes from a consumer point of view, absolutely hands down. We have our secure online client portal technology, which is buzzwords for myprosperity, and Peter McCarthy will be up here shortly to give a demonstration on myprosperity. But it's a piece in the puzzle of our platform of the future, if you like, actually acquiring a portal that gets us home faster than had we built all the functionality ourselves, key part of our plan and our strategy to rebuild this industry. Data-led solutions and emerging technologies, while we talk about HUBconnect, and those capabilities have got in the business. And we have a comprehensive institutional in custody reporting and admin business as well, which we intend to leverage in that ecosystem as we continue to lead in terms of how we can work with partners and our own business to empower better financial futures for consumers together. A bit of a snapshot on the awards, and I won't spend too much time on this. I had to put it up there, if you weren't at the AGM. There are 22 first place or best ranked awards on that slide. There were times when we used to look at how many points we had to put on the slide. We've had 2 wins and 2 seconds or top 3 and that kind of stuff. I'm very humbled by this because we won't stay there in all cases, but it's nice today to say that there's 22 of those awards. Again, not something we aspire to or focus on. We don't run the business to win the awards. It's nice to get the recognition, but we know that we have to work very hard to delight our customers and deliver all the outcomes we have to for shareholders, clients, advisers, accountants and so forth. But they're up there, Adviser Ratings awards, investment trends awards, SMSF awards and so forth. There's some for Class and some for the HUB24 platform, a range of awards. Interestingly, we had a clean sweep in Adviser Ratings, winning all 6 categories and the overall award when that came out. So that was a great outcome for us. So I will stop the bragging rights and move on a little bit more to today and talk a little bit about our strategy. And my role here is just to introduce and reinforce some of our strategic themes and let the team deliver the content and then us have the Q&A afterwards. But we quite often talk about our 3 strategic pillars. We reworded them in August when we did our annual results. Lead today, it's about creating value and delivering customer value in our current chosen propositions. And if you look at the right-hand side of the slide in the 4 quadrants, you've got HUB24 Platform, our HUBconnect data infrastructure, Class, and NowInfinity being examples of applications or software technologies that are core businesses for us. And our client experience, newly added quadrant with the myprosperity portal. In all of those quadrants, we have a leading value proposition today in the Australian wealth management marketplace, and we intend to keep it that way and work very hard to do that. So part of our strategy is to lead today, deliver customer value and growth. But if you look at those 4 quadrants and some of the capabilities there, second part of our strategy is to create tomorrow or build the platform of the future or innovate or use technology to unlock value that was locked up before in an industry that didn't have the investment it needed to have to imagine itself for the future. And that's about making things more efficient or accessible and so forth. And so can create tomorrow by bringing together the best of those capabilities in the HUB24 Group. We are challenging the marketplace. We are creating new propositions and building what we call the platform of the future or the ecosystem of the future for wealth management. We want to continue to disrupt. We want to continue to lead. We don't want to get cozy in having the best propositions alone. We want to bring them together and show how that creates utility and actually creates more opportunities for Australians to secure their financial future with great advice, great technology and great products. But not only that, if you think about us working together with our ecosystem around the outside of those quadrants is external market participants, maybe insurers, brokers, actuaries, accountants and so forth. There are whole lot of functionality that we deliver. And so we talk about it in our third pillar about building together, about collaborating to shape the future of the wealth industry. Nobody can do it alone. This industry is now full of specialist providers in specialist places, not banks or all finance institutions that actually try to run across and down the value chain with vertical integration. It's about bringing best-of-breed products together in an open architecture way that creates flexibility and choice. But you have to do that with others. And that's certainly how we think about moving data around, about collaborating with other participants. There will be examples today. Allianz Retire Plus, Chesne will talk about Agile, about us bringing other products and services together in our ecosystem to create a better outcome. And so I would sum that up as this industry needs investment, it needs to get on the right track. There's been so much change. There's so much disruption. And as an industry, we have a role to play to invest in that and to create that future. But also to work with government, other participants, regulators and associations to actually advocate for positive change. And why do we do all that? We think that's great for us. It's great for shareholders. It's great for customers. And absolutely, we want to deliver on our vision. But how it does it is by delivering the outcomes on the right-hand side. We think it's important that we get a single view of wealth of financial professionals and their clients. One way of doing business regardless of technology, legal structure and so forth. There's so much confusion, so much complexity in this industry. Can we make it easier? Can we simplify it? Can we make it more efficient and get access to investment management IP that's managed portfolios and make that democratize? Whether that be in Australia or global opportunities and high net wealth opportunities that we are moving towards as well? Flexibility for advisers and licensees and great reporting and insights for businesses and customers. To give you a snapshot of our footprint on how that ecosystem plays out with our current business footprint, there are metrics on the slide, a different way of viewing our business. We have the HUB platform, the Xplore Wealth platform that will shortly we'll finish the migration or integration of that and the myprosperity portal and the stats are there. Our total FUA 82.7 as at 30 September -- or I'm not sure that's September or June, apologies. But the annual inflows for last financial year $9.7 billion. At our AGM, we had the current quarterly stats up there as well. And so you can see the reach there. There's 440 accounting firms, 70,000 households, thousands of accounts. 4,000 financial advisers are using our solutions at an industry where there's 15,000 or 16,000. There's a lot of runway for us to continue to grow and get more share of market. On the right-hand side, our Technology Solutions businesses involving HUBconnect are starting with some of the assets we have when we purchased Agility in 2016, with stockbroker support with HUBconnect Broker and HUBconnect Licensee, where we use AI and machine learning to create real utility for licensees, which complements as an adjacency to our overall strategy and builds revenue -- diversified revenue streams, but also builds tenure and solutions that are really about creating the platform of the future. And Class as well, which has 6,000 unique clients, if you like, but the SMSF software administration service are now rated #1 in terms of NPS in the marketplace. Tim will talk more about that. Class Trust and Class Portfolio have over 200,000 accounts, and NowInfinity, which is Corporate Compliance and Document Solutions. I won't talk more about that. I think we've covered it. But with that footprint in the ecosystem, with the other graphic on the slide before, that's the basis on which we intend to continue to lead today to create tomorrow and to build the future together. We're well-positioned to do that from an industry perspective. I'll get rid of these slides. In terms of the trends, here's some summary of the trends that are, I suppose, supporting our strategy, and our strategy is also supporting in that -- the trends that we can respond to make a market, but also meet a market need. So specialist platforms are extending their lead while in-store platforms remain challenged. We put some stats up at the AGM about market share and where that's really at. There are only 3 mainstream platforms in growth mode in Australia compared to 12 or 13 a decade ago. There is a demand for integrated technology solutions, and Jason will outline some of the issues there in terms of capacity, complexity and compliance and how this industry needs to integrate. What often people talk about all the software that's out there. Our view is if you don't get the data right point-to-point with permissioning and security and you can't transport it around, you can't deliver a software solution. So there's demand for integration. Demand for wealth advice is increasing. We all hear about that the government is looking at opening that up for superannuation funds as a result of QAR, some of the measures. We'd argue that there are many more measures that should be implemented, but the demand is there and it's increasing. It's a great trend for HUB to benefit from. Growth in SMSF as well. Tim will talk about that. Young generation and millennials are driving some of that. And the QAR review as well as another trend there where we're thinking about how we use data, tech, AI and machine learning to play into that trend and help advisers implement the QAR recommendations efficiently in their business and take advantage of them. And there's a whole shift with the licensee model with aggregators starting to pop up after the disaggregation from institutions. We talk about these trends quite often, but they are really strong trends in our industry, which, with our leading position, allow us to capitalize on the investment that our shareholders have already made and that we continue to make in HUB24. So the outcomes from today, hopefully, you'll see how we're harnessing that ecosystem. You'll get a clearer understanding of our clear growth strategy and how it delivers strong financial results. More about our market leadership. The ecosystem driving competitive advantage and why that's the case, and I'd love to spend some time talking about that in Q&A as well. You'll hear about some innovative products and services we've just been releasing and how those combined capabilities are enhancing our outset, if you like, in enabling access to new markets. Paul Biggs will talk about our data infrastructure and the sophistication there. And overall, hopefully, you'll see that we're very well positioned to create opportunities for clients and shareholders. So in terms of the team today, you've got me upfront, Andrew Alcock, MD and CEO, and I'll come back to do the Q&A with the rest of the team as appropriate. Those of you online can actually issue -- if you -- analysts online can issue questions through the portal, we'll pick those up online. And those in the room will take questions from the floor as well. We've got the amazing Jason Entwistle, who's our Director of Strategic Development, who I've worked with for 10 years and has been at HUB for longer than I. And absolutely have to say that Jason has been a linchpin in the strategic development of HUB to where we are today from where we were in the past, being a managed accounts platform to being an ecosystem provider challenging the status quo. So Jason will give you an overview of the overall strategy. We've got the exuberant, enthusiastic, energetic entrepreneurial Peter McCarthy from myprosperity, who, every time I meet him, I get really excited about what he's doing in his business as CEO. He reminds me of the early days in HUB when you've got a small group of people and you're innovating. It's really exciting how the myprosperity portal can transform what we're taking to market in terms of platform of the future. So I look forward to that. I think it's an 8- or 9-minute demo tape, which doesn't give you enough time, but hopefully gives the audience a bit of smattering of what it's all about. Tim Steele, a very accomplished executive and leader in our space and a compelling leader at that, who's taken the reins at Class and helped deliver some great outcomes in Class over a very short period of time. And we sum that up with Class is back from a customer and innovation point of view. So I look forward to hearing from Tim, the CEO of Class. Chesne Stafford, the inimitable Chesne Stafford, who really understands relationships and reciprocity and how to partner in the marketplace, who leads our relationship function and our marketing functions across the business. Refreshing to have such a talented person on the team who can get the best out of our people, but also work with clients in partnership to create great outcomes for them. And Chesne has been involved in securing a lot of the large migrations that Kitrina will talk about later on, and working with her team to create those opportunities for HUB. Paul Biggs, I don't think we've had Paul Biggs wheeled out to shareholders and investors before. I'm not nervous about that at all, Paul. But Paul's nervous. He's probably going to imagine the crowd in different ways today to ease those nerves. I promised I wouldn't say it. But Paul is an amazing guy. It's really good for us to have in a business somebody so talented who can bridge the strategic to the practical, who could be thinking about cybersecurity risks and infrastructure and scale and capability at the same time as thinking about strategic architecture that allows you to build more functionality and get to market faster. Paul has about 300 of HUB's employees in the tech and innovation space. And really a delight if you're able to talk to him today here as well. Kitrina Shanahan, the mainstay of the accelerator and the brake for HUB. Many of you know Kitrina, our CFO, she'd be speaking quickly, absolutely covering off how we drive revenue drivers and outcomes for shareholders and how we invest in our business, and I'll pop back up for Q&A. I don't know why I took too much time, Tim. I've got one more slide. I did want to say that today we've selected this group of executives to talk. Last year, we did a different slate. We did a whole lot of stuff on customer and operations with Craig Lawrenson. We did some more product deeper dives at the time. And so we've tried to mix it up a bit today, so you get to see other people in our talented team and understand a bit about our DNA and what makes us tick, and get that cohesiveness from the HUB leadership team along with the strategy. Since we saw you last year, we talked last year about a whole lot of things we'd like to do and some of the commitments we made. And conceptually, I just wanted to give you a bit of a scorecard. We talked to you last year about how we wanted to continue to enhance the platform and the proposition. We've done that. We've won some awards. We'll continue to do that. We're now ranked #1 by investment trends. We said we wanted to consolidate the Class leadership position. Tim will talk more about that. That's absolutely happened. We said we needed to bunker down, sort out some stuff and get the focus right. We're there. We're now in growth mode. And now in the mode where we think about how Class helps the broader HUB group. We launched HUB24 SMSF access. We talked about that last time. It's leveraging group capabilities. And it's an example of what we can do by bringing those 4 quadrants together. The momentum is growing. I think, Chesne, it's continuing to grow. It's a hard sell. It's a difficult product, in some cases, to go to take a consumer on an advice journey. But once they get there and they understand the choice and the capability they're investing in with their own self-managed super fund, at a lower cost with more accessibility at maybe a younger age, it's a cracker in terms of helping advisers and customers secure their wealth and empower their futures. We've -- part of our awards was extending the single view of wealth reporting with HUB24 Present. We took it to market probably 18 months ago. We've since added third-party feeds like Macquarie and others. And we've added an asset register where you can put in any assets, if you like, and report on those assets. It might be property or manual assets. You can also, as an adviser, tweak the labels on particular assets or investments into the technology or change the name of asset classes or investment strategy. So as an adviser when you report on the HUB platform, you can report using the same language that you used in your statement of advice. So your client can follow where they're heading based on the advice you gave them by having tailored reporting where any advice group can change some of the labels within reason to make that reporting work for them. We acquired myprosperity. You'll see that in just a couple of minutes after Jason gets up, takes the floor. And that really is accelerating our platform of the future. It's helping us create tomorrow. We saw the asset and went wow. This is amazing. We're heading in this direction, but there's so much more in the technology in the offer that Peter and his team has built. And of course, we've continued to deliver great financial results and strengthen our balance sheet and increase profitability. So that's a snapshot of what we said we do last year. It's what we have done. We're looking forward to doing even more. And without further ado, I will hand over to Jason, who's going to talk to us about our strategy. Thanks, Jason.

Thank you, Andrew. I appreciate you not taking the entire hour, giving us a go. You do tell a story incredibly well. So we wouldn't blame you if you did. But it's great to be here. I'm Jason Entwistle, Director of Strategic Development at HUB, and I have been here a long time. I think I'm coming up in 15 years. So it's been an amazing journey, but we're only just starting. I think we've got so much ahead of us. So what I'll cover today is the big trends that are shaping the wealth industry and therefore, underpinning our strategy; opportunity with demographic change that's coming through; how we are deliberately positioning HUB24 with this opportunity, but with the lack of supply of professionals, financial professionals in our industry, taking that into account and how we can address that. So the big demographic change we all know, aging population. We've heard it for probably decades now. And it's here, and it's now. In the next decade, the amount of people in our workforce or the makeup of them changes quite significantly. Some of there's a stat like 70% of the workforce will be made up of people born after 1980 by the end of this decade. So it really changes. And it's changing in front of our eyes, and it's changing the way we deliver wealth. So we're having to look at different products. We're looking at moving from an industry that's really focused on accumulation to thinking about de-accumulation. It's going to become a big part of the industry. The government is pushing it. All the super funds are being challenged of what we're going to do to deliver into that need. And with the aging population and moving on beyond into -- further into retirement, we're talking aged care. We're talking risks that we have to deal with at scale which today aren't really being addressed. And so these are massive challenges for households. How do I deal with my parents in retirement, get them moving into aged care? And then looking a bit further on, the generational transfer of wealth. So depending on which survey you look at, which report, something between $3 trillion and $4 trillion of assets is going to transfer in the next 10 to 20 years. That's massive. And it's actually occurring already. We can see it in our client base today. We're hearing stories all the time of advisers who've got clients pass away, and that money disappears from that client's business -- from that advisers business. And by the way, I'm just going to definitionally talk a second. Clients will mean financial professionals, intermediaries, accountants, advisers, consumers. We mean the end investor, the SMSF, the tax client of an account. So definitely share that, was a good one, and I hope I don't cross over that, Andrew, and get it wrong. So when that wealth transfer occurs, we've got an entirely different group of clients coming through that are going to hold that wealth. These are digital natives. They really believe in personalization. And you can see the stats in SMSF Tim will talk about soon. That's driving a change in the industry because they're different. They're just different clients. And they have a very ethical focus, some of them. So the needs are changing really significantly. And what we think that all adds up to, the aging population, moving into different types of products with a much more complex estate planning and tax planning around the change of -- or the transfer of the assets and the new groups coming through, there's a huge demand for advice. And that's a really good positive thing for us. Intermediated solution we believe in advice and the fact that there's going to be more demand for advice is good for us. So the sustainable demand drivers, we think, are absolutely there. And the opportunity is really large. And we're leaning into this opportunity. When we build solutions, we think about it with this context. We don't just think about our current client base. We think about the opportunity in terms of the size of the population here. The part of that population in Australia, about 10 million Australians, larger tax return through a tax agent or an accountant. They are 6 million households. They are the wealthier 6 million households. They're doing that because there's something more about their position. They might own an investment property. They've got a share portfolio. They're more than wage earners. So the wealthy is 6 million Australians with an accounting relationship. Of that, about 30%, 1.8 million, have a financial planning or financial adviser relationship. And that's in the current term, what we call financial product advice. Something like 2.8 million households are looking to seeking advice in the next 12 months. Now that's a crazy stat. We don't have the industry infrastructure. We don't have the supply of people, advisers and accountants to deliver into that need. Andrew mentioned QAR briefly, a regulatory change. It's coming. It hasn't settled yet. But in part, it has to deal with this issue. It was called the Quality of Advice Review. It really needs to be a quantity of advisory review, and I think that's what it's really about. There will be digital solutions coming through a whole of other things to meet that demand. But we do have to figure out how we get the 10,000 accounting firms and the 15,000-odd advisers in the country to able to see more clients, to deliver more advice into that need. And by the way, we really believe in advice and not just financial product advices as defined by the legislation. Wealth advice covers a much more wide variety of advices. And coming back to that change in demographics, there's lots of advice required for the tax and structuring and estate planning for that generation of wealth transfer, for aged care advice, lending advice, insurance advice as well as financial product advice. And accounts play a big part in that. A lot of these households, who don't receive financial planning advice receive wealth advice from their accountants. It might be about tax or your SMSF family trust. They do play a role. And we absolutely see them as part of the solution for the supply of advice in the country, that generic term of wealth advice. So we've got that huge demand coming through, an amazing opportunity, but we're still really challenged with this supply issue. And so productivity has to be part of the solution. We have the really good news. The industry is restructuring. The Royal Commission rolled through, massively changed the industry. The banks left. We all know the story. We are absolutely witnessing every day almost the emergence of the new advice leaders in our industry. So every day, there's a news article about a consolidation and aggregation and acquisition. Just recently, we've seen Invest Blue buy -- sorry, Ironbark buy Invest Blue. AZ NGA and Fortnum recently bought AU; CAP and Diverger are trying to merge. There's so much activity in the space. And I'm absolutely certain that what we're seeing is the emergence of the next generation of leaders post the exit of the banks. And these groups will be scale. They're getting given scale today, but they're going to be real scale. They're backed by private equity, a lot of them. And so they have quite a significant capital base to pay and buy much more than they've got today. That's a real positive. Those groups coming through, they will get together, band together and get the benefits of scale, and that will increase productivity somewhat. But the need is just so great. I mean 2.8 million households that is seeking advice. Another stat, Australia has 30,000 additional accountants, that's just to meet the current demand. It's not even really talking about growth. So we are massively challenged. It's not like all of us who, as kids who ever come through uni, how many of us have been saying, "I want to be a financial planner," not many. So we have a massive supply issue. And the fact is Australia, each adviser, on average, only services 120 clients. That's not much. And that's why, on average, they charge about $5,000, $4,000 to $5,000 to see each client. And that means advice is not very accessible. I mentioned before, we really believe in advice, but it's not accessible to many Australians. We're talking not much more than 10% of the country is actually receiving real advice. And so we have to change that. People who get advice end up better off. If they end up better off, then they don't have so much reliance on the age pension. Therefore, we don't pay as much tax. It's a community good. We have to solve this. And so when we're thinking about our solutions, that's what we're facing into, how do we solve it? And the platform has been a big part of that. A platform, 30 years, these things have been running around in various forms, and they were always about efficiency. How can you make the implementation of advice, the access to fund management IP, how do you make it more efficient? And so we've helped advisers with their productivity for 30 years, platforms have helped. But we're only a component of the overall system. And in fact, some of our regulations like best interest duty, it's a good thing, but it means that advisers have multiple ways of doing business, not one way. And so it's far less efficient for them. So while we've done things like Platforms and other technology to improve efficiency, the advisers have been fighting a losing battle against regulation that's made it far less efficient. And so we're sort of back to square 1. The 100 per adviser hasn't really moved in 30 years. In fact it has gone down. Back in the old trail days, we don't talk about that much anymore. But in those days, 10, 20 years ago, there were clients you didn't have to serve as much, and we used to count them. But true full-service clients hasn't changed much in decades. So our vision, as Andrew said before, to be the best integrated platform, data and tech, is about how do we solve more of the problem. Yes, we can improve the platform, get incremental gains. But how do we solve the actual core problem of advisers not seeing 120 clients each, can they see 240 or 360? Why not? Why can't we massively change the economics of the game so that advisers can see more people, they've got more successful businesses and more people get advice. So this, for us, we've talked about platform in the future. This is what it looks like. We're growing. We're expanding from just being a platform to being a tech solution, integrated with lots of partners, all the stuff on the outside as partners. Actually really good bringing all those partners together. Andrew mentioned Chesne will talk about some new initiatives. We brought partners together to deliver that. We're really good at that. So how do we take those smart capability and deliver into the promises that platforms have talked about for years to really make a step change in productivity? So we've deliberately positioned ourselves with this ecosystem. We had clear criteria in building and buying parts of this ecosystem, clear criteria that we selected these parties. So one, they're a market leader in their space. Each of these groups, these brands on up there, they're leaders. Each has about 10 or 15 years of heritage. Everyone underestimates how hard it is to build one of these. I think the first question I got when we acquired Class was, "Why don't you just build it?" It took Class 15 years to get to 30% of the market, in a massive system. And I think I joked at the time, we probably could build it. We might do it in 12 because we're pretty good, but it will take us 12 years. And so that's the thing here. This is really hard to replicate because Pete, what is it, 12 years, Agility sits behind it, 15 years. 15 years, Class 2007, 15, 16 years. It's really hard to replicate that capability. Now each of those businesses in its own right is successful and will continue to be. Each is making productivity improvements for their clients. But if we bring it together, we can -- in our view, we can make a step change in that productivity. And that's how we'll get to 120, 240, 360. We have to bring it together. Now I'm going to hand over now to -- sorry, I'm going to wrap it first. So we've been very intentional with our ecosystem, partnering with our clients. Now this ecosystem didn't come out of someone's brain. It came because we went and sat with our clients. We listened to them. And we've reacted with a solution. And we work really closely with our clients. We run think tanks. We drill into their pain points. Even if they're related to our platform or not, we're drilling and we find out what's the real problem. And when we do that, we come out with kernels of wisdom and great opportunities where we can piece something together and really solve the problem. So our goal is to drive that step change in productivity. And the more households that can -- will be able to access advice if we can do that. And as we said, it's a community good. And ultimately, it's going to drive the success of our clients. So as we're talking before about the aggregation, consolidation, a lot of them are going to become wealthy out of this process. But they'll be much wealthier if we can drive that productivity change. Each speaker today is going to talk about one of these quadrants in more detail. And next up is Pete with myprosperity, but I'm going to steal you for a sec, Pete, and just explain a bit of context of why we purchased it. It's only newly acquired in May. People will tell you it was a really slow process. We took a lot negotiating terms, but we got there. But this is a tech stack inside our business. The client experience or customer experience at the top, the data being held at the bottom, and in the middle of a whole bunch of applications and tools that hang it all together. That's our vision. Every professional services firm has their own version, and it looks sort of similar but with different brands and names on it. Sometimes our brands in there is HUB is part of the Platform space or Class, et cetera. We're part of their tech stack. But it's really important to think about, as an adviser and professional service firm accounting and lawyers, doesn't matter, if I want to get the document to a client to sign a document, a customer, how do I do that? I don't want to send them 4 different links to 4 different applications because they've got 4 different types of process going. I just want one way of doing business. So the portal for us was that entry point where each firm is going to choose one. They're not going to choose 4, 5, 6. They're going to choose one. Likewise, with the data, they're going to choose one provider, one group that's going to help them keep their data secure, store it all together, generate insights out of it, et cetera. You don't want 5 data providers, it's too hard. Just want one. In the middle, there will be choice. Multiple platforms, CRMs, practice management tools, you name it. But the 2 bookends for us are really important, and myprosperity for us represents one of those bookends. And whoever takes myprosperity is likely to take the data service as well because it just sits underneath it. If we've got the bookends and what occurs in the middle, it's just part of that ecosystem. And our clients are looking at us to arrange that, integrate it, make sure it's safe. Even financially backed, one of the messy problems here is the fintechs keep going out of business. So they're really looking at us to fix this problem. Now at the portal level, there's some really cool things about it. One is that great digital experience you share with your clients, customers. I want to stop on definitions, because I keep getting my definition wrong. Customers. So great experience, but cyber is such a big issue. It's become a retail issue. Every firm is telling us that it's an issue with their clients. Their clients are asking, how do you keep my data safe. Because if the clients have been hacked, they know someone has. So it's a retail issue. And so it does that. But the other big thing is the automation potential. If it's sitting on the client's mobile device, you validated who they are and you can validate the information they're sending to you, you can automate it. We do lots of automation down here. That's sort of easy stuff. That last mile to the end consumer is the really hard bit. So the mobile device can help us with that. And that's that messy productivity gain we're talking about. Get the whole ecosystem coming up through all products and services delivered through the one channel. All right. I hand to Pete.

Okay. Thanks, Jason. My name is Peter McCarthy, as Jason mentioned, Founder of myprosperity and CEO. I just want to reiterate a few points that Jason made earlier around sort of the mission myprosperity is on. First and foremost, we're really passionate about creating efficiencies for financial advisers. So reimagining how they work with their clients. And predominantly, we deal with accounting firms and financial planning firms. They're our 2 key markets. Secondly, we're looking to improve the client experience. So how do we reimagine how people do things, right? So typically, I don't know if you deal with an account at a financial plan and it's a lot of e-mails, a lot of paper, all that stuff flying around. How do we reimagine that and make it more efficient and create a better user experience? And as Jason mentioned, another critical thing more secure as well. I think the days of sending data around through e-mails that is not password protected, that stuff is sort of gone. And third, how do we really drive digital engagement? So probably financial services in my time working in it. It's been one of the slowest to change from a client point of view. The way it's done is pretty much the same as it was years ago. So how do we reimagine that? And how do we do that in a really cool digital way? And again, you'll see through the demonstration and show you with the real focus on mobile. So what I want to do is I'm going to do a live demo. Now I'll take you through the product. Looking through the lens of a fictional firm, Jones Allen and Co. you can see here, and how they would use the platform then are going to switch to how the client would use the platform. And then we'll wrap up with some of the key features that I can demo to you. Okay. So first thing we did, and really passionate about this, is how do we wire up all the integrations with the current systems out there. So when this firm, Jones Allen joins as a myprosperity partner, we can wire up all their data really, really quickly. So you can see here, we have significant integrations across practice management. So things like Xero Practice Manager 98is one of the biggest ones to use, mostly used by accountants for their co-practice management system, Xplan for financial planning. They are the 2 big ones and several others. We also have integrations with document management platforms. This is really important if we're sharing documents. We have integrated digital signing. So we have multiple options. So we have DocuSign, OneSpan, Fuse and esignature, all popular across financial planners and accountants. And then we have a range of direct self-managed fund feeds and investment feeds that we are. And we're continually investing in all these integrations to bring it together. So again, we can bring together all this data to make it easier and more efficient for the adviser. Whether it be the accountant or planner and a better experience for the end user. Now a really critical part of what we've invested in the last couple of years, and we continue to invest in, is around the mobile experience for end users. Interestingly, 70% of our logins, so end users doing stuff with their account or plan, 70% of that is on the mobile. 30% is on desktop. So in our view, if you -- it's going to -- a mobile app is going to drive the future. Then how do we create and awesome mobile experience that reflects what the adviser, in this case, Jones Allen and Co., what they expect clients to see. So using our framework -- and we believe this is really cool, and we've never actually seen anything like it in the market, using our framework, this firm, Jones Allen, can build their own app, what it looks like, what the links are. So for example, if they're an accountant, and a big part of what they do is around documents, they can sort of feature that in app because it makes sense. If they're financial planning, they're looking to promote more of that whole of wealth view, they can hero that within the app. They can then have links to their booking and appointment, they can contact us, we'll come to them. They can have linked to their content, their blog articles and all that sort of stuff. So they can also have log-in links to other technology. So again, coming back to Jason's point, this is really critical. One login to go to multiple places. But just one way of doing things. So as a firm, I can build my app, our team help do that, and when it hit, say, changes, when my clients log in, that's exactly what they're going to see. I'll show you that in a moment. Okay. And the big investment that we've made over the last couple of years is the concept of what we call digital forms. So if we look at the financial services industry, typically, and still to this day, most people are filling in paper-based back files, right? So the financial planner sits down, writes tell us all about yourself or e-mails it out and the client has to print it, scan it, fill it in or, whatever, send it back. So what we did was we built a -- again, a framework to allow these custom digital forms to be built. And so for example, for a planner, it could be I want to send out this fact find. It could be a pre-meeting fact find. It could be an annual review fact find. And it will then go through. And this is before it's sent to the client, they can view it. But it's all branded to firm. It can have their content, their logos. And we'll ask all those questions that a financial plan would need to gather in order to provide advice. Now the other thing we wanted to do, and again, all wired up with integration. So this feeds to and from Xplan, brings in data from Xero Practice Manager, all that stuff. So that's really cool. So there's no need for the firm to always add new data because we're feeding it. The other thing we wanted to do was make to make it really cool and engaging because we think we can do better than a paper form, right? So for example, here, the client can put in their address. Let me just go back. So for example, this client lives in George Street, Balmain, goes off live to CoreLogic, and it brings in the current estimate of their property value. So rather than just filling in with pen and paper, they can just -- it brings it all to life. And I'll show you some more stuff on client side as well. And again, if they've had -- if they've got portfolios in place, we bring through all that data from live feed. So they don't have to key in what their investments with. It all just feeds in and brings it all to life. So that's an example of a digital form. Client -- the adviser can start it, bringing all the data they've gotten and send it to the client, and we're going to move now to the client experience. Okay. So now these are the main things done. I need to send a document to a client. I need to request a signature from a client. I need them to fill in a form, and I'll show you a new feature we've got rooms in a moment. So let's say I want to send a document. I'll just click on that, choose the client I want to send it to. I won't go through the signing part. But what I will do now is switch to the app. I'm talking some mobile now. So this would be the client experience, hopefully? Yes. Okay. So I'm now in the custom Jones Allen & Company app. I'm a client and they want me to do something. So now I'm focused on jobs to be done, okay? So you want me to fill in a fact find. Okay. I can go through and do all that now securely in-app. So no more printing, scanning, whatever I can do that. With all this data now feeding back to something like Xplan to provide the advice automatically. If I'm a client, you want to document from me, I can take a photo and upload a document, all the way through, simple. And again, most people are doing this via paper-based forms. Now this could be a fact find. This could be a company setup form. This could be an application. It could be a tax checklist. An actual fact, I'll show you one of those now. So now it's time to do my tax with my accountant. And he's -- rather than sending me at an email saying, hey, George, in this case, send me through your stuff, I can now do all that in-app. Easy. I can also add documents and all those sort of things. We're talking about a self-managed fund trust, Teams business, and they need documents for audit to complete the self-run fund return. Everything can be done now by the client in-app and securely sent back. So no more PDFs attachments to e-mails and all that sort of stuff. Cool. So there are jobs to be done. And as a client, I can do this easily 24/7 on mobile. Then I come down to things that I want to -- that the adviser wants me to see. And this comes to that single view of wealth that Jason was talking about earlier. So because I've added my stuff and I've got all these data feeds, here for the first time, I believe, in my life is as close to as possible as a real-time balance sheet. So we brought in that property feed from CoreLogic. We've got portfolio feeds coming through. So this could be my, for example, my Class portfolio or self-managed fund, could be my HUB range of platforms. We even have motor vehicle feeds coming through from Carsales, the car, brings in all that data as well. Yes. And with -- if I want to, I can go through now via open banking and link all my bank accounts, credit cards, home loans and get live balances updated every day. So in my view or in our view, this is the closest thing to a single view of wealth that we've seen in the market with the broadest range of data feeds and integration. There's a client. I've now got my financial world in my pocket. We have other features I can store on my documents, et cetera, here as well. These are documents, my accountant or my adviser, don't have to hunt through emails looking for my tax return. When did I get it, it's all stored in my Jones Allen app. So tax returns, advice documents, investment reviews, all that sort of stuff is here. Can contact us, contact my accountant, I can connect people. It's a really important part to connecting the household. So here, for example, is my team. It's got myself, my wife, my kids, so I can give them access to some or all of the -- or none. I can connect my professionals, my accountant, my adviser, my lawyer, my mortgage broker. And I can connect all my entities, companies, trust and all those sort of things. So it really is just one platform for a household to manage their whole financial world. Now I want to show quickly just one last thing, a new feature around collaboration that we brought out called rooms. So as an adviser -- and this is where we're looking at jobs to collaborate on, so it could be doing tax, it could be onboarding a new client. It's where there's a lot of back and forth between the professional and the household. So you can create a room, you can call the room whatever you want. In this case, I've got an investment review room, so I'm catching up to an annual review, for example. And I can go in here. First thing we're going to do, and this is from the adviser side, let's get the right people in the room. So I've got George, and I've got the adviser of Jones Allen. Next thing I'm going to do is get the people in the room, the right people in the room doing the right things. So you can see here that I can drop in task, it could be a sign a document, it could be filling a form, could be provide a copy of a document. So I can just add a task here. I can say client do something, fill in this form, assign a document. We can share documents securely in the room. As Jason mentioned, the biggest issue we get all the time now is cybersecurity, right? So sharing documents and information securely and I can chat in-app. So no e-mail. All done in-app. If I come to the client side, you see this review room. And in this room, as a client, I know he's in the room. I know the jobs you want me to do. You want me to sign a document, I will sign the document. Done. Secure, simple, only stored in-app, linked to my room. Then I might fill in a form or I might provide a copy of a document. So I can take a photo of that and upload it. Everything can be done on desktop as well. I can say all the documents that have been shared in the room or signed, and I can message back and you get notified. So this is just an awesome way to take things like doing your annual tax, doing an investment review, onboarding a client. This is just an awesome way to do it all in the part of your head. So that's a quick overview of myprosperity. Thank you. Over to Tim.

Thank you, Pete. And it's so cool. If you go to myprosperity.com that you can sign up now, if need be, a special offer, at the next 20 minutes. Look, it is -- my name is Tim Steele. It is my great pleasure to join this afternoon. I lead Class. I'm delighted to share some background on the business as well as a little bit about the SMSF sector. I've been married for 22 years. And I have to say it's perhaps a bit of a declaration. I actually fall in love fast. And whilst I haven't been at HUB and Class for very long, I suspect it will be evidence all that I have fallen in love with this business and genuinely very excited about the collective opportunities we have across the group. As I hope to demonstrate from my presentation, we are playing in a visibly and increasingly attractive sector. We have a very clear strategic focus, building the future of the wealth accounting solutions. We're making real headway in winning the hearts and minds of our clients and the broader sector. We have tangible growth pathways, opportunities for us to disrupt and grow. And there are significant opportunities for us to collaborate across the group. And I should say, as a continued sort of advertorial for myprosperity, we have only just started to engage with a number of our more significant administration clients, many of whom, over the years, have invested in building their own portals because they felt that there wasn't a solution available. And having just had a taste of myprosperity, they are chomping at the bit to see how we can bring that together as a combined solution, again, across the business. I'm going to start with some of the macro and sharing some insights from the SMSF industry. Class published its most recent annual benchmark in September, leveraging anonymized Class ATO and APRA data. This report is effectively sort of a contribution we seek to make to the industry. It's obviously sharing insights and observations based on our data and more broadly, our thought leadership, and I hope really reinforces our commitment to the broader SMSF sector. And I apologize that this may be difficult to read. There are a couple of points here that I wanted to sort of draw out from this data. The first is that net fund establishments have been consistently growing over the past 5 years. You can see on the chart here. This is sort of the net fund establishments that have continued to grow and really have returned to levels not seen prior -- last seen prior to the super reforms in 2017. I should note, and you will be able to see in the materials, that we've actually -- we're still waiting -- that we expect there will be an increase in wind up. So obviously, the net establishment is quite simply a result of those who establish or wind up in SMSF over the period. And typically, the wind-ups occur post tax lodgment. So we do expect, obviously, as time goes on, both FY '22 and FY '23, we will see an increase in wind-ups. However, there is a noticeable and material continued growth through over those last 5 years. And the other really interesting data point that came through some of the Class data set related to these increasing concessional and nonconcessional contributions. And so in FY '22, the concessional contributions increased by 11.2% to, on average, 22,000. And our average non-concessional contributions increased by 28% to 67,000 or just thereabouts. And so those 2 data points, when you combine the growth in net establishments, combined with people making a very deliberate choice to put more money into their SMSF, is really a sign, we think, of renewed confidence in the SMSF sector. The other I wanted to share was really around the age demographics, and this was touched on in some of Jason's presentation as well, we are looking at -- and Andrew, we're looking at Gen X and millennials is really driving the growth in net establishment. So in FY '23, just over 76% of all SMSFs were established by the Gen X and millennials. We know through the COVID days that there was a bit of a flight to sort of more, if you like, interesting asset classes, read crypto and SMSFs perhaps a vehicle to help support that. We've seen that come off a little bit in recent years. But nonetheless, this is really being driven by those Gen X and millennials. And SMSF Access is perfectly aligned to that demographic shift that we're seeing, really about aspirational investors who want the flexibility of an SMSF and gives them a cost-effective way to actually establish an SMSF and getting to that structure. There are some macro tailwinds as well that we're seeing, which I think will be thematically consistent. The first is we know that consumers have a bias for greater control, choice and flexibility today. There is almost the sort of anti-institutional sort of sentiment that can exist at times. But certainly, people wanting control, choice and flexibility, obviously, perfectly aligns for the structure of an SMSF. Last year, ASIC removed their $500,000 reg guidance, which really determined -- created a threshold for advisers, for which they would struggle based on compliance standards of their licensee to justify transitioning someone into an SMSF if they had less than $500,000 in their superannuation. That reg guidance has been adjusted, which we think is the right thing to do, and also obviously supported strategically of what we're trying to achieve. We are seeing more low-cost SMSF offers in the market, including obviously SMSF Access. And there is, through this continuing challenge that we've seen with respect to supply of labor, and I'll touch on in more detail, is the consolidation of administrators. So effectively, the larger players, our clients, are winning. And so we obviously benefit from that as well. We have a very clear strategic focus. And I'm going to touch on in more detail our lead -- how we're leading today, how we're creating tomorrow, how we're building together. But Class is the premium and very privileged to be the premium SMSF administration software solution focused on, as I said, larger accounting firms and scale administrators. Our software enables accountants to more efficiently administer SMSFs, trusts and portfolios, which is even more valuable today given that now well-promoted and publicized constraint for labor and qualified accountants in Australia. And many of our clients, in fact, our clients are increasingly dependent on technology and outsourcing to create capacity and to drive productivity. The Class product suite is complemented by our NowInfinity solutions, which also enjoy a market-leading position and an enviable client base. In FY '23, more than 20% of companies and 25% of SMSFs established in Australia were done so utilizing the NowInfinity legal docs platform. We have a clear strategy to protect and grow our market share through innovation and product extension. Put simply, and we've been putting this to work, if we care for our clients, if we truly engage, listen, preempt and respond to their needs, if we care for our people who care for our clients and if we innovate and collaborate, we will win. When I think about leading today, I'm going to proudly share with some humility, I hope it's interpreted, some of our recent achievements because we've still got so much to do. But since acquisition in February last year, we have doubled down on clients and core and sought to obviously take our team on the journey. Our leadership team was formed. And in fact, and I was fortunate to join the business on the 1st of August last year. And as Andrew not so subtly stole my thunder on, we set the aspiration -- thank you, Andrew -- we set the aspiration at that time, knowing what our relative position was in the market, that we said by 30 June this year, we wanted our clients and the broader SMSF sector to genuinely say Class is back. And as I said, that was not any declaration of victory, but more reflective of what we hoped was a change in sentiment and a response to the hard work that is still being -- that is being done. And I think part of the evidence for us in that, and as Andrew said, we don't seek out external validation or awards of what we're doing, but it is nice. And I have to say it's lovely for the team to be able to validate that externally. We've had a 6-point shift in -- or lift in our NPS based on some recent recently published Investment Trends research, which actually makes us the #1 -- equal #1 in terms of customer satisfaction. And a couple of weeks ago, we won the SMSF Adviser Award as the SMSF Software Provider of the Year. Along the way, we've seen some pleasing growth across the portfolio. We've sought , as I said, to focus on our core. And again, a few evidence points of that are we reduced quite quickly. We identified that service and support wasn't where it needed to be, and we reduced our average speed to answer on client support from what was over 5 minutes to 60 seconds. We've completed health checks, 321 health checks for our clients. And we know when people use our system well, they get great value from it, they extract greater efficiency from their administration team, and they are inherently more loyal. And so a big part of what we do is helping people understand how they're using our system, how they could use it better. And we ran 31 training sessions across the businesses to take those learnings back to our broader client base to help them leverage the insights we're picking up from all of those health checks across the business. And we've sought to very deliberately and quite strategically prioritized feature and functionality benefits based on what we believed and what our clients told us would create the greatest benefit for them. And an example -- a couple of examples I've put there, the tax lodgment for our Trust product. We've launched a new Trust Deed and not listed up there actually is our Scan and Save solution, which was to drive greater efficiency for those feeds where we do not actually have -- for institutes we don't have a data feed. And look, focus on team, always an area we're obviously very conscious of across the entire group. But certainly, within Class was something we made a very deliberate pivot towards over the past 12 months. And pleasingly, we've improved both retention and engagement by 5 and 9 points, respectively. Creating tomorrow. So Class Super is our core product. And we have actually a common platform across Super, Trust and Portfolio. But Super is our core product and is the focus of our ongoing investment, and it is the key solution for us. But there are, however, other products where we know there is great opportunity in particular, product extension. Class Trust is probably the best example of that investment, the trust administration. This is a very attractive sector for us. Today, there are over 600,000 -- or about 600,000 investment trusts today. We expect that, particularly when you think about the expected $3 million super cap to continue to grow and grow strongly as obviously, individuals and their advisers look for alternative asset structures. And so we think this is an area that's absolutely worth pursuing, and we're building momentum today through engagement with a few of our marquee clients, including some of the Big 4. And we've, again, based on their feedback, prioritized some integration with some practice management and tax lodgment solutions to help drive better efficiencies for them. Class portfolio is our investment portfolio administration solution. And we believe that there's significant opportunity for us to create further enhancements to that. And our clients are actually telling us that if we could improve some of our non-Custody portfolio reporting, it may, in fact, remove the need for them to have other solutions like premium. And so we think there's a big opportunity for us to take on reps like premium and non-Custody portfolio reporting. NowInfinity Corporate Messenger, this is our asset Corporate Compliance solution. It's been growing steadily in -- certainly over the last 12 to 18 months. My recently announced their end of life of their corporate compliance product, and we've been working with them for some time on a strategic partnership. And this is, in fact, the first outcome and the first initiative as a result of that strategic partnership. And we've entered into a revenue-sharing arrangement, and we expect that we will transition between 50,000 and 100,000 additional companies to NowInfinity over the next 9 months as a result of that partnership, and we're working to set up continue to build on that partnership with other integrations and opportunities with May. Some of our enhanced solutions. And so we have what we call a super comply, which is a deed compliance solution today. We are relaunching that in the second half of next year and actually commercializing that beyond what we do today, which is effectively throw it in as part of our bundled solutions on the NowInfinity platform. And so we'll be relaunching that in the second half of next year. And then data as a service. HUB24 has a really rich history, and in fact, data is in its DNA. And certainly through its acquisition of Agility, and Paul Biggs is going to talk more about some of our collective data capabilities across the group in a moment. But Class has brought additional data capability to the group, including 220-plus direct data feeds, so direct from source data feeds, i.e., you should read is that no screen scraping. So we go direct to the institutions and get the data feeds directly from them. And that additional data capability is now being leveraged as we commercialize that, combined with some additional investments we've made as a group, and I'll touch on in a moment, including our Data Authority Portal, we think there's enormous opportunity for us to engage with licensees, brokers and fintechs. We recently signed sort of our first client on this new offering, and we're expecting to sign additional clients over the next few months, perhaps 2 or 3 is our goal by the end of FY '24. And look, our new solutions. As I said, we have to continue to innovate to justify and continue to retain our very privileged position at the premium end of the market and what we're calling compliance of the future, which is really an enhancement to our existing functionality on Class Super is the most significant development in Class for many years. Moving to the cloud was what really disrupted the market when Class launched and whilst the business has done a great job continuing to make improvements over its -- the life since it launched. We think this is probably the most significant enhancement we've made in many years. And we hope and expect that it will, quite frankly, be disruptive, again, genuinely disruptive and solidify our position in the marketplace. We are in the development phase of compliance for the future, building with input from a handful of our key clients and partners, and we expect to, in fact, deliver some of that new functionality this financial year with further developments over the next 2 financial years. The feedback from our clients, and again, it's early days for us in building this out, but the initial feedback is really promising. And our clients view is that this will make a step change in efficiency benefits for them. And then building together. We are making progress across the business, but there are still significant opportunities for us to do more as we collaborate and bring together the collective capabilities across HUB24. I mentioned the Data Authority Portal. This is an investment that, quite frankly, Class couldn't have justified. It was actually contemplating for many years. But now as part of the HUB Group, it makes sense for us collectively to build this secure and efficient portal that enables us to actually facilitate the approvals of data feeds. It's one of the more challenging on it of actually getting a client to establish data feeds. It's just the price administrative burden that we impose on them to actually activate the data feeds. And our Data Authority Portal will enable us to do that in a far more efficient and secure way, and it will include permissions across advisers, accountants and the end investors. There are some capabilities we seek to leverage our buying power across the group and our billing platform is an example of that, where we are seeking to have one billing platform and solution that we can leverage as needed across the group. And obviously, HUB SMSF Access is the best example we have to date of the combined capabilities across HUB and Class and NowInfinity to actually bring a new solution to a new segment of the market. Class data feeds, in terms of our enhanced solutions, obviously supported by the Data Authority Portal. We believe have the power to actually help us turbocharge both myprosperity and HUB24. You heard we guys talk about -- I think it was [ Jason ] who talked about, obviously, HUB24 Present. We've got, I think, Macquarie has 1 data feed in is supporting that solution. We can, through APIs and data as a service, actually continue to turbocharge that, bringing the 220 data feeds we have to that solution and even broadening the capability and I think outcome from a client perspective. And then we're now treating APIs as a product. Something we haven't done, I think, ever before; really seeking out to build an ecosystem of partners to create an even greater pool for Class, make us easier to do business with and integrated -- better integrated with the tech stack that our clients use day-to-day. In terms of new solutions, myprosperity will be the digital front end for Class. We're not investing further in building out our current client view app. We are seeking to work with Pete and his team to build the equipment of that solution -- myprosperity solution for Class clients. And we will deliver both NowInfinity and Class solutions through myprosperity. So to quickly restate my key points. We are playing in a very attractive sector. We have a clear strategic focus. We are making real headway. There's plenty more to do. We have tangible growth pathways, and there are significant opportunities for us to collaborate across the group. Class is a strong business in its own right, but proudly even stronger as part of the HUB24 Group. It's now my pleasure to hand over to Chesne Stafford, our Chief Growth Officer extraordinaire. Chesne Stafford. Thank you, Chesne.

Hi, everybody. It's good to be here for the first time. I'm a recent -- relatively recent joiner to HUB24. 15 months ago, I joined to lead the distribution and marketing teams. And it's actually quite a milestone for me to sit here today and actually be part of this session and really proud to be able to share some of the observations and the confidence we really feel about how we placed. So I'm going to cover a few things today. I'm going to reinforce our market position today and where we sit and why we feel really confident about the growth ahead. I'm also going to share with you some of the changes we've brought to market in terms of our enhancements and the solutions we've delivered this year, and then also cover off why we feel confident about the unique capabilities that we've combined to keep growing in the platform space. So hopefully, it's informative for you. So look, just in terms of our current position, we feel very strongly and very confident about where we're placed. We've got a significant footprint with relationships with over 4,000 active advisers using the platform today, and that's growing every quarter and every year. And pleasingly, we've actually got access to a further 7,500 advisers with the agreements that we've got in place. So there's no shortage of opportunity of demand in our pipeline, and so we're very confident about continuing to grow those relationships and build on those. Importantly, though, as you grow and bring on more relationships, you've got to make sure that you can bring on flows and grow those relationships. And so in FY '23, there, you can see that we continued to spread our flows across not only existing relationships but also new relationships that we're forming, which is really, really important for our future growth. And importantly, also, in the last 3 years, we've actually grown the penetration of each of those relationships. So if you consider that, on average, an adviser has $65 million of FUA in their book, we've grown the penetration over the last 3 years to $16 million, that's an 88% growth in the last 3 years. So with that, we've got lots of runway left in growing flows and increasing FUA per adviser over the next few years. So feeling very strongly about the pipeline and the growth. The third thing that's a real strength for us is actually our superannuation segment. So Andrew talked a little bit earlier today about that. But we're actually the third fastest-growing superannuation fund in the country. So again, behind 2 very, very large industry funds. On a relative peer basis, we're #1 in super flows in FY '23. So we are performing very strongly in the superannuation space. And with 50% of our FUA actually sitting in super, and you think about 12% recurring contributions coming into those accounts over time and also the rollovers that come with the new applications we're getting, of which 75% of our new applications are super. I think you can see that it's a really sustainable future flows outlook for the business. And in particular, that's not an accident because our products have been strategically positioned in those segments to capture those flows over the last few years. So those few things make us feel very confident about where we're positioned. Sorry, just pick up the glasses. I need those. So with our strong footprint, the ability to grow flows from existing and new relationships and super as a real tailwind for the company, we're feeling very confident about the future momentum and how we continue to grow flows from our existing relationships and our existing products. But as you probably noticed about HUB24, we don't stand still. It's a good thing actually. Post COVID, I'm not wearing heels as much because I need to keep running in this business to keep up. It's really one of the fantastic reasons that I joined HUB24, and that's been a real pleasure to see that come to life and be part of it. So what you can see here is that along that wealth life cycle of clients' needs, and Jason talked earlier about how those needs are growing and evolving with intergenerational wealth transfer, the rise of the millennials, who are going to be the major beneficiaries of that wealth transfer, but also the Silver Tsunami is coming in. For Jason and I, it's already here, as you can see, and bigsie, and sorry, a few of you in the room as well. But the Silver Tsunami is coming with the aging population. And so for HUB24, we're really pleased to sit here today and say we've delivered recently solutions to cater for all of those changing needs. And so it puts us in a fantastic position to really not only leverage those opportunities in the market. But getting back to this issue that Jason talked about earlier around productivity for advisers. They're telling us that they want to be able to implement their advice more efficiently and more effectively. And so by bringing the solutions all in one place and being their preferred platform to manage all of the wealth needs of the client life cycle, of course, within the best interest of duty environment, we're really positioning ourselves to be that preferred platform by having this range of solutions in place. So let me just talk you through some of those solutions today. So these are the 4 solutions that we've released this year. SMSF Access came to market in March this year and is growing steadily. Andrew talked a little bit about that. It is not so much a difficult product in that it is a shift in mindset and an advice experience for advisers. And so we've got to really help coach them to cross that chasm and start to open up those new markets. So it's building steadily, and I think traveling well from an implementation point of view. Discover retire plus -- sorry, agile and these high net worth features all released in the last week as part of our recent PDS role. And one of the things that I really wanted to make note of is that all of these solutions have come directly from that ecosystem that you saw before. So when we talk about the ability to take the pieces of that ecosystem and bring them together into solutions, these are leading examples of that. And the ability to do that has been done without having to build anything. So we've not had to invest in any technical build in order to deliver these solutions because we just literally been -- pulled them together within the ecosystem. And the second benefit for HUB24 in this is that because we own the core platform, the HUB24 platform, we have control and flexibility over what we do and when we build things into those platforms. So where we do need to make technical improvements, we've got that flexibility and control. So just looking -- I don't have the time here today to walk through all of these solutions, but I did want to just do a bit of a deep dive on Discover to share with you what that solution looks like. So this one's hot off the press, launched 10th of November. Lots of excitement in the market so far about it in terms of the opportunities it's creating for both advisers to access new clients or serve their clients more efficiently by having that simpler product in market. Also benefits for fund managers who have now got opportunities to access new relationships that they didn't have access to before. For HUB24, obviously, we get to deepen and extend our relationships as well. And obviously, for the end customer, we are offering them a really simplified product at a really great competitive cost. So what's Discovery, it's actually a new menu on our core platform. So it sits alongside of Core and Choice and is really there for customers with simpler advice and investment needs. So they could be early-stage accumulators. So if I just jump back to this slide here. So in that starting out early career, so early stage accumulators right through to late-stage decumulators, who want a simpler investment option at that time in their life, or potentially anyone in between who actually just has got simpler needs and doesn't need that broader, more extensive, more sophisticated menu as you jump up into Core and Choice. The other benefits of it is that it is providing access to 8 leading fund managers that they may not ordinarily have been able to get access to. So again, through leveraging the relationships of that ecosystem, those fund managers that we built relationships with over time, we've been able to structure new arrangements with those fund managers to give those investors access to 35 options within the Discover menu. It's fully portable. So within platform, you can -- with advice, the customer can move up to Core or Choice, and it doesn't disrupt really important things like tax and insurance, which are those really critical advice components. Jason talked before that it's not just about the assets, it's also about all those other elements of device that are really important. And it's also portable across platforms. So should an adviser decide that this is not the right offer or the platform is not the right platform, you can [indiscernible] as per normal. So you're actually getting all the amazing features of the platform, but in a narrowed investment menu with a simplified fee structure, which has got no admin fee and no accounting -- account keeping fee. So again, really trying to respond to client's needs of wanting those simpler investment options. But again, if I sort of step back from that, all of those solutions have been brought to market at real speed without the need to invest in new builds because of that ecosystem that Jason and Andrew have already showcased today. Okay. So looking ahead, it's one thing to talk about our current footprint and growth in that and also then to reflect on what are the new solutions we're bringing to market. But why do we think we can keep ahead of the market? Why do we see -- why we have confidence in our ability to keep growing? And we think that it's a combination of these compelling ingredients that really set us apart. So I've talked about solutions. I just showcased 4 of them that we brought together in a really quick time in this calendar year. And that's really driven from listening to our clients, but having that real flexibility over the choices we make because we own the platform and we've got that ecosystem. Our reputation. So we try very, very hard to spend time with our clients, listen to what they're saying and respond to their needs. And you can see here for some of these metrics on the side here that when an adviser chooses HUB24 as its primary platform, we have got the highest platform advocacy. And that is because we do listen and we do deliver the solutions that they ask for. In terms of our relationships, we really focus on expertise and connections. Platform space is technical, and we invest very strongly in making sure that our people across not just distribution, but in Craig's world, in service, we've got the expertise in different roles to really respond to advisers' needs. And I think when you look at this statistic here that says whether -- when we are their primary platform, they're least likely to switch. And yes, that's about the solution, but that's also a combination of the experience they get when they work with HUB24. And which brings me to experience. We're really pleased to say that advisers think we're easy to deal with. And that's so critical because when you think about efficiency and productivity, that's what they're looking for as well as quality solutions. And then finally, technology. Technology is critical to ensuring that we've got the resources, the infrastructure and the capability to underpin that continued innovation, which gives us new solutions, new products, but also allows us to scale. So in closing, as Jason said earlier, advice is a community good. We really believe in the value of advice. We know that demand is outstripping supply, and we know that there's big shift in customer needs coming over here. So our role is to really support them with a range of solutions that allow them to implement their advice effectively and in a productive way. And we're really aiming to position ourselves as that preferred platform for advisers to implement their advice across the client's wealth life cycle. But critical to that is the ability to have great investment in technology and data. And so with that, I'm going to introduce to Paul Biggs to take you through our capabilities there.

Thank you, Chesne. So just bear with me, guys. As the only tech guy in the room, I am way -- I need that one.

That wasn't set up.

I'm way outside of my comfort zone. So just bear with me. Over the next few slides, I'm going to be covering a really critical part of HUB's strategy where we're going to focus on data and innovation and what HUB is doing to leverage both data and technology to drive greater insights and a step change in productivity. So notwithstanding our credentials as a platform provider, data has and always will be a key and significant driver in HUB's technology innovation. And at HUB, we have a long history and pedigree as the trusted custodian of our clients' critical information assets. And as you can see by some of the numbers on this slide, we still are in process and distribute a vast amount of information, not just for ourselves, but on behalf of our customers, our clients and hundreds of third parties as well. And whilst HUB is a financial services business, Tim mentioned it before, technology is part of our DNA. We were born out of technology. And it's a major point of difference and sets us apart from our competitors, and it's very, very difficult to replicate. Starting with the acquisition of Agility back in 2016, '17,, which is when I came to the group and more recently, the integration of the Class business. As mentioned before, we've now got around 300 people working in technology. About 1/3 of all employees at HUB, they are all focused on ensuring the confidentiality, integrity and availability of that data. And when we think about the data, we think about it in terms of the engine that powers our services. It's a significant source of value and an emerging commercial opportunity for the group. Over the last few years, HUB has made the single biggest investment in data infrastructure in the group's history and with the sole focus of delivering more value to the clients more efficiently. Constant innovation, rapid growth and acquisition creates challenges for data infrastructure. And as a consequence of leading today, as Andrew mentioned before, technology is continuously evolving. We're always thinking about what the future should look like in order to support our strategy of servicing more people, reducing that cost of advice and importantly, delivering that single view of wealth. Significant investment over the last couple of years in that data infrastructure has delivered a simpler data architecture, and that's created an enhanced capability, including greater scale, greater flexibility, faster time to insights and enhanced security and compliance, which is obviously important in today's world. Investing in a combination of robotic process automation, normal code -- low-code and machine learning, where we've created an environment that's allowed us to develop faster, allows quicker time to market, the ability to adapt more effectively and efficiently to the changing needs and market demands. Working closely over the years with our clients and our partners, we identified unstructured data as a key input into solving that productivity issue. Since 2018, we've had a dedicated team focused on technology innovation, and they actually sit outside of the group technology function, and there's a reason for that. And unlike structured data, for those in the room who aren't technology inclined, structured data is very organized, very easy to search. Unstructured data is highly disorganized. It's very difficult to collect, very difficult to process and analyze. And The Innovation Lab's focus over the years has been to drive research, design and experimentation in technologies like machine learning and robotic process automation to solve that unstructured data problem. And over that time, we've built multiple machine learning models with several commercial products now in production, including compliance tools for mandate checking, transition processing and the complete automation of HUB's physical mailbox service. And I have to say, whilst many businesses say they leverage machine learning, the technology still has to learn to be effective. And one of the things that sets us apart from our competitors is not just our deep understanding of the data, but the relationship that data has with our clients. And that understanding in collaboration with our customers creates a discipline and a focus on ensuring we're looking at the highest value problems and how to solve them. So combining the capability of the Innovation Lab, that deep understanding of the relationship that data has with our clients and the power of machine learning, we've delivered several solutions that have helped to reduce the cost of advice, reduce risk and the burden of compliance, improve the quality of advice through greater insights and provide enhanced data privacy measures. In addition to that, working with our clients, it was identified that access to clean quality data was also a key driver in solving that productivity issue. And using a combination of operational -- sorry, automated operational workflows and machine learning models, we're now able to consume and classify documents and able to extract and claims that critical data that we need to drive that step change in productivity that Jason was talking about earlier. We've now delivered the capability to consume thousands of unstructured documents, sort them into 30 different document types, but more importantly, extract and claims critical unstructured data to deliver compliance tools and enhanced visualization. So things like dashboards, reports and alerts that provide advisers and licensees with those critical KRI insights they need to enable a more proactive compliance regime. We're also using machine learning to help protect our clients' most critical asset, which is information, using machine learning to detect and hide critical data points, including personally identifiable information to provide enhanced privacy and confidentiality. And as always, the Innovation Lab and technology will continue to work with our clients and partners to prioritize and deliver solutions to that unstructured data problem that enable a more informed and proactive decision-making and again, try and further reduce that cost of advice. So further to the last slide where I spoke about what we have delivered, I just want to touch briefly on some of the things The Innovation Lab is currently working on that we're going to bring to market later on this year and into next year. In the 2 use cases that I'm going to cover on this slide, both are looking at how we can use what we call large language models. Anyone who's familiar with ChatGPT, that's a large language model. How we use that technology to create -- to reduce manual effort and provide enhanced compliance oversight. In use case, one, we're looking at how we use a summarization model within a large language model to consume audio and video text, to create written summaries off the back of it. So as a use case, for example, if someone is conducting an online team's training session, we can use the machine learning model to consume that data, audio and video data, to create a written procedure off the back of that training session. So we're completely removing the need for someone to manually transcribe that training session. The other use case that we're looking in, number one, is it relates to the considerable effort and the amount of paperwork that comes after an adviser meeting with the clients. So things like summaries, file notes, actions, client communications. We're looking at how we can use again large language models and summarization to be able to consume all of that information to create the summary, provide the full notes and store them in the CRM, being able to prepare client communications off the back of that. And the ability to do that in minutes and not hours will again make a major contribution to solving that productivity issue. And as always, the innovation -- or sorry, I didn't mention use case 2. So use case 2 is where we're looking at using that same data and the machine learning models to create 3D visualizations. The reason why we're using 3D visualization is that sometimes in 2D representations, you can't always get the insights out of that 2D representation. So we're using 3D instead. In this particular use case, the bars and the purple cloud that you're looking at, that actually represents a mandate. So the assets and the weighting of those assets within a given mandate. And the red dots that you can see are actually client portfolios that deviate from that mandate. So what we're able to do using that visualization is allow the manager or the compliance team to see in what way those portfolios deviate and the ability to deliver this kind of insight through dashboards and that kind of visualization will make a considerable difference in how the advisers and licensees can reduce that burden of compliance and enhance their risk management practices. And the Innovation Lab will continue to work with our clients to prioritize the investment in technologies like machine learning to meet the emerging needs of the advice networks and financial professionals. And lastly, I want to talk about HUBconnect, which I know has been mentioned a couple of times today. HUBconnect is a solution that takes everything that I've spoken about today and delivers it through a single platform. It combines years of investment in data and data integrations, including broker back office, client advice and market data as well as third-party plug-in integrations with things like Salesforce and Iris to create our business analytics, account level dashboards, trend analysis and workflow management. It leverages that deep investment we've made in robotic process automation and machine learning to provide the compliance tools, the practice insights and the KRIs that we covered earlier, and it will become the launch pad used to deliver an evolving and growing source of commercial opportunity for the group that's central to our value proposition, our competitive advantage and our core mission to service more people, continuously try and reduce that cost of advice and deliver that single view of wealth that we've spoken about today. So that's about it for me. So I'm actually going to hand over to Kitrina Shanahan now, our Chief Financial Officer, to talk about the outlook and business performance. Thanks, Kit.

Thanks, Paul. So yes, I'm going to take you through how our strong competitive position and how the execution of our strategy has translated into our financial performance. I'm also going to show you how strong conviction in our strategy and the ongoing momentum sets us up for giving you very strong custody for guidance. So as the team has called out throughout this morning, HUB has been very selective and very intentional in where we participate in the value chain. And we've particularly selected the higher value parts of the value chain that we see. Our approach to the customer life cycle and the continuing evolving needs of advisers underpins the quality and the footprint of our earnings. So here -- on this first slide here, you can see here the funds under administration has a 4-year CAGR of -- what is that -- 58%. So at full year '23, we were $80 billion in funds under administration, which was a combination of both custody and non-custody. That's grown from $13 billion back in full year '19. And then on the right-hand side here, you can see that the group revenue has a 4-year CAGR of 46%, and the group underlying EBITDA over the same period is 61%. So the acquisition of Class back in full year '22 is what's driving the yellow bar with $68 million of revenue in the Tech Solutions segment in full year '23. So as the team we're talking about all the parts that we play in the various parts of the value chains of the business is what's driving the quality of these earnings and the quality of these drivers. Moving on to this slide. So as you're aware, capital management has been a focus to HUB24 and remains a focus for HUB24. The earnings per share has a 4-year CAGR of 42%. And I think we were -- our earnings per share, what was at about $0.46 per share in full year '23. Dividends has a full year CAGR of 63%, and dividends in full year '23 was $0.325 for the year. So again, really strong growth, and it's the quality of the earnings and the quality of the drivers that's delivering these returns to shareholders. So when we did the year-end, we announced that we were going to do a $50 million buyback over a 12-month period from September '23 to September '24. We started that buyback in September. And to date, we've bought back 153,000 shares for consideration of $5 million. We'll put the buyback on hold when we're in the blackout period between January and February, but we'll pick it up again, and we're very committed to the buyback and intend to complete it before September '24. Okay. So on this slide, there's a couple of things that I want to call out. The first one being the custody for guidance that we have there on the top left-hand side. So this is a guidance that we have out till 30th of June 2025, and it's a range of $92 million to $100 billion. And so this is made up of roughly about $10 billion to $12 billion per annum of organic net flows. And then you'll see we've called out there that there's about $6 billion of expected large migrations that will be coming through in the next sort of 18 months or so. And so we've announced previously EQT, $4 billion worth of a large migration. We've given you the phasing here. It is subject to change, but this is the best that we have today with the planning that we've been doing. Second half '24, there will be about $2.5 billion to $3.75 billion of flows coming in from EQT, and the remainder will finish in the first half of '25. So there's a bit of a typo there on the right-hand side. Obviously, if you get $2.5 billion in second half '24, it will be [ $1.5 billion ] in full year '25. But if you get $3.75 billion, then there will be a small amount coming in, in the first half of '25. We do have another large institutional client that we've signed an agreement with and we have done the planning, and we're underway with migrating, and that's expected to be done before Christmas this year. So very close to having $1.5 billion to $2 billion migrated in the next 6 weeks or so. There are going to be costs associated with these migrations. And in normal HUB24, we're going to put these below the line. It is an unusual year because $6 billion is a significant large migration. We don't normally have $6 billion coming in these types of chunks. It's about $4.5 million, $2.5 -- $2 million will be booked in the first half '24 and then another $2.5 million is expected to be booked in the second half '24. And then that should be it. We've called out the revenue drivers here. So the quality of the revenue drivers, we're really, really pleased with the strength of those. You've got the $2.8 billion for the Q1. All these revenue drivers line up with our Q1 September 30 to September drivers that we gave you in the quarterly update. The one thing that's probably new there is the platform revenue margin. I've just reconfirmed when we did the year-end, the exit custody platform revenue margin was 35 bps up until the 30th of September. That's remained stable at 35 bps there. So we're really pleased with that. As Chesne talked about a bit. We did do a disclosure role. We announced a few new products within that disclosure role. We also updated our rate cards. Now I mentioned in the quarterly update -- Q1 update, that the new rate cards, any revenue compression from that would be minimal because a lot of clients are already on bespoke rate cards. But any revenue compression coming through that will be absorbed in the normal half a bit of revenue compression that you see each year come through. And with that, I will do a very quick wrap-up. So the high-value client segments that we participate in and the high-value parts of the value chain, it's what delivers these strong revenue drivers, and we're really confident and comfortable with the momentum and the pipeline that we're seeing come through. So with that, I will hand over to Andrew to do a wrap-up and Q&A.

Questions? Thank you, Kitrina. Thank you, everyone. We've got 16 minutes or so, happy to go a little bit longer if people want to. So I think I'm actually not going to spend much time on this slide because it's a repeat of some of the things I've said earlier, other than it is about us transforming engagement and building the ecosystem and working together with the industry to create opportunities for customers, opportunities for advisers and opportunities for shareholders and our team as well. So it's about the empowering better financial futures, leading today, creating tomorrow and building together across the industry with the capabilities we've got with key products, data, infrastructure and our strategic thinking and turning that into a greater outcome to continue to lead the industry.

Given time, I'm going to jump into questions. I don't know if there's questions from the floor. If you're online, please submit a question as well, and we'll take those. Sam Pierce will read those out to me on and off as we go through. But jumping into questions. Here we go. Anyone in the room would like to jump in? We've got a microphone coming over. Thank you. Sorry, you all shout.

Just on the migration you've got going coming before Christmas, how do we think about the revenue margin profile in that?

I will hand over to the team. I need to -- for efficiency, you have for me to take it, Kit. Revenue margin for the migrations are -- is institutional. So the revenue margin is lower than our normal retail revenue margin, but the EBITDA margin should be roughly similar because the cost to serve is lower. So in terms of economic outcomes at a profit level, it's consistent, but the revenue margin will be lower.

Sorry, can I ask one follow on from those comments that Kitrina just made. So you're noting that there's a $6 billion expected of large migrations in the next 18 months, but you've called out those one-off costs for first half and second half '24. So if some of that $6 billion is following first half can we get those costs...

There's only about $0.5 billion in the first half of '25, which will have a small amount of cost, then it will be largely over by then. So the bulk of it will be in FY...

That's $6 billion is -- yes.

And it depends on -- it does depend on EQT's, own work plan as well as to how we do that. So we're working to their plan with the other third parties to it. But about $0.5 billion is expected in Q1. Is it, Chesne, Q1 '25? Yes. Yes. Okay. No worries.

Maybe just building on that question. Those one-off costs, do they relate to temporary staff? Or are they the kind of staff that are brought forward in terms of investment that maybe you'll absorb into your normal operating costs in FY '25?

Kit, they're different staff. Do you want to come up and do that one? Yes. I think its IT and migration team and transition. Nick, primarily, and there will be some other operational on board, which would be absorbed. But yes.

Yes, some of it is we have hired new people. But like you say, some of it will be absorbed into above the line when you hit full year '24. As people have sort of said, we're constantly growing. There's always things to do. We have more ideas and we can actually execute. So absolutely anything that it just rollover will go into above underlying EBITDA.

I thought I might ask a question as well, and then I'll pass over to Olivier. SMSF Access and HUBconnect, just early signs of commercialization there, you mentioned a few, I think it was 92 clients on HUBconnect. Just the shape of them and what they look like. And SMSF Access, how early doors are going into the rating accounts on that side?

SMSF Access has -- it doubles every month. So last month, the actual accounts opened were double the amount before. It's not a large amount at the moment. I think there's probably some $50 million in there roughly, but the momentum is there in terms of there's hundred or so practices that are accredited for. It is a 4-month sales process for them with clients. But we're seeing -- we know that there's more accounts open than money. In fact, I don't have those stats, but we know from Class's software how many accounts are open before the money migrates because it takes time. So it's build momentum, Nick, and it was always supposed to be a different opportunity because most of the advisers who deal with HUB won't have many of those clients. It's also helping them create a new market for them. On the HUBconnect clients, there's -- a large amount of those clients are brokers from Agility. So it's broker connect. There are large national licensees. They're using HUBconnect, Diverger, Fortnum and others, but it's largely either data services or the Agility broker product. There is fees being paid for HUBconnect, and there's a lot to do to actually commercialize that further, and we're looking at that model in the context of myprosperity and feeding that together. But in terms of the payback for shareholders, it is yielding results. It's yielding higher flows than our competitors. It's helping us with the transition of those flows and helping us think about, how do we build a better ecosystem. How do we help a licensee operate with certainty that their compliance is dealt with some of the things that Paul talked about, actually helping get flows into the platform from that adjacency, but there's more to do in terms of commercializing that. And as always, we'll talk more about it down the track. [ Oli ] think you had one, then we'll go to online.

Just on Class with the compliance of the future, I mean it's not an area that has had much price rises for a number of years. Do you think that innovation is going to allow you to push price? And then, I guess, the second question, which I'll throw in, myprosperity, how are you tracking versus those broad FY '24, '25 targets that you outlined when you purchased the business?

I can answer that one quickly or we can put Pete on the spot. We're a little bit behind, but the pipeline is really, really strong. We're having discussions at enterprise level with licensees who are looking at taking large swathes of seats, so to speak, on that. So whilst we're a little bit behind the plan, the team are very motivated, and we're getting the traction and the interest such that we've deviated from the teaser, Simple Portal being thrown out there for everyone to actually go in enterprise version. Is that fair, Pete? I should let others up. I'll get Tim to talk about the Class one of them, and we're not going to signal what we're doing with pricing Class. That's commercially sensitive. So it may allow that or it may not allow that, but it's about value proposition. Tim, do you want to talk about the compliance of the future?

Look, I think the commercial sensitivities in terms of the detail of what we included, that is gradually released over the months ahead. In terms of pricing, we have -- in fact, we did the 5% price increase on the 1st of January this year. For many years, Class didn't, in fact, increase prices or did so very modestly. Our view is that Compliance of the Future will be effectively what cloud was for Class early days, and I know that's a potentially ambitious statement to make. But we do think it will enable us to preserve our premium position in the marketplace. We are about a 30% premium in price today over our biggest competitor. That's a really privileged position. And so everything we're doing in relation to that is to how do we continue to grow our market share but preserve that very privileged position. So we aren't, as Andrew said, flagging exactly what we're going to do with price, but we do hope and expect that this continued innovation and investment will enable us to solidify that position in the marketplace, including our premium pricing.

And create more opportunities. And it's about value for us. I think the debate around pricing platform and Class, we steer it towards value and what you're getting, but that helps us actually pull those levers at the right time. Sam, we've got one online. You want to -- couple online. We'll deal all those.

Thanks, Andrew. We've got a question from Siraj from Citigroup, and it's threefold, and it's in relation to Discover. Have you assumed much in terms of net flows from Discover in your FY '26 and FUA guidance?

No. We haven't factored that into account. We factored into the bottom-up build from our current advice relationships and pipeline. Hopefully, it actually increases that or underpins that. We haven't factored it into the guidance statements.

And it would also be great if you could talk to the mix of flows looking ahead between Choice versus Core versus Discover?

I must say hello, Siraj. He's doing this from India. He's got there early enough to dial in to this with other commitments. Siraj is from Citigroup. The current -- we don't quite often talk about this. Currently, there's about 20% of our custodial [ FUA ] on the HUB platform in Core. And so the flow pattern seems to match that. And so it is a choice partner -- pardon me, the choice platform, but Core is also another choice. Discover is actually aimed at a part of the market that we don't typically access. There's about $300 billion to $400 billion in products, which are baby wraps or smaller products or old Master Trusts products. And we're targeting a subset of that. So at this point in time, hard to give you a mix, but hopefully, it's additional to what we've already got. If the proxy is -- if we've got 7% or 6% of the overall platform market, and that includes that Discover target area, why can't we get at least 7% of that over time or even more. And so it should be incremental. But in terms of the mix, early days, not thinking it will cannibalize current product choices, so to speak.

And one final one from Siraj on Discover. The economics of Discover seem to be driven by revenue share from the product manufacturers. Should we expect the revenue mix from product manufacturers to increase going forward?

Okay. A couple of things there. And I'm going to go back to my previous question in that Discover is aimed at a part of the market, which is simpler, lower balance. And there are a lot of advisers who are using HUB24 for Choice or Core who still have a book of clients who are less sophisticated who are sitting there going, I haven't got a modern platform solution with the right pricing that suits those clients. So part of the Discover piece is we've already got advisers or customers who've got access to those type of clients and it's providing an opportunity there. So hence, we hope to pick up extra flow or actually get greater penetration of that adviser book. In terms of revenue share, technically, Discovery is HUB24 acting as an investment manager or mandating investment managers to deliver a product to us as opposed to a revenue share. It's a technical difference. But yes, we are looking at the value chain differently, and we're participating in it as the investment manager without making asset management decisions as such but specifying it. So it does allow us to use our partnership with managers and procurement and size and distribution to create a different product with a single fee set. And so that is the case, Siraj, you're quite correct, but we would word it very differently. Who knows what could happen in the future. We absolutely believe in partnering with the industry. And the way that we've set up Discover, all parties are benefiting from that compared to other models in the marketplace. So if there are opportunities to work with partners at scale that shift the value chain but everybody wins in partnership, then we're open to that. Discover does that in a certain way for a simpler product set and gives access to investment managers to part of the market, they may also struggle to reach. Yes, we can -- flow -- from the floor, questions from the floor? Yes?

Kieren Chidgey, Jarden. Andrew, just a question on how you prioritize investment across the broader ecosystem. We've heard around opportunities across a number of segments, myprosperity, Class, the Platform business. How are you thinking about priority of that -- of those opportunities, particularly within the overall context of the group EBITDA margin?

I might ask Jason up, Kieren. Look, I think about it from the point of view of -- Kitrina, I think about how do you preserve margin expansion, how do you get the accelerated in the brake right? And there are natural tolerances as what you can do in a business. But this gentleman here is constantly challenging and suggesting other things. We're trying to get the balance right. And sometimes it's tactical based with strategic alone. Do you want to pick that up?

Yes, the way I'd answer it is, each of those segments is its own business. And so it's got its own resources, it's got its own clients, and it's delivering to those clients day-to-day. And so self-contained, each business has its own resources and priorities it sets itself. Our job is the group and to bring that fantastic opportunity together is to think across those businesses and how we might shift resources or resource of other teams that can drive its solutions that combine it together. And SMSF Access is an example of that. It's a whole new category. It's a bit of a slow burn, but we're really confident about it. We have a great pipeline. And it took NowInfinity and Class and HUB all to get together over and above their day job to build that solution, take it to market and build "It was really just packaging because we had all of those pieces of the puzzle. And that's, I think, the secret sauce here. We've got such great components of the ecosystem." Chesne mentioned this a lot. We can package together, Discover literally, no build. It was just new disclosure, new marketing, whatever, no build. And that's a fantastic position of being. We can bring in whole new products with different segments we're not targeting today, leveraging what we've got and drive more flows in revenue.

It's not easy doing the balance. So there's more ideas than capability, and we do have those arm wrestles at executive level about different client groups to get the best outcome across the Board, whether it be meeting a current opportunity or a strategic outcome. It's been a live debate we've had since I joined the business in 2013 about how do you deliver return and something we're very good at, but it's a balancing act.

I think what I've also informed the priorities is the 3 pillars. Lead today is still the #1 pillar. And the vast bulk of the 900 people are in lead today. We get permission to do the whole futuristic stuff. If we do a really good job today with our current clients, our current propositions, build and deliver that core. That's the main thing. And that drive -- that does drive the priority set.

And just a second quick follow-on question from the earlier question on the institutional margin. So this sort of -- I guess the question is specifically around that institutional segment. I think your margin has been sort of 14, 15 basis points. But with the $6 billion coming in, where does that institutional average revenue margin go?

You should probably stay up here, Kitrina.

Thanks, Kieren. So look, there were a couple of clients that are in that institutional segment. Some of them are single digits because they're high -- very high accounts and some of them are double digits. Look -- and the 2 that we've sort of called out are also very different. But look, the way to think about it is I've given you the 35 bps, which is the average custody where we are at the 30th of September. The way to think about the institutional one that fits within that is that these migrations that are going to come in will be around the -- I don't know this is a wide range, but between 15 and 22 bps is the way to think about it.

We're going to go back online in a sec, and I can see some of the crowd. So yes, that's cool. Yes.

Should I go ahead? Simon here from Jefferies. I just wanted to ask a little bit about myprosperity. It looks like the industry is going that way in terms of portals. Do you sort of see this as an application to attract FUA onto HUB's traditional platform? Or do you see yourself sort of charging for it on a continual basis? I guess, I ask that question because your investment in it, it's not immaterial.

Look, it currently has its own clients that aren't related to HUB and it's generating fees there. And so that's a commercial model that you don't want to disrupt or taint. And so you need to be very careful about that. Absolutely, we see it as being an adjunct to the platform as well as standing on its own, which means it needs to be priced that way commercially to work. So, no, we're not planning on just giving it away. We're planning on having it pay its own way and deliver value, and value gets the result from that perspective. So whilst we have large national relationships and will always be commercial, that's not our intent to actually see it as a loss leader for the platform. The very fact that you can do things with it and put some of the workflows in or consents and feed that through and some of the things that Paul Biggs was talking about with what you can do with data, being able to deliver some of those things through myprosperity will create an end-to-end solution for HUB platform that's integrated with that tool. However, myprosperity will operate on its own integrated with others as well. And so this -- it will be managed in that way.

People retain its open architecture ethos. No doubt about it. But who will invest the hardest in integrating their platform with it like what we will. And so we'll have the most integrated experience. A lot of the platform touch points today, where we go out to clients announced a consent or deliver reports, we'll do it through the portal. And so it will be the default arrangement for HUB. For others, it will be an add on, on other platforms, an add on where it's integrated, but it won't be as deeply. So it will always work better, less friction, more seamlessly with HUB24. And I think that -- that doesn't mean we're pushing people into the platform. But for advisers who want efficiency, productivity gains, et cetera, it just is easier. So that's the outcome we want.

That's very clear. And then just secondly, on the below-the-line charges for FY '24. You mentioned some of them, but just wondering if you could just remind us of some guidance about what first half, second half will look like in total below-the-line charges for FY '24?

Yes. So we've got the large migrations that we've talked about the [ $4.5 billion]. We -- when we get to year-end, we're finishing off the Xplore integration as well. And we said that in totality, we spent about $20 million on the Xplore integration. We've got about $5 million of that left to come through. They're the only things that we are currently putting a line to the migrations and the Xplore integration.

Sam, do you have one from online?

Yes. [ Rod Kimbell from Toronto ]. To what extent has the challenge of developing and building an overarching data model to encompass and access the overlap of each of the existing legacy product systems business's clients being resolved?

I think Rob's saying, how do you build a super set of data to fit across everything, which is part of our HUBconnect infrastructure in tech. I don't know, Paul, if you want to talk about that, but that's what we do with Present. Our delivery of HUB24 Present is on that super set of data. But is it resolved? It's an ongoing journey, I think, but Paul...

Yes, it absolutely is an ongoing journey. I mean that's -- when we spoke about that investment in the data infrastructure, a lot of that investment was on streamlining our ability to consume and consolidate that information so that we could more efficiently deliver it back out again, whether that's to our own products or to other third parties. So it's an ongoing challenge for us. Everybody brings their data to us in a slightly different way, different enough that it creates a problem. And that's part of the challenge that we're currently working on, but it's ongoing, and it will continue to be ongoing.

But we have cracked the nut and resolved quite a bit of it, and there are some industry standards as well out there in terms of -- or close to standards, yes.

Yes, there are. Again, I think that that's through open banking. That will get better. I think as far as the ability to standardize the way the data flows around the ecosystem, that will only improve over time. I think we're still coming out of some of the legacy methods that people are using over the last few years. But that's where a lot of that investment is going to play out.

But it's getting better. Rod, thank you for the question. Oli -- sorry. Olivier from Evans & Partners.

Yes. Sorry, just the, I guess, reaggregation of the industry. I mean, obviously, you still got fragmentation being driven by [ IFL ] as they make their changes to advice against a lot of licensee kind of consolidation, which you're obviously playing a part in with Diverger. How do you think about the, I guess, opportunity of lot of advisers potentially moving licensees and becoming available versus the threat of maybe some increased back book kind of revenue margin compression on some of these larger entities get back to you for synergies?

I think we're -- again, when it comes to pricing, it comes down to value, we've won awards for value. And so we're not actually about cutting price to get volume given where we're getting volume from and the value there. So I don't -- and the industry is pretty much understanding that they want sustainable innovation, if it's solving a problem and helping an advice practice and doing this stuff. The price debate is not there because those with different solutions are not cutting it, so to speak. Hopefully, that answers that. So we're not seeing that pressure and that's not what we're about. We're about actually continuing to invest in delivering utility and value and not concerned about back book repricing. If anything, in some of the rough stuff we've done recently, Kitrina would have talked about it, it might be [ 0.5 to 1 bp ] in terms of revenue margin-ish where we've tweaked off. In terms of the opportunities, that it's really exciting. You think about all these bastions of product manufacturing that had aligned advice and the fact the shifts have gone from, let's leave aligned advice to go to the new world. And now that new world is starting to aggregate and change in itself. So you get larger opportunities, you get concentrated opportunities with those that are aggregating, which lowers our cost to serve, or opens us up to greater solution sets and great opportunity. So I think any disruption and any fragmentation is very, very good if you have the leading product and you've got a sustainable business model. So all those things create opportunity. And if people are looking at shifting homes or shifting licenses or looking at shifting platforms, obviously, on their list is going to be up HUB24 is one of the solutions. So we benefit from that activity, and we absolutely sponsor and help with that as well. We have an amazing relationship led by some of Chesne's team across the board with all sorts of licensees. We had 10 to 15 of the licensee CEOs with us a couple of weeks ago, all together in the one room even though compete talking about strategy in the industry and so forth. And so I see that as a huge opportunity, and it's where we're winning, quite frankly, at the moment. We have to work hard to keep winning, but it's an opportunity.

It's a fantastic outcome. The reemergence -- emergence of these new groups. Well, the conversations we're having are not about the back book and can I squeeze a bit more life light out of you fees, they're about their business value. These groups are coming together with a really big aim of having a step change in their own valuations as they get the benefit of scale and drive really different financial outcomes for themselves. And so that's where the conversation is and what that is about is the tech they need to underpin that massive change in their business to get that scale benefit and that's exactly what we're talking about. So they're on board with the ecosystem. They want it because that's going to drive really different business outcomes for them. We're just not talking about fees in those conversations. It's just not on the agenda.

You get prevention versus detection with compliance issues, you speed stuff to engage with your client better, you get to speed up that process. When you're engaging with your client, you don't have to take 6 weeks to gather the data because they can put it in myprosperity and share it with the client. In fact, it might already be there. So you've got bolt. So all those things are making the advice process far easier, even though our history is about being advice execution on platform, we're pushing back into that advice process with these tools. Anywhere online, Sam? And we've got Scott here. Sorry, Scott.

Maybe one for you, Jason. Just as you think about the needs of the market over the next 4 to 5 years, do you have all the capabilities that you need to meet those needs? Or you need to invest more?

She's got the checkbook. No pressure.

And what would you need to add to the capabilities?

Look, there's lots of opportunities. You can imagine the fintech universe at the moment is capital constrained. And so every week, there's something across the desk saying, can you guys think about putting money in this. We obviously reject most things. But -- so it's absolutely not a no. We have, though, pretty well filled that ecosystem. And a lot of those groups, we don't have to acquire, we can partner with certain capabilities. But I'm sure there's things that will pop up where you go, that's a really high-value part of that whole quadrant or the whole ecosystem. And certain segments will play because it's just so high value. It's a really critical piece. myprosperity is a great example of that, which is such a critical piece of the infrastructure. We just had to have. So yes, it's not saying no, but we're -- currently, we're very happy with the ecosystem as it is.

I know there's a question sort of before about incremental versus massive rebuild from Siraj again. So Sam to save you time. And we'll put Mr. Biggs on the spot here. The question is about given scale and growth. I tell me if I get it wrong, Sam. Does our incremental investment allow us to build a platform? Or is there a large step change or investment required to replatform? And that's typically also the other stuff in the market is, gee, it's going to be really hard when you get above the $100 billion. That seems to be a magic number for a platform. How do you do that? And my answer would be, well, it's really hard to get to $1 billion, [ $2 billion ] $5 billion, $10 billion, $20 billion, and we continually reinvent ourselves and build scale. But did you want to add color or...

Only to reinforce that message that we certainly don't think about it in terms of there's going to be a need for a massive investment to replatform the environment in one big hit. For us, we'll do what we've always done over the last 5 or 6 years, which is a constant reinvestment in that technology stack, and that's got to be fit for purpose. So we certainly don't think about it as part of a big bang migration.

So an example, the data infrastructure we've got Paul, we are running our reporting of that now as opposed to off the main platform database, which takes pressure off that technology, that stack and allows you to use replicated data to do that. And there's more of that kind of thing happening. That's one example of how that investment over time creates capability.

Yes. And again, we're leveraging through the acquisitions that we've made over the last few years, each of those acquisitions have brought a different capability to the group. So the important thing is that we're not reinventing the wheel here. We need to leverage that capability that the acquisitions are broad and make sure that we tie all that together. And again, it's a constant process of evolution as to how we approach it.

So not expecting a big large step change in cost?

No.

And Kitrina's got the checkbook. All right. Any more from the floor? Sam has got online. Let's go. Sam, then we'll go to James [indiscernible] my partner in [indiscernible].

Okay. There's one here from Brendan from Macquarie. Are all of the 7,500 advisers covered by HUB licensee agreements but not yet using HUB attainable? Will you be doing anything differently to onboard these? And do you expect to be growing advisers at a similar rate to history?

Chesne, go for it. Sit or stand up to you.

Just like to repeat all parts of that question, Sam. But the first one around the 7,500. Look, they're probably not all our ideal client. There's many different business models out there. And so -- but we run a deep segmentation across the whole adviser network. And so we profile those clients and see which are the ones that are best fit for the platform and so on. So we've certainly got a long runway in that 7,500, but I wouldn't say we would...

Every year, those stats you put up earlier, there was a stat there of those that were part of that group that we picked up this year and last year. So we've got a track record of it, but not all necessarily, but...

Yes. So in terms inflows.

We had success picking up advisers in existing relationships that haven't used us. And there's still a lot of runway there to get that.

Yes. Yes.

Yes. And will you be doing anything differently to onboard those advisers?

Look, all the time, I'm thinking about how we scale distribution. It hasn't changed much in the many, many years of operating in financial services, but I've got a few ideas that I'm bouncing around to think about how we scale that.

I think we do that with key accounts though with those groups. Yes. They're taking some of these things out to create a new conversation obviously.

Yes, absolutely. But in terms of being able to make a step change in how many advisers you can onboard quarter-on-quarter, thinking about how we use technology to do that better and digitizing things and data, it all comes back to data and tech, my friend and the checkbook. So I stand here pleading, no. But yes, we're thinking about those things. Yes. And the last part? The 3 bits?

The last part was do you expect to be growing advisers at a similar rate to history?

I think so. I don't see any reason why we don't continue to grow at the rate we have, if nothing changes in terms of scaling that distribution for sure.

With 4,000. Westpac or BT had 7,500 to 8,000 advisers at their peak. So that's a proxy for where we might be able to get to before you -- so it will bounce around. But absolutely, there's the track that -- sorry, the runway there to do that.

Definitely, definitely.

There's another question from William at Schroders.

Yes, go for it.

Okay. Can you run us quickly through the migration and why there needs to be new people hired to help the migration? Which steps require additional staff? Which parts are automated?

The migration itself is a massive data mapping exercise where you're taking data and history of accounts and parcels and tax spaces into the system, and you're taking from a different data source, and you've got to reconcile that. You've actually got to move the assets as well. So the assets may be moving from a custodian to ourselves. In most cases, they'll be coming in as assets. So the money comes in as assets rather than money, what the continuity there where you can. In superannuation, it's different. It's an SFT, it comes in that way. So there's a lot to do in terms of reconciling assets and liabilities per member, picking up history, tax basis and transaction history, which is a huge IT and business analyst and technical job. Yes. In terms of our people, it's resources to take on the growth.

Yes, absolutely. So just to add to it, I mean, $6 billion is a huge project. So we -- some of the temporary costs would be that you've got project migration. And so oversight of just coordinating all of the tasks. Like Andrew said, you've got additional people supporting. We do have a full-time reconciliation team and transition team, but you've got additional people coming in to support those regs. You've also got a surge in the operations area because you've got multiple new accounts coming on board, multiple new calls coming through. So there is this sort of surge in...

Training and onboarding advisers, teaching them how to use the platform to be able to learn your current sales process across the business is a massive change management exercise. Hopefully, when you move the money on, you've got access to advisers who weren't using HUB before and a relationship there that creates more flows. So that's the nature of the expenses. Yes. Sorry, we had one -- yes, go for it.

Maybe just on the...

Thank you for wearing a tie. The team we're reviewing off or doing before.

Who wore it better, that's the question. Maybe just one on the net flow environment, obviously, exiting pretty strongly from September. Just wondering, sort of 6, 7 weeks in, how that environment is looking?

It's pretty stable. I think you'd normally have in quarter 2, you normally have a drop off as you get towards the end of the year, which is normal seasonally. So it's not back at where it was second half '23. So we're comfortable that the sentiment seems to be better. It bounces around. We talk about, hey, look at the long-term trend of the quarterly trend because you have things like school holidays, Spring Carnival, things like that, that do give you bumps in that. We've really strong days and we've interest in us, but it's holding up. Kit ?

Absolutely. And I'd say when you look at quarter 1 and how quarter 1 performed compared to PCP, quarter 2 is probably very similar. It's a way to think about it.

And maybe also just on the pipeline for larger opportunities, just noting you've got the one coming in December. Have you got further pipeline potentially for larger deals over time?

We're always working on larger deals. We talk about them if and when we can. So we've got a team in chains world that actually looks at those large opportunities works with others in the business. So we've got the 2 large ones at the moment. It's more than we had on the go before. They sometimes take 12 to 24 months to get there. So -- as and when we can, we're actively farming that area. At the same time, we're actively farming the organic opportunities. So -- but they're sensitive clients. We don't want to talk about them until they here. In fact, one of our clients say they said, please don't mention my name. And so we need to be commercially sensitive to that, too. But we're absolutely looking for them all the time. I think we've done for time unless there's any other questions. Are we online? Are we okay? Yes. All right. I think we'll call time. Thank you so much. We've gone over. Thank you very much for your interest and support of HUB24. As I said earlier, we couldn't do it without shareholders in the broader market researching us and analysts and so forth. So to everyone in the room, if you're a shareholder or analyst, thank you for taking the time. I hope you've got something out of this in the deeper dive, and we look forward to seeing you around the traps again shortly. Cheers.