HUB24 Limited (HUB) Earnings Call Transcript & Summary

Good morning, everyone. Thank you for coming along. I think we're going to get underway because we have a fairly jam-packed schedule. There will be some others, I'm sure, coming in, in the next few minutes, but for those of you who don't know me: I'm Andrew Alcock, the MD and CEO of HUB24, absolutely delighted to have everyone here today to spend time with myself and our team. And normally you'll hear from Kitrina Shanahan and myself and from James Cordukes in investor relations, but once again, as we did in the last couple of years, we've got other executives here to talk about our strategy, our current position in the market, the way we're running the business; hopefully, [ leaving you ] with a sense of conviction about the huge opportunity we believe we've got to continue executing, benefiting from disruption in this industry and continuing to disrupt this industry, and to achieve growth for shareholders, and how we're going about that. So thank you for coming along. Before I introduce the team and the agenda in any more detail, I thought I'd recap our position in terms of momentum, the landscape that we're in and our shift. I think that you'll notice in our business about how we're shifting on strategic execution to capture what I think is 2 large opportunities which we'll talk about throughout the day. So what you know about us already, if I'm pushing the right button, is that we're growing rapidly. We've achieved and executed our strategy really well. We've hit into -- coming to the ASX 100 -- and if you think about the vision we've got to lead the wealth management industry as the best provider of integrated platform, tech and data solutions. I don't have to labor the point. You've seen this slide before, but the evidence points are up there in terms of Australia's best platform. Craig will talk a bit more about that. #1 for super retail flows, net flows, in platform; #2 for switching across all super funds in the country; #1 for managed accounts capability; SMSF software provider of the year; #2 in terms of market share for SMSF software and corporate compliance software, being NowInfinity; and the leading portal, being myprosperity. So together, the 5 brands up there are delivering and executing and have been delivering really well on our strategy, as evidenced by growth and the emergence of margin and growth in the top line and the bottom line of the business and the accolades we're getting in the market. So let's take a look at how that's translated into market share and momentum, as I said earlier, in terms of the business. We're now ranked #7 with $84 billion of FUA at June '24, a bit higher for the September number. And the flows year-to-date are still progressing really, really favorably, but as you see on the slide, we have a 7.7% market share at 30 June, yet the largest providers in the market have just under 20%. Being #1 with flows, product, service, advocacy; and hopefully, keeping that way -- and we're very determined to continue executing that way. That represents a significant opportunity for growth in that core platform business because, as you know, over time, money moves. Advisers move. And in theory, hopefully, over time, we can aspire to get to those levels of market share, over time. Our market share increased from 4.3% to 7.7% over the last 3 years, that being the largest organic growth of any platform in the market. Mercer is an outlier with some acquisitory growth or M&A growth with the Westpac group business -- good morning, folks. Thank you. And on the left-hand side of that right-hand chart, you'll notice some of the market shrinkage or losses from incumbents. You add those stats to the growth potential of ours, and you can see how there is an opportunity. We continue to grow our business. And we continue to disrupt and benefit from disruption that we can head in that direction of taking that significant opportunity. Taking a look at the other businesses in the group: in our Tech Solutions category, with myprosperity, Class, NowInfinity really delivering well. And they are key ingredients for our strategy which you'll see as we go through the rest of the morning, but they're doing what they need to do, Class and NowInfinity growing above system, Class slightly above NowInfinity, [ a double ] system for companies on Corporate Messenger; reliable, strong, diversified revenue streams for us but key ingredients in the strategy, which is about leveraging the group's capability to take advantage of the opportunities ahead of us. Key in our strategy is to have innovative technology and different solutions that we can challenge the marketplace with, which we've already started to. And you'll see a bit more about that today. And in myprosperity. Again, sorry. That's in our Platform segment, but as a technology product, it's grown since we took it onboard, with that 12,000 households signing up, 57 practices additionally, in FY '24. And as you can see the usage stats, which are really interesting and lead indicators of penetration or success, if you like, in the execution of strategy is the number of log-ins over year from '22 to '24 for firms or financial professionals that might be an advisory practice or an accounting practice and log-ins as well in terms of customer log-ins. So you can see the penetration there in terms of the number of log-ins is increasing, which means adoption is increasing. And hopefully, we're getting -- embedding this in people's solutions and tech stack to help us build our ecosystem for the bigger picture in terms of our overall strategy; and the number of new documents stored also increasing. So whilst it's early days and we know we've got to deliver on the revenue and profit of myprosperity, as a key ingredient in our ecosystem with Class and NowInfinity, it's doing what it needs to do today. And it's certainly something we'll leverage moving forward. So hopefully, what you'll see today: that the opportunity we've got in our business is quite significant to continue growing. And I quite often look back and go the opportunity today is greater than it was 12 months and 18 months -- so I sound like a broken record when we say that, but it truly is, when you factor in what's going on in the landscape around us. We have a very, very strong conviction in our strategy, that we're doing the right things. And our execution has been really well on point today. And we're not afraid to fail and try things out, but at the same time, the results of our execution are evident in some of the stats I showed earlier and some of the stats you'll see throughout the presentation. But we have an opportunity with a multilevel growth business to achieve the potential of growth in 2 different segments but also in growth that encourages or enables each other to grow faster with synergistic revenue opportunities. Our industry is continuing to transform. Demand for advice is out there. And supply is limited, with 2.3 million Aussies looking for advice and unable to get it or unable to afford it. There's inefficiency. We know that. The client demographics are needing different things. We've got the intergenerational wealth transfer happening in this country. We've got an aging population. We've got the need for retirement products. We've got the need for technology to bolster an industry that hasn't been invested in. And I can talk about that in the sense of Wexit and banks exiting wealth, which is a term used in the industry, where those businesses have exited and they haven't invested in infrastructure. We've got the rise of new advice networks, be those licensees or aggregators without licensing, be those private equity firms who are buying advice margin and advice practices but relying on others to provide services to them. Those businesses are emerging. They're emerging as procurement methods. They're emerging as sustainability -- sustainable business models. They're emerging as succession options -- sorry, tongue tied, for advisers. And at the same time, to go with that, we've now got wealth businesses or wealth institutions separating out their advice arms in the way that the banks did with Wexit. They did a wealth exit. Well, we've got wealth institutions. Are they doing a wealth exit? Well, they're certainly exiting advice in some way. That in -- that again is a new wave of disruption and change for our industry which we intend to capitalize on with our own growth. So when I say that the opportunity is larger. Advisers are still moving. We haven't seen the end of the disruption that started arguably in '13 and was accelerated in '18 with the Royal Commission. We haven't seen that finish yet, so whilst advisers have found a new home, new business models are emerging that are looking for the benefits of scale, of technology and productivity. And they're looking for help with that, and HUB24 is incredibly well positioned to take advantage of that dynamic. We are the market-leading platform, market-leading managed accounts capability. We have very, very strong relationships across the wealth industry and the accounting industry. We have tech and data expertise to drive productivity for advisers and accountants, deliver reporting and insights that they haven't had previously and to achieve that single view of wealth for customers; leading SMSF software and corp compliance; great portal technology. And we're certainly investing to solve industry challenges. How are we going to do that? We're going to do that by leveraging our combined group capabilities. And I won't talk about this very much. You've seen it before, but the 4 pillars we use to support our business strategy: about leading today, delivering customer value and growth in our current products, that being in HUB, Class, NowInfinity and others. And you can see the growth in those businesses. But creating tomorrow by leveraging those businesses and ongoing technology and data investment to solve industry challenges [ dealing to ] some of the dynamics on the previous slide but actually bringing together the best of our businesses to do that to continue to disrupt and benefit from disruption in this industry. We intend to build together with the industry. As you know, we work very closely with professional organizations. We're working more closely with government, regulators; are working very closely with licensees and accountants. We're known for workshopping and building solutions that our clients want. That's our genesis. That's our DNA. And that's the -- I suppose, the heart of our success to date. It's building a client-centric solution that supports all players in the value chain and doing that in an open architecture way to get the best possible solutions for customers and their advisers. And certainly we're investing in being future ready. That's building the scale, the automation; thinking about what we need to do to continue growing at the rate we've grown, which is a difficult thing to do, to grow at 30%, 40% per annum over a long period of time. So we certainly focus on how we build out scale and automation in our business, the right people, the right capabilities, the right infrastructure to make sure that we don't miss a beat with our execution. You'll hear more about this, but on the slide there, you've got the 4 domains of what we call our ecosystem. Jason Entwistle will cover that in a bit more detail, but some of the outcomes of us leveraging those things on the right-hand side from a customer point of view is the single view of wealth, efficiency, insights and so forth or flexibility. So in summary. If we add all that together, I think that our business is shifting a little bit. And you would have noticed that. You would have seen that in terms of are the incumbents coming back. Are they resurging? Has the competitors managed to retool or reinvent a product that can challenge the leading products today in the platform space? And that hasn't happened to date. And there's still confusion about strategy and ownership with some of our competitors, yet as I said, the adviser shift is continuing. If advisers are shifting, they're going to look for the best solutions for their clients. They're going to look for solutions that drive productivity, that allow them to see more clients and doing it more cost effectively. And so the way we'd like to position today is there's 2 significant opportunities in our business. One is to continue growth with our current growth trajectory in our chosen markets with our chosen businesses, on the left-hand side, with the platform, Class and NowInfinity. And we're well positioned to do that. We have the market leadership standing. We're ranked #1 for net inflows in FY '24, with a stat that people said you will never do; and people thinking we would tap out at $10 billion, $11 billion per annum. We have strong and growing relationships. As you know, in our last quarter, we picked up 195 new advisers and 41 new distribution agreements. So we're continuing to have the lead indicators to support ongoing growth. We have the market share of 7.7%, around about 8% right now, with market leaders not ranked the way we are, not investing in the way that we are, not experiencing the flows that we're experiencing having up to 20% of the market. And the industry is continuing to transform, and we can benefit from that. Class and NowInfinity have leading solutions as well. They're growing above system. We're investing in increasing the annual recurring revenue or the revenue per unit in those businesses. And so they're doing what they need to do as part of the stable of HUB24 in their own right in their own business model, but you'll hear today a bit more about how they can help grow the bigger picture and that ecosystem. And so we have this opportunity to grow our current businesses quite significantly if we continue to execute the way that we have, but we're doing a bit more than that. We intend to, as I keep saying, benefit from disruption and keep disrupting the industry. The other opportunity is to grow significant shareholder value in technology solutions, which is diversifying our revenues, growing the revenue we get in Tech Solutions through software and technology products but in a way that enables and underpins the growth of the core businesses [ that ] they also underpin the growth of the technology solutions business. So you do have a true adjacency with synergistic revenue opportunities. We could just focus on the left-hand side and grow and continue to grow in the way that we have. However, we're choosing not to wake up tomorrow being disrupted but to disrupt, but to build out that ecosystem which is already delivering results for us and to invest in that way. So today, I hope you get the sense that there are those 2 opportunity sets, but they are very synergistic. And we're focused on both in terms of the opportunity for us strategically to lead and grow value for shareholders, to continue to invest at the same time as delivering expanding profit margins for the group and for our customers and shareholders -- and great solutions that help solve problems for this industry that, quite frankly, needs investment and needs market leaders to take the opportunity that's there. So we will leverage the group capabilities. We will harness our footprint to deliver more solutions to more customers. And we will strengthen those relationships and use HUB and Class and NowInfinity and myprosperity to create advocacy for each other and synergistic growth. So today, you'll hear from a range of our executives. We've got Jason Entwistle, who's over here on my left, our director of strategic development. Jason is going to talk about our strategy. And he'll be back a bit later to talk in more context about our platform position and strategy as well. Paul Biggs, our -- he's going to talk about innovation and technology. Paul is our Chief Product and Technology Officer. You'll hear a bit about that. You'll hear about HUBconnect. You'll hear about AI. You'll hear about some of the use cases we've got demonstrating progress on executing our strategy in that space that's creating leadership. Craig Lawrenson is going to talk about our operational excellence. Craig is our Chief Operating Officer. And he'll talk about what we're doing about delivering scale and delighting customers and a bit more about the dynamics and the stats behind our business, to give you an understanding about our capability for growth and what we're already dealing with today and to give you confidence that we are going to be future ready. We'll then have a short break. Tim Steele will come up -- and thank you for wearing a tie, Tim. I think we are the most professional, actually possibly entirely the most professional, people here, but that's an opinion, not a fact. But Tim is going to present about Class and NowInfinity and what's going on in those businesses but also take us on a journey about how they help support the overall group and the strategy, linking up to some of the comments I've made and that Jason will make as well. Of course, Kitrina Shanahan -- and you are incredibly professional as well, Kit. I know this is being recorded. I'll be tamed, but Kit is going to talk about our financial outlook and give you an update on that as well; and we're very much looking forward to that. Then we're going to wrap up and take some questions for a while with this group of people here. So thank you again for attending. I noticed in the audience we've got some old -- well, actually, not old but long-standing shareholders. Old would be the wrong term -- and some younger shareholders. And we thank you all for your support and interest on what is, has been a great journey for us personally and professionally at HUB24 but one we intend to continue. And we're very excited about the prospects we have moving ahead and continuing to deliver in the way that we have. So thank you very much. We're very thankful for your support. And without further ado, I'll hand on to Jason.

Thank you.

That's your button.

Sorry. I much prefer "long term" than "old," Andrew.

We do. I said [indiscernible] for us.

And no tie, but everyone [ is like I didn't wear a hoodie ], I think, so that's about as good as it gets. All right, I'm going to talk about our strategy today, so I want to cover how we continue to adapt the strategy for industry trends. And we are in a dynamic industry, so obviously we have to continue to adapt. The opportunity continues to expand, and I want to explain some of that, which will further -- will provide us further sustainable growth; and how we plan to reshape the industry. Before I get there, I want to just touch on why we're here. And when I mean why we are here, I mean HUB24. Everything you'll hear today is in the context of we believe in advice, advice in all its forms, wealth advice, so we're talking financial product advice by -- given by financial advisers. We're talking product -- sorry, strategy and tax advice, structuring advice given by accountants. And so we really believe in what they do and believe that we need to help them. They build, protect and help live off wealth but for their clients. Not enough Australians get advice. We're down to about 1.5 million households. And that number is dropping at the moment and partly because we have a productivity issue, so I'll cover these themes in more detail. So we really want to address that. Unfortunately, it's not easy, so we need to work really hard to help [ it ]. Okay. So we've been saying for years the industry is restructuring, and it absolutely is, before our eyes. Just in the last 12 months, AMP and Insignia exited full ownership of their advice firms; and so the transformation is almost complete. With those 2 groups exiting, a vast bulk of the industry is now privately owned. We positioned for this years ago. I remember having conversations with this cohort. It's got to be 2012, 2013; and being told that our market was only about 15% of the industry. And today, it's basically the whole industry is addressable for us, so there's been a massive change there. There's also a large component of the industry that is multidisciplinary. So they're an advice firm and an accounting firm combined into one business. They have unique challenges. And I feel like the wealth industry in general has left the accountants off the radar, and we haven't done that. We have picked up that mantle and we want to deliver to both of those cohorts that's really important. So I mentioned before 1.5 million households getting advice. So that is the 15,000 advisers and an average 100 households per adviser. And I mentioned that number is dropping, but there's no shortage of demand [indiscernible] that's 2.3 million people surveyed say they want advice, but the industry is not set up today to deliver into that cohort, so -- and there's limited supply coming through. I'm not sure how many of you have got kids, my age, at university, but financial planning was not the top of their agenda when they went to uni. So we're not seeing huge supply coming through. My own view is that will change as the industry evolves and financial planning becomes a thriving industry again. And by the way, the industry is actually thriving today. I've never seen practices in a healthier situation, but why is that? Because the demand is there. They are not having to go out and seek clients. The challenge is we've got to do more with what we've got. With no more supply coming through, we just have to find a way to increase that number of 100 clients per adviser to a greater number. And one of the huge challenges we've got is the tech that underpins our industry. Andrew mentioned an underinvestment. When I look at our platform and the platform industry in general: We've invested hundreds of millions of dollars in the tech, and we've done really well out of that. The advice industry has had -- not had that kind of investment. Despite being quite a similar revenue pool actually, it hasn't had that kind of investment ever. There's a whole lot of reasons for that, but it's time. If we're really going to grow the industry, we're going to change the economics, lower the cost of advice, make it more affordable, all those things that will deliver more advice to more Australians. We have to address the productivity, and technology is a very big part of that. The challenge: high barriers to entry. It costs a lot. And there's an absolute underlying core problem of the need for access to quality data. The industry has suffered from them, so what does it need? It needs industry-scale tech integrated to help solve this problem. And so for us, we see that as a huge opportunity. And we are uniquely positioned to take advantage of it. Andrew put this slide up -- or a version of it, before, our ecosystem, if you like. It is in these 4 quadrants. The platform is about one quadrant. It's not the center. It's about one quadrant because we need to see these as our [ clients ], our partners, advisers and accountants. The platform is not the core of their business. They have a lot of things they do around managing their client relationships, producing advice, getting paid. There's so much that they do that is outside of the underlying platform business part of it, which is the implementation of advice. And we need to see ourselves the way they see it, so we're facing into this problem, this productivity problem, in collaboration with our partners. And we've deliberately -- sorry. And we are definitely deepening our relationships with our partners because of our approach here, because of the way we're trying to solve this problem. We continue to deepen our great relationships we already had with our clients, and it's getting even better. Now this quadrant. We've deliberately built or acquired these building blocks over a number of years. It is our ecosystem. And each of these -- in each of these quadrants, there is a business that has 10-plus years of development, learnings and relationships; market leaders in their own right. And they are all productivity solutions in their own right, but we're shifting our emphasis to leveraging the capabilities through integration of this -- of these 4 quadrants; and all of the partners that we have sitting outside, so the external technology partners, to build a market-leading tech business alongside our successful platform. We think this combination will drive and will continue to drive our growth momentum, delivering the opportunity to outperform. Now the good news is our market keeps getting bigger. We've historically been squarely positioned in that platform custody bubble, if you like, but by responding to our clients' needs -- and our clients, if you like, they think of their market as the 6 million households who receive services from accountants. Within that, there's the 1.5 million that receive financial planning advice, but that's their market. And their market is much, much bigger than just the platform market. And coming back to that ecosystem, it's much, much bigger than just that platform quadrant, so as we talk to them or respond to their needs, it opens up opportunities for us in the $7 trillion market, which is the financial assets excluding housing and debt, net of debt. So we're increasingly identifying opportunities beyond platform, beyond that core platform market. And we are actively targeting parts of that market where we see real opportunity, very little competition. There's a lot of these spaces where we find voids, so we are uniquely positioned. We've always said for a long time now we're going to be the leading provider of integrated tech, data and platform; and we're delivering into this opportunity. Now one thing I'm going to focus on today. We've got other speakers coming to focus on other parts of the business, but I'm going to cover off the portal. And it is absolutely instrumental to our strategy. I'm a user, I'm a personal user, of myprosperity. I might have convinced my adviser to take it up as part of the sale job, but I'm loving the experience. Now why is that? Client engagement in our industry has been lacking. Everyone is used to Airbnb, Uber. During COVID, we all got used to QR codes of restaurants. This is not an age thing anymore. We still get advisers saying, "My 80-year-old clients, they're not going to use this." It's not true. We've got the stats. The 80-year-olds are about 5% behind the millennials in use of mobile phone. So the whole population, not just any cohort of it, the whole population, has moved mobile. So I've always been shocked really that advisers handed over the digital experience, and accountants too, to underlying providers, whether it's Xero in the accounting market. Or in our market, it's the platforms. We are the log-in really this -- to see the portfolio. And why is that? The advisers never had the tech that they trusted and the data that they were proud of to actually display to clients 24/7. So they wouldn't put their name to it, so even though there's been portals around, they've never really trusted them. So our acquisition of myprosperity really came from a point of view of the advisers have to own that client experience, the digital experience clients have with their business. And while the digital experience in the past may have been an option, it is an absolute necessity today. Clients have moved on. They want a mobile experience. If you think as a consumer of all of the experiences you're having with products and services these days, how many are not on the mobile? It's really hard to find them, so that's where we started the experience, but what's been coming up underneath that and very much related to that is keeping the data we have secure. So any digital interaction with a client or an -- sorry, an account or an adviser, that interaction is usually holding really sensitive data. You don't get much more sensitive than your wealth, your tax file number, your tax returns. That information is so sensitive. So the industry has not been great, I'm talking the advice industry here, at keeping this data safe in the face of ever-increasing cybersecurity risks. And so a shocking stat on this slide, 74% of advice business is still using e-mail as their #1 way they communicate with clients. So what's in that e-mail? Factfinds. Some of those factfinds are 60 pages long; and covers every part of your wealth and your financial situation, your family, your entities, the whole lot, application forms like HUB24 sitting in e-mails, so they've got every piece of data that we know about them. There are, you name it, tax returns, whatever. And we have to get off that. And so the portal is the great way, the best way we have of getting off that and delivering it to a device that we know is secure. It's the #1 thing we have to do. So while we started with the myprosperity acquisition path of the client experience has to improve, really it's being driven now by a massive tailwind of cybersecurity. And the advice community is very alive to it. We do PD days around the country, professional development days, for advisers [ we attend ]. And you can stand in that room and say, "How many of you in the room have had a cyber event in your practice?" and hands go up. We do not have a situation where there's no one. Every practice is experiencing this. Next point is efficiency. So if you go to the U.S., where the advice market is 20x the size of ours, and number of advisers, they've put that huge investment in. The integration between all the different parts of the ecosystem is very much alive and well. In our industry, it's poor; and there's a whole lot of reasons for that. It's not just because of our size. [indiscernible], but it's actually really poor. And I'd talk about this experience we had a couple of weeks ago. The team had a think tank, where our clients will sit in those rooms and get emotional about how difficult their day is just to do their job. And it's because, as an industry, we haven't solved some of their problems. So efficiency is really important for their practice, but a key part of it is, if we know who the client is because we identified them upfront, we can automate so much of the process. It's a really important piece of the puzzle to gain efficiency. And finally, the ecosystem. We can drive so much of that whole quadrant and all the partners around it through a single front door. And that's a big part of our plan. Now that's the portal by itself, but the portal also represents the front door for our group, not today. It isn't, but it will be. For our own provision of services, whether it's Class or NowInfinity or HUB24, there will be a version of the myprosperity portal that we'll release to market which is using its great capability, its mobile device expertise to deliver more and more of our services in that channel. It will become the single log-in to the group. We'll have a single client record that we can identify you. We know what parts of the business you interact with, and we deliver you a customized experience on that basis. So that's both for the partners but also the end client. Now the end client experience is customized by the adviser or the accountant. They get to choose what passes to the client, but we can deliver so much of our capability through the partner version of this portal, so we're really excited about that. And it gives us a huge footprint automatically: So 5,000-odd advisers using HUB. Let's call it 2,000, 2,500 practices. There are 6,500 accounting firms through Class and NowInfinity. If we had every one of those using the portal just to access the HUB group, that's a huge footprint. There's so much that we can then leverage to do that and deliver a much better service; make it secure, a great experience; automate things; make it efficient; et cetera and not just for us but for our partners in that ecosystem on the outside of the circle. So we're just so well positioned to capture a disproportionate benefit of this ecosystem. All right. So in summary, as I said, we're really well positioned. The ecosystem is increasingly driving competitive advantage to us. Our relationships are deepening with our clients with the collaboration we're having with them. We're not building this in a vacuum. We're not sitting in a hole and coming out in 3 years and saying, "Ta-da, we built something." We are running think tanks. We are engaging our clients. They're part of our process. They're running pilots with us. It's really important that we do it that way, and they're loving the experience. We are addressing an industry critical problem. How do advisers and licensees and networks become more productive; see more clients; build better businesses, better thriving businesses? And what I love about it is it makes them look good. Each of those businesses can't afford to spend the kind of money we can delivering a great experience, whether it's a mobile app or the way you just process things, et cetera, but we can do that for them under their brand. So we're going to demonstrate some of those examples today, some of the ones we're really excited about. I'm going to hand to Paul Biggs, first up, to do that. Thank you all.

Thanks, Jason. I'm going to say right off the bat that standing in front of this group is slightly different to me practicing this in my hotel room last night, where I was kind of preaching at a photo on the wall, so stick with me. So my name is Paul Biggs. And today, I'm going to be covering off how HUB's continued investment in data and technology is driving real value for our customers and shareholders. We're going to showcase some great examples of where innovation has delivered best-in-class reporting solutions, operational scale that supports HUB24 and its customers and the potential for new growth opportunities as we leverage our group capability. So our innovation lab, which was originally launched in 2018, continues to be the driving force behind our investment in transformative technologies. We've been very deliberate about our choices, and we're in a great position. Our investment in innovation continues to be the source of significant value for our customers and commercial opportunities that further strengthen our leadership position in the market. And today, I'm going to provide some examples of how we plan to extend that leadership in this space. Our approach to innovation continues to be how we can leverage technologies like AI, machine learning and robotic process automation to solve the biggest pain points. And as Jason mentioned earlier, access to clean quality data remains one of the biggest barriers to solve in the productivity issue. And now more than ever, HUB24 is uniquely positioned in the market because of our deep understanding of that data but more importantly its relationship with our customers. And that understanding creates a discipline and a focus on the highest-value problems and how we solve them. Last year, we spoke about how we were using automated workflows and machine learning to consume and classify structured and unstructured documents to extract those critical data points. 12 months on, that doc AI capability has processed around 3.5 terabytes of information across 6 million documents; and 60 different document types like SOAs, factfinds and the like. And over the next few slides, I'll demonstrate how that capability, along with our ongoing investment in the data infrastructure, has enabled us to execute on that strategy. So rapid growth and market movement creates challenges for every business. And as a consequence of leading today, our innovation lab is constantly evolving, working with our clients and an ecosystem of partners to play our role as an industry leader that advocates for positive change, developing new market-leading technology and data offerings that shape the future of the wealth industry in preparation for that next wave of disruption, designing-in our client success by opening the door for more Australians to access advice. I'm going to run through some of the live examples that we've delivered over the last 12 months, but before I do that, I'd just like to touch on some of the really exciting use cases that our innovation lab is currently working on that we know will deliver significant value for our customers, some potential new commercial opportunities and a more secure environment for our critical data assets, including AI-powered advice tools. So using AI on top of the existing doc AI capability that I mentioned earlier, we're looking at ways to enhance SOA compliance and productivity by reducing the costs and increasing the speed and accuracy of SOA document reviews. We're looking at how we can improve the advice process by enabling new ways to proactively measure and monitor compliance through the inclusion of voice and video data as a valid data source; and remove the need for [ timely ] and expensive customized data extracts through the creation of a data service that delivers data directly to the adviser in a secure and accessible format, plus the ability to use natural language to search and query that data; and enhance our operational efficiency through the development of an embedded automated e-mail management tool that includes follow-up nudge features, analytics and reminders. We're also going to look at ways at how we can enhance our security standards via a data redaction tool that automatically looks for and redacts sensitive information from unstructured documents like SOAs and factfinds, allowing us to store those documents safely and securely. And we'll continue to partner with our clients to prove out these use cases and ensure that our growing pipeline of innovation ideas remains focused on the highest-value problems. So I'm going to talk a little bit about HUBconnect today. HUBconnect is a scalable, data-driven solution that represents years of investment in our technology and data infrastructure that delivers one data store for many applications. Powering a range of services and solutions across multiple channels, HUBconnect technology, combined with our investment in machine learning, combines structured and unstructured documents that surface clean quality data that delivers efficiencies and scalable industry solutions that deliver tangible productivity and measurable scale benefits, advancements in compliance monitoring, a real step change in the visualization of business insights that I'll cover later and a superior customer experience. The HUBconnect infrastructure supports connectivity to an extensive range of financial services and software providers like back office, client advice and market data; as well as plug-in integrations with third parties like Salesforce and Iress and the like that represent a combined total of over 300 data integrations. And this capability gives HUB24 a launchpad to deliver a growing and evolving source of commercial opportunity that's central to our value proposition and a competitive advantage that drives long-term growth. Leveraging the power of HUBconnect as I've just mentioned, we've created a comprehensive reporting solution that's had a profound and positive impact on the way advisers and licensees gain value from their data, a suite of dashboards and workflow management tools designed for practice owners and advisers to derive critical business insights that inform decision-making, enhance compliance, improve efficiency and drive real business outcomes. To date, over 16 million documents have been used to train our machine learning models to extract the critical insights that advisers and licensees -- to make decisions based on concrete data insights, identify trends that help with predicting future behaviors and customer preferences, provide risk assessment tools to identify potential vulnerabilities and deliver a continuous reporting capability -- monitoring capability, sorry, through KRI dashboards. And today, out of the box, HUBconnect for licensee includes 11 third-party built-in integrations; over 30 dashboards across practice, advice, service and risk categories; exceptional reports for users to self-manage their own data quality issues; and the ability to aggregate data across multiple sources. We'd like to demonstrate some of this capability for you now, showcasing how we're delivering those critical business insights to licensees. It's a short demo that's going to highlight just a few of the key benefits that HUBconnect for licensee provides, including how easy it is for advisers to interact with dashboards that show ongoing and historic revenue and view trends across various time periods, easily identify documents linked to clients without having to go searching at the underlying client level, use natural language to search the underlying data; and as we released in May this year under the banner of practice insights, a really innovative dashboard that shows adviser and practice rankings based on some key data points like revenue, funds under administration and practice insights. So we'll have a look at the demo now.

This dashboard offers insights into revenue trends at the practice level, with capability to drill down to individual advisers. An adviser can not only track revenue at various time periods but also view their family groups with exposure to suppliers, contributions to practice and much more. The next dashboard showcases the stats of all client documents classified and processed by our bespoke AI models designed to align seamlessly with industry templates. Users can quickly and efficiently search for documents by type, name or keywords at the client, adviser or practice level. Regardless of the software used to store these documents, HUBconnect consolidates them into a unified aggregated view. Now let's focus on our next dashboard that has an innovative approach for users to be able to type any question into the in-built QA section that provides results based on the underlying data points. This is the benchmarks dashboard. In here, advisers and practices are ranked along their peers based on several key data points like revenue, ongoing clients, funds under management and various other factors, again all driven by real data.

So with HUBconnect for licensee, we set out to build what licensees were after, which is access to quality data and insights. And the feedback, so far, are speaking for itself. Our clients are telling us that HUBconnect for licensee is improving back-office efficiency by minimizing manual processes and significantly reducing key person risk. In some cases, we're getting feedback that advisers are saving 100 hours a month in using some of the automation that's available in licensee. And it's delivering critical business insights at scale and all in the one place, providing licensees and advisers with analytics to assist with strategic planning, trend analysis and governance. We'll continue to evolve the platform in collaboration with our clients. And there's already further KRI and practice insight dashboards in development currently. The HUBconnect for licensee solution is deepening our customer relationships by solving the biggest challenges facing them and the industry, further strengthening our competitive position and driving greater advocacy towards HUB24. So keeping on the theme of best-in-class reporting solutions, today, we're really proud to introduce HUB24 engage. Leveraging again our investment in HUBconnect, engage builds on the hugely successful release of Present back in 2022. At the time, Present was a game changer in how advisers thought about their reporting capability. Instead of spending hours manually preparing and printing the investment data that clients needed for their meetings, we consolidated that data into interactive presentations that were simple but still really compelling for clients to understand. And the feedback was overwhelming; one adviser reporting that we gave him back a year of his life, which kind of proved that we're on the right track. Engage builds on that momentum to deliver a solution that we know will allow us to maintain our market-leading reporting and offer technology that we can use across the HUB24 Group. With 3 key features, present, publish and extract, we plan to transform the way that people interact with their portfolio data. And engage is clear proof that we're delivering on our strategy to lead the wealth industry as the best provider of integrated platform, tech and data solutions. And as Jason mentioned earlier, and Andrew, we're leveraging our combined capabilities to lead industry change, enhance productivity. And with the power of engage, we're a step change closer to delivering that single view of wealth for our financial professionals and their clients. We'd love to showcase engage for you now. And in the short demo, you'll see how engage is leveraging our investment in data architecture, unifying our user experience across our applications and proving out a framework to do that efficiently and creating an amazing personalized experience that's really enhancing our customer's brand and end product. Let's play the demo.

Introducing HUB24 engage, a group-wide reporting capability. For the first-time user, templates are ready to explore so that it takes no time to get started. Key numbers can be picked out across all pages, which update instantly as the date range or account selections are changed. This is where the investment in our data architecture is paying off. Engage can take data from any HUB24 application to provide a single reporting solution across all assets and liabilities. Engage is also the launchpad initiative to build out the new HUB24 design system and UI framework. This achieves 2 things. It gets us on the path to unifying and elevating the user experience across the group. And secondly, the framework's UI componentry is reusable, which means a big increase in development team efficiencies. When taking a look at a page more closely. Content can be customized, for example, to include franking credits in performance and to add a performance objective. Again you can see how performant our data access layer is, making engage an application that can be trusted to use live in front of the client. In presentation mode, content looks amazing and ideal for boardroom setting. A portfolio [ valuation ] provides options to suit every style. If a client is invested in managed portfolios, you can look down into the underlying security detail; or if that's too complex, show the managed portfolios as a single line. Finally, the logo and colors for engage can easily be customized for a business to make report content their own and to enhance their brand. From here, there are many more features to come. Most importantly, we capture and collect feedback to drive decisions about what comes next. The engage initiative is about working with customers from across the HUB24 Group to continuously deliver impact for their business and for their clients.

So we're really proud of that solution. There's been a lot of work that's gone into that over the last 12 months. The first iteration of engage is currently in pilot. And [ Leah ], who provided the voiceover, heads up that team and is really passionate about working in collaboration with our pilot users to make sure we get this right and that we deliver the highest-value outcomes across all of our HUB24 Group customers. We're already seeing the excitement that engage is presenting back to us and we can't wait to broaden the offer. The third example I was going to talk about today was how we've leveraged our investment in AI and natural language processing to materially enhance our software quality assurance processes with the ability to translate test cases described in everyday language into pseudo code for import into our automated testing programs. The ability to transcribe conversational language into an automated test case significantly reduces the overall testing time, enabling us to deliver value to our customers faster, as well as enhanced scalability and test coverage and generally an overall uplift in quality and reliability. So there's little doubt of the benefits that AI and machine learning can bring, but for these technologies to be successful, they have to consume huge amounts of information, which often include personal and sensitive data, so our dedicated cybersecurity team continues to prioritize cybersecurity and governance in an AI-driven world. We've been deliberate and focused on the protection of our most critical data assets and we're continuously investing. We continue to strengthen the security controls that maintain the confidentiality, integrity and availability of our most critical information, including the development and implementation of frameworks that support the responsible use of AI. And as mentioned earlier, we've also looked at ways of how we can leverage our expertise in unstructured document management through the creation of a data redaction capability. The ability to automatically redact sensitive information from stored documents at scale ensures compliance with privacy and security standards, materially reduces our exposure to internal and external cyber threats and builds significant efficiency and scale into our compliance processes. Data has and always will be a significant driver of our innovation at HUB. We have a long history and pedigree as the trusted custodian of our customers' most critical information. And it's because of this we remain committed to providing the highest security standards that safeguard our people, shareholders and customers. So by leveraging the power of technologies like AI, machine learning and robotic process automation, HUB remains committed to innovation that delivers best-in-class solutions and experiences that delight our customers, that drive operational scale that supports HUB24 and the industry and unlocks the power of data to deliver shareholder value through potentially new growth opportunities, that ultimately delivers on our core mission to drive down the cost of advice and make it more accessible for more Australians. And at the same time, we'll remain vigilant to the current and emerging cyber threats in a digital world, ensuring a responsible use of AI. So that's it for me today. Thanks for listening. I'm going to hand back to Jason now, who's going to talk about how our market-leading platform continues to drive multiple sources of value and growth.

Okay, thanks, Paul. Just [ before I go into the ] platform. I mentioned in -- earlier that there's a high barrier to entry to solving this productivity issue. And I hope you get a sense of it from what Paul was showing: that engage feature, unbelievable, only possible from years of investment in the data infrastructure; the AI, machine learning capability we've got only possible from years of investment in the data infrastructure. So it's really hard to follow us quickly. It's a very unique investment that we've made. Okay, the platform. I'm going to focus on a question probably on all your minds is how do we sustain our growth. And for me, there are 6 big factors that I'm going to focus on. So first -- and these are not in any order. First is just the fact that the opportunity for us to grow in our market is so much bigger than it used to be. 10 years ago, even 5 years ago, we couldn't attract the type of clients we can attract today, the nontraditional platform market clients. I was having coffee downstairs this morning with a group, a private wealth type group, probably 5 billion under advice, ish, and growing really quickly. And 5 years ago, I couldn't have had that conversation. Today, we're having a really interesting conversation about how we can help them deliver great services to their clients, so it's really expanded. It's expanding in every direction, so we're seeing more and more rollovers coming out of industry funds where clients are engaging with their superannuation. They want a personalized experience of seeking advice. And that money becomes part of our ecosystem, which is great. The SMSF market, very heavily self-directed, traditionally had a CommSec account and Macquarie CMA, et cetera. We're increasingly seeing them seeking advice and coming into the platform space. And then we've got the nontraditional stuff, whether it's the noncustody and the alternatives trend that we're seeing. There's a significant demand for assets held directly by the client to be included in the whole package. And they're coming to become clients of ours, where we will receive some of the money in custody, but we also report on the rest of the assets held outside. And partly because of the exit of former custodians in our market that used to deal with relatively smaller clients, so the sub-billion-dollar custody market, there's not really a service for them anymore. And so we're having to alter our service and move around a bit to find ways that we can service that market. They're looking for solutions, so it's definitely expanding beyond the traditional platform market. The second one I want to talk about is the -- and I mentioned it before, the move from institutionally owned advice networks to privately owned. And we're really proud of the way we've positioned ourselves to benefit really greatly from this trend, and it's been a brutal change. I mentioned before, a dozen years ago, this graph was flipped. It was more like 15% was privately owned. Now it is basically the whole market has opened up to us. And the exit of AMP and Insignia from full ownership of their advice networks continues this trend at pace, so that is absolutely going to help drive our growth. The third one is our sustained growth in adviser numbers, 195 last quarter. And we don't see the trend slowing. It's been a really consistent trend that we grow these numbers, and the pipeline is really healthy. The fourth one on this graph is the increased FUA per adviser. It's doubled in the last 4 years, and I think a couple of slides coming to explain partly why that is. And so just picking up on that theme, data shows us that advisers once they transition to us, they're still writing new accounts with us 6 years after the initial start-up. I think that's to do with the fact that we keep increasing the breadth of our product being a great solution for more and more of their clients, and I'll cover that on the next slide. So that was the fourth one. Fifth one is our great relationships. I've mentioned this over and over again. We do have great relationships with the advice networks. We are their partner. We see them -- ourselves as their partner. They see us as their partner. We want to get them to the point where they see us as the way they do business. And that's not just on the platform side, but on the tech side as well. And that tech side, the ecosystem is really deepening our relationships with those partners. The great news is those networks we have relationships with, there's a really large cohort of advisers in those networks that currently don't use HUB. We're well penetrated in those networks. But half the market, we have relationships with the licensee, but they're not currently using HUB. That's a magnificent pipeline for us. Am I on behind? I'm sorry. So talking about the trend of deepening our relationship with the adviser, and they're still writing new business for us 6 years later. I think in part, is the way we broadened out the offer over the journey, so that more and more of their client book is relevant or appropriate or it is suitable for those clients to be on a HUB24 solution. So our traditional market was growing well through -- starting retirement segment. That's been the platform's sweet spot. Those clients that have retirement in the front windscreen, they can see it coming. They would seek advice, and that's been -- traditionally, been a great source of income -- sorry, of flows for us. And those, starting at retirement. Yes, we have great retirement solutions. But we've broadened that out significantly. And in part, it was our prediction that the intergeneration or wealth transfer that everyone talks about, was really starting to happen in the advice networks. And it was really important for them to develop relationships beyond the core client they had, but to the other generations. To do that, we needed to pat out the solution and Discover is an example in core of solutions for a simple -- more simple needs client, a cheaper price point, something that's really easy for the adviser to do and administer. And so they can catch those clients going through intergenerational wealth transfer. And we've definitely seen that and I'll come back to Discover in a second. But also we've gone up the curve. So as mentioned before, 10 years ago, we couldn't have dealt with that ecosystem of clients, whether the institution is looking for custody, whether they're family offices, they're non-custody cohort. These are really wholesale clients looking through differentiated offer. And that market has been surprisingly under service. You'll find so many family offices running on spreadsheets. Still today, that's the case. And so increasingly, platforms like ours, which they've largely ignored for a long time, they're coming into the fold saying you've actually got something better than what we've got, we really want to engage. So we're seeing real opportunity in that space. I think the retirement income solution as well is something there's regulatory pressure to be better at retirement. We are a great accumulation system, not the best accumulation system in the world. And so -- then the government realizes that, pushing the industry along this path. You'll see much more over the next few years, I think, in the retirement solutions space. Now that was the 5 drivers. I mentioned there were 6. The sixth one is everything together, all of that together has created an environment where you have relatively low outflows. So when we think of our net flow growth, the other side of the equation is we do have outflows. We're a retirement system. We have payments we must make. So we have relatively low outflows. And for me, that is all of those other 5 factors combined. But the one I'll add to that is excellent service. And Craig's going to come up and talk about that exact point soon. So with that level of outflows, we have built the brick walls to cement those relationships and we keep continuing to invest to build more bricks to keep those clients in, and that's absolutely working for us. So if I touch on some of these points, I'm going to cover Discover and the alternative assets separately. I'll just mention SMSF access quickly. We're just about -- we just have launched what we're calling version 2.0. This is a very innovative product. It's a combination of the HUB24 platform, the class administration software capability and the NowInfinity legal documents capability. We've had to push all that together. That's been hard to do. It's been hard to change the way the industry works. It's a very manual, laborious, time-consuming industry. So it requires really deep thinking on our part and how we fix that, how we change it, but it's required a change of behavior for advisers as well. So we're really keen on this version 2.0 launch. We've got lots of interest and our lead indicators are that we're on the right track here. And I'll just mentioned noncustody quickly. And the big news there, I think, is Engage. The new reporting capability has been really well received. Everyone we've shown it to has either delighted, can't way to get it. We're in the process of a pilot. But I think that will really expand this capability of noncustody that we've got today. So looking at alternatives. I don't think I have to approach this audience the demand for alternatives. It's obviously the industry funds that have helped the cause in talking about how they've delivered performance through alternative investments. The advice community is very alive to that. But historically, it's been difficult to get access. These are not generally retail solutions. But even for wholesale clients, high net wealths who may not have a $5 million ticket size to get into these things, but do want to get in, it's been really difficult to find good quality content, if you like, at the right price, that fits within the ecosystem. And what I mean by that, it works on the platform. It's easy to use. It's got the right liquidity profile. Some lookups are okay, but not permanent lookups in that environment. The other challenge we've seen is a big lack of research. Advisers are used to getting the research delivered to them really easily. It's very accessible. In this space, it's been hard. So the advice community has got demand but it's been hard to supply. We've taken our time looking at this market. A number of groups we feel have jumped white label, one exclusive or whatever. We sat back and had a look at what was going on. We've probably got $4 billion to $5 billion sitting in alternatives today on the platform, but we played no role. They just asked us to list them on our supermarket and we've done that. So having had a good look at it, we really felt that there was a need to package up these solutions. For what I said before, it works within the platform at the right price and with the right liquidity profile. And so that's what we've done. We found a little company called Reach, really early in its development. That actually suited us. We get the opportunity to build together the future model. And it's early days, but we think there's a real opportunity there. So wealth package solutions from the world's best managers and make them platform friendly. So fee-to-fund kind of model. And we'll facilitate that access across our network of advisers, but also importantly, the portfolio managers running managed accounts on our platform, really strong demand in that cohort for these solutions. It won't be exclusive. It won't be they shall use Reach. It will just be where we see gaps. We'll be working with Reach to fill them. So those groups can get very nicely diversified portfolios that are in the best interest of their clients. And finally Discover. So we launched about a year ago, I think it was November last year, designed for the simple need clients. We are definitely targeting the traditional old master trusts in our industry that are relatively high cost and not really part of the ecosystem anymore that advisers generally use, but also industry funds. Now as it's playing out, it's definitely skewed towards superannuation in these accounts. They're obviously, a lower balance client, think of $150,000 kind of average. And it's skewed towards superannuation heavily. So 88% superannuation. We expected that. The net flow is coming in, more than 50% coming to industry funds. We didn't quite expect that. It's been a bit of a revelation for us. And what it's showing us is advisers were leaving that business behind in dealing with a family, and maybe the kids had an industry fund here or there. They didn't have a product that was very competitive. It was in their best interest to move. We've got that now. We've got a product that clearly competes in that space. And the ideal outcome here is as those clients grow, and at 11.5% [indiscernible], these accounts grow quickly. They will move into more complex offers over time. And when they do that, they're in the same product. So you're not losing your insurance. You're not incurring tax. There's no fees to do that. You just -- a new menu just opens up for you. And we're making that easier all the time for the adviser to do that. So we think it's a great product. It's early days for it, but we've had great take-up. Okay. So we will continue to invest in the platform and the service. It underpins those 6 factors that I mentioned before that are driving sustainable growth in our performance for us. Part of the brickwall I mentioned is our excellent service. I'm going to hand over to Craig Lawrenson, who is going to tell you all about that. Thank you.

Okay. Look, good morning, everyone. Thanks, Jason. Yes, look, it's great to be able to present to you today and continue the conversation on the HUB24 Platform business and what's been underpinning that leading service proposition and how we've been able to leverage our investment in tech and innovation to really support the strong platform growth that we've achieved over recent years. And today, I'd like to leave you with 3 things for the presentation. We've got about roughly 10 minutes. And firstly, confidence through our focus and ongoing investment in our ability to continue to scale the HUB24 Platform business, confidence that we can leverage our proven skills in platform development, tech and innovation to drive operational excellence and also drive operational leverage. And really a combination of those 2 things and really confidence around continuing to lead today, delivering great service, driving high advocacy across the users that use our platform, which will in turn support new business growth from both existing and users of the platform. I've been overseeing the customer service function at HUB24 for a little over 7 years. And when I started back in, I think it was August 2017, I think we had just under $5 billion in funds under administration. And as you can see from the slide behind me, a lot has changed in that time and the profile of our business is very different. We're now a business of significant scale where our ability to leverage our size with over $110 billion in funds under administration, transaction processing power with $26 billion in gross inflows or over $14 billion in direct equity trades that go to market. All the many thousands of interactions that we have with our clients, be that calls or the growing popularity of chats or the other service tasks, it certainly gives us a significant baseline or opportunity to continue to invest in that service. And I can really understand what our customers need, make a very meaningful difference in those service interactions. But importantly, it's a great base through which -- through productivity measures to drive strong operating leverage across our business. Look, importantly, we've remained incredibly focused as Jason said, on delivering great customer service whilst we've experienced that unprecedented growth. And whilst we absolutely look forward to continued growth, we can get a lot of confidence from the journey that we've already been on. Now over the last 3 financial years, as you can see on the slide, you've seen our sort of platform FUA sort of double in size, gross inflows more than double in size. And our service interactions increased by 100%. And look through this about our scale safely, really throw our investment in our people and our people remain incredibly important part of our service culture. Our investment in operational experience -- our investment in process improvement for robotics and process automation, and the pleasing thing around this is that the way that we've been able to balance those investments has been both awarded and rewarded with market-leading NPS scores and other industry accolades. And this is something we're incredibly proud of and obviously look forward to continuing. So to bring that to life in terms of some of the initiatives and link it back to Paul's presentation, I'd like to sort of showcase now some of the initiatives that we've been undertaking from an operational perspective. And this is largely to increase customer and adviser satisfaction, to improve operating leverage to increase our service quality and speed, and to reduce our cost to serve and as I mentioned, to scale safely and sort of reduce operational risk. And those investments have been around sort of 2 key buckets. One, there's client solutions, which is delivering best-in-class solutions and experience for customers where we really are sort of investing directly into our adviser and investor portals. An example here I'll be sharing is around the advice fee consent process. And then how we've been leveraging our tech and our innovation lab to drive productivity. And there'll be sort of 3 examples here. One around our superannuation administration business and secondly, how we've leveraged our machine learning tools and built our virtual mail room for noncustody, and thirdly, just some of the early work we're doing around large language models and AI to support more proactive servicing. So the first example is around the advice fee consent process. So this was a new [REIT] change that was introduced in July '22, which effectively require every client every year to reconsent to their advice fees for the prospective year. And so from a HUB24 perspective, the challenge was pretty clear, and that is over 100,000 new consents that needed to be processed as efficiently as possible. From an adviser or licensee perspective, we know that they deal with lots of platforms. They have lots of product providers. So their challenge is also pretty clear, and that is how can they have one way to run that process for their business and for all the products and platforms that they use. So HUB working in collaboration and conjunction with their advisers and licensees, has rebuilt a streamlined advice fee consent process with a range of benefits. Firstly, it's integrated into adviser CRM tools to support licensees having one way to run that process across their business. It's a paperless process. So the actual consent process is integrated into our investor hub portals for the consent process. But it also has flexibility. So if we need prepopulated or prevalidated forms to support the nature of the relationship between the adviser and the client, we can so do that. And the outcomes have been fantastic. We've had over 80% adoption rates in the first sort of 3 months, which is driving strong automation benefits from a HUB24 perspective. That's clearly helping advisers with productivity benefits and reducing duplication of processes in their office and obviously, increasing their overall productivity. So what we're seeing across all our stakeholders is a high-quality process and more productive process. We're driving advocacy and lowering the cost to serve from a client perspective. The second example is around our superannuation administration. And as you're probably aware, HUB has enjoyed some excellent growth around the HUB24 Super platform in recent years. And in fact, in FY '24, received $11.5 billion in rollover ends, which had ranked us #2 for net inflows from a sort of [switching] perspective. And over the last couple of years, we've really invested heavily in the superannuation administration experience, which has sort of radically shifted the operational effort, vastly improved the member and adviser experience and has really allowed us to confidently support the growth in that side of our business, but also the growing demands of the superannuation -- growing superannuation base. And this investment hasn't just been about getting money out of the platform. It's about across all key moments of truth. And so if clients need their money, we allow them to do that with a minimum of fast with some investments around benefit payment processes as well. But we've overhauled the process to bring money onto the platform, fully automating this with complete transparency to the number of rollovers, the value of those rollovers, the status of those rollovers and where the money is coming from. And again, the benefits have been fantastic with over 94% STP rates. We're certainly reducing the cost of onboarding new clients and increasing our capacity for growth. We're absolutely making it easier to use our platform, and in this case, bring money onto the platform. The transparency of this process and many others actually reduces the number of calls we received at the contact center, so it has some value there as well. And so again, we're improving the user experience, we're building advocacy and reducing our cost to serve. The next example is around how we're leveraging our machine learning and robotic processing capabilities to sort of build a virtual mail room for our noncustody business. And this has a number of commercial use cases across our business, and I think Tim will show one of those later on today. But an important use case in the context of our noncustody business is a very visible, very tangible and for those that know a lot about noncustody administration, a very real issue, and that is managing all the incoming mail and investment correspondents. A very important part of the value proposition of noncustody is the direct ownership of assets, be that ASIC shares, individual hand or overseas mutual funds that have been purchased directly. And by virtue of that, there remains a very long tail of investment correspondence that needs to come to HUB24 for processing purposes. And so by using and training our machine learning capabilities to read these documents, we're now able to consume all these correspondents through digital means. We're able to read those documents and understand what it is for and classify it. We also understand who it is for and file it. So it's ready for our administration staff, the adviser or their client processing. And so whilst this is a very simple example or use case for this technology, it's again, incredibly powerful in removing overhead. We've processed over 110,000 or around 100,000 pieces of mails since we launched this back in November '23, and certainly reduced the impact of those volume peaks. And so again, it's improving the service, it's improving the productivity, it's reducing our cost to serve. The last example relates to shares relates to our sort of investment in our large language models and GenAI tools. As I previously mentioned, our strong growth has meant that we've had many, many thousands of interactions with our clients. And a very powerful aspect of these interactions is in almost all cases, and we get a call -- we've had a similar call before or we get a chat, we've had a similar chat before or certainly an e-mail task -- we've had a similar e-mail task. So there's almost nothing that we haven't had some experience doing from a service perspective in the past. So what if you could look backwards and absorb the power of all that experience in hindsight in those transactions and use our large language models to listen to those calls, to read those chats or read email correspondents and then leverage our AI tools to extract the value of all those interactions, really understand when do we get that service interaction perfect? What were the characteristics that made it perfect? And in case where we didn't get it perfect, what are the drivers of that as well? So we've done that. We've done that with 0.5 million of our most recent service interactions. And whilst the process is still in its infancy, the plan is very simple, and that is how do we sort of package up all the value of that hindsight and experience and provide it to our team members. So this is absolutely not about driving robotic answers, but feeding our team members with pre-vetted, high-quality answers. We know they are because we've done them before. So this will have a profound impact on the quality of our service but also have a major impact on reducing the average handle time of each one of those transactions. And what we do know is if we can reduce the average handle time of our transactions, we can increase our capacity for growth for -- by at least the same amount. So again, having a direct impact on better service, but also reducing our cost to serve. So in summary, look, this is all about delivering leading service through our innovation and taking operational excellence. This is all about creating capacity for future growth that allow us to scale safely. This investment will also support our ability to drive operational leverage and improve or expand margins. And I think the most pleasing aspect from my perspective is that we're really at the start of this journey where the technology tools available to us are producing absolute new scope for service innovation. So thanks for your time today. I think we're going to take a 10-minute break now and the time is what, quarter past 11. So back in about 25 past 11. Thanks very much. Thank you. [Break]

All right. We may have 1 or 2 more who join us. Thank you, Andrew. I was going to start by actually thanking you for making me wear a tie. As you can imagine, I've got some feedback from my colleagues about that decision, but I'm pleased to join you with a tie. Character building, that's right. So good morning, everyone. Welcome back. For those who don't know, my name is Tim Steele, and I'm privileged to lead the Class & NowInfinity business and have done so since the 1st of August 2022, so just over 2 years. Last year, I sought to demonstrate that we're playing in a visibly and increasingly attractive sector. We have a very clear strategic focus, building the future of the wealth accounting administration solutions. We are making real headway winning the hearts and minds of our clients and the broader wealth accounting sector, that we have tangible growth pathways, opportunities for us to continue to disrupt and grow and that there are significant opportunities for collaboration across HUB24 to develop better capabilities and new solutions for our clients. This year, I will reinforce some of these points and seek to demonstrate that we're actually making real progress. Specifically, we're delivering on these opportunities and growing. We're developing new features and functionality for existing products to further entrench our privileged market leadership position. And we're developing new solutions and capabilities in collaboration with our HUB24 and myprosperity colleagues leveraging those group assets, some of which you've heard about already this morning, and our extensive footprint across the financial advice and wealth accounting profession. I'll be pleased to showcase a couple of examples of some of those new features, functionalities and new solutions. I wanted to start by giving some context around the growth, some of which you've heard, which I won't belabor, and then talk a little bit about the SMSF market, which, again, you may be very familiar with, but for some, it might be less familiar. So proudly, over the past couple of years, we've reset client relationships, lifted our profile in the market, sought to better understand the needs of our clients and then delivered new functionality and enhanced our solutions. I have to say, it's very pleasing to see this now flow through to above-market growth, as Andrew mentioned, across class and NowInfinity, with NI materially outperforming and both businesses delivering consistent, reliable and sustainable growth. Class is fortunate to have 31% share of the SMSF market. NowInfinity has a 23% share of the SMSF entity establishment market. And over 100,000 entities, including 66,000 companies were established on the NowInfinity platform in FY '24. We have more than 800,000 companies managed on our corporate manager -- corporate compliance and corporate messenger solution at the end of September. And based on some analysis we do, and I'll talk a little bit about our benchmark report in a moment, but we estimate that $340 billion in SMSF assets are administered on Class. In terms of some context around the SMSF sector, and I mentioned Class published its most recent annual benchmark report in September at our Class Ignite Conference. This report leverages anonymized class, ATO and APRA data and seeks to provide thought leadership and to strengthen and grow the SMSF industry. The SMSF industry is continuing to grow strongly surpassing 30,000 establishments, in fact, almost 33,000 in FY '24 for the first time since FY '17. From the slide, you can see that actually our net establishments will reduce as wind-ups flow through over time. As of data released, in fact, published yesterday, there are now more than 631,000 SMSFs and we broke through $1 trillion of superannuation assets in the September quarter, obviously, representing more than 25% of the superannuation sector. Using our Class FY '24 benchmark data, younger generations continue to drive new SMSF establishments. Both Gen X and Millennials are collectively responsible for 81% of all new SMSF establishments, up from 76% in the prior year. The average age of establishment based on our data, which is a little bit older than is ATO is 49. And for the ATOs which published most recently at FY '22 data, that is 46. Both were unchanged from the prior year. Interestingly, and perhaps not surprisingly, given the performance of markets over the previous year, the average establishment balance grew by 9%, surpassing $500,000 for the first time to an average of $537,000 in assets on establishment. Aligned to our compliance of the future initiative, which I touched on briefly last year, we've established a multiyear program of work to deliver new functionality and solutions. Two of those recent -- recently released product enhancements are direct registry feeds. We're now connected to 3 registries, Link Market, Boardroom and Computershare, covering almost 70% of ASX listed companies, enabling our clients to expedite their admin and ensuring a streamlined audit and timely tax lodgment. We're proud to be the first in market to obtain ownership details from the registries, saving our clients time and account verification. We've also automated the retrieval of holding balances and provided a seamless user experience, allowing clients to connect to these. We're going to continue to deepen our integrations with our registry partners and anticipate adding Automic to deliver even greater automation with 99% coverage of ASX-listed companies. Our second exciting product release, which is really a step change in functionality for us and the industry is directly sourced document feeds. Sourcing and collating relevant documents to support the annual SMSF audit process is a time-consuming and administratively burdensome task for our clients. As an industry first, we've expanded our Direct Connect data feeds to also include sourcing documents directly from financial institutions. Understandably, we started with HUB24. Macquarie is now also providing their CMA statements directly to Class where an active data feed exists. These documents will be periodically auto collected, securely stored and tagged for the easy collation of year-end work papers directly into Class' document management system. We're working with a number of institutions who are keen to also join the list of providers to help supporting the end-to-end simplification of administration. We've talked a little bit about growth across the business already, but I wanted to talk specifically about the growth levers for Class and NowInfinity as a Software-as-a-Service business. Our volume growth is really about how do we help support growing our market share. So we have exposure, as I've touched on already, to structurally growing markets, which means when our clients win, we win and continue to grow market share. And then we seek to win new clients through our further product differentiation and our increased market presence. And then where appropriate, we seek to extend our number of products per customer and broaden that relationship, leveraging our Class super trust and portfolio solutions as well as NowInfinity's Corporate Messenger and our legal docs solutions. We also seek to grow our ARPU or average revenue per unit. This is really underpinned by our value enhancing product features and innovation. Again, an example of that is the program of work we're delivering related to our compliance of the future initiative, which ultimately supports us to justify price increases including a 5% price increase for all Class solutions that was effective on the 1st of July this year, and an increase in our Corporate Messenger pricing from $10 to $12 per company effective on the 1st of January this year. There's also an opportunity for us to have, particularly in the NowInfinity business, subscription upgrades, moving through the pricing tiers as our clients continue to grow and demand more from us and then also transitioning our extensive footprint across our PAYG solutions and again, where appropriate, have them take on a subscription solution for our legal documents. And then we start to think about new solutions and partnerships. So how do we create new products and new markets? And Craig touched on virtual mail, which I'll speak to in a moment. That's an example of a new product that we've identified that we think we can take to market, solving a problem for our clients. And then capturing additional revenue from our existing customer relationships and delivering additional revenue through generation of new functionality within the app. And 2 examples of recent capabilities that we've just rolled out in beta are our property title search and property valuations and/or our ecosystem with integration partners. And an example of that is extending that beyond what we currently have today with an example of our actuarial certificate providers. And then we start to think about how do we leverage our data capabilities and myprosperity more broadly, which I'll touch on in a moment. So reinforcing Jason's points, we have an enviable market position with over 6,500 client relationships across both just Class and NowInfinity for our accounting firms and specialist SMSF administrators. Add to that HUB24's and myprosperity's extensive market position and financial advice, there is an enormous opportunity for growth, which we're only now just starting to leverage. A couple of the new solutions that I wanted to touch on that bring together and leverage some of our group capability. And we've developed this internal virtual mailroom that Craig referenced into a commercial product and have recently initiated a pilot program with a select group of Class clients. And the team informed me this morning, I think we've got a waiting list of another 13 clients wanting to get on to the pilot. The VMR, as we call it, will be a stand-alone product within Class and addresses a real problem for many accounting and advisory firms who are handling a significant number of incoming documents on a daily basis. This particular issue was really uncovered through some Think Tanks we did around compliance of the future, and we talked about our anticipation of launching document feeds. They explained that there was a much broader problem than just the documents and we started to apply and turn our mind to how we would seek to solve VMR into that issue. So the VMR, as Craig touched on, is designed to securely handle mail from end clients, whether that's physical or e-mail through a streamlined and automated process. It uses the latest in AI and machine learning and state-of-the-art language models to classify each document to the correct client and categorizes the type of document, reducing the cumbersome and manual effort and enhancing the protection of client data. The purpose of the current pilot that we've rolled out is to validate both the operational and commercial scalability of the solution. Class client portal. We know from investment trends research that 69% of SMSF accountants anticipate that they will take action in the near term and how they engage with their customers to reduce their cybersecurity risk, some of the same issues that Jason highlighted for financial advisers. The new Class client portal powered by myprosperity focuses on simplifying engagement and enabling our clients to communicate securely with their clients. It also provides more flexibility for our e-signings providers as well as the flexibility clients have long been asking for -- from us, which is the choice and control over which widgets they would like to make available to their clients via the portal. With integrated e-signing capabilities with now multiple providers, advanced security and the ability to manage client interactions in one place, this portal ensures that our secure client engagement, client data is protected and facilitate seamless collaboration across professionals, reducing again the further risks associated with e-mails. We've designed this solution to make our clients more efficient, more secure and ultimately more connected with their clients. We've started with Class rolling out a beta also at our Class Ignite conference in September, but we are eager to do the same for NowInfinity. As our hope is evident, and the story is coming together and consistent across the various presentations, we are very fortunate to have a unique set of market-leading capabilities across HUB, and a broad and deep relationship footprint across both the financial advice and wealth accounting sectors. We're developing a blueprint for the next generation of solutions, leveraging these capabilities and the footprint to fuel further growth. Myprosperity gives us a very unique opportunity to extend class solutions to a new market while enhancing their value proposition. An example of that is how we would power Class portfolio can provide ultimately a portfolio balance and/or tax reporting service through myprosperity and clients. We've commenced engaging with our clients, and Jason mentioned the Think Tank that we held in Melbourne a couple of weeks ago with half a dozen of our clients who are already Class portfolio users. And the purpose of that was clearly for us to start to get their feedback on what they needed us to do differently and how we could bring together this capability. I have to say reassuringly, following a demonstration of Engage and consistent with Paul's insights, we validated our hypothesis that combining the capability of myprosperity, the Engage reporting capability as a reporting utility across the group and Class portfolio has the potential to create a market-leading investment reporting and noncustody solution. It's been a pleasure to share some of our progress with you today. I hope that you'll agree that we've demonstrated that Class and NowInfinity have strong and growing businesses that we are truly innovating again. We're developing new solutions and functionality for existing products to further entrench our privileged position in the market. We're developing new solutions and capabilities in collaboration with our colleagues across HUB. And we're making real progress to deliver on our ambition and strategy to positively shape the wealth accounting industry. It's my pleasure to hand over to our CFO and even more impressively, she doesn't want me to say here, a superstar rower, Kitrina Shanahan.

Thanks, Tim. So good morning, everybody. As most of you know, I'm the CFO for HUB24, and I'll be talking to you a bit about our financials and how our strong competitive position and effective execution of our strategy has translated into strong momentum and outperformance you can see in our financial results. I'll also talk about how our strong conviction on growth supports our confidence in achieving or outperforming our current FUA guidance and how our approach to capital management enables us to continue to invest for this growth. Okay. So as the team have talked about throughout the morning, HUB has been very intentional and selective in participating in high-value parts of the market. We work closely with our customers to ensure our strategy is aligned with delivering into their needs and delivering solutions that work for our customers and their underlying clients. You've seen a few demonstrations of those that the team have given you this morning. This has translated to ongoing sustainable and scalable growth. The platform part of the business, as you've heard, is the largest growth engine and delivers close to 80% of the group's revenue. Strong FUA growth has translated into similar revenue and underlying EBITDA outcomes with the 4-year trend for all 3 having a compound annual growth of between 40% and 50% that you can see on the slide here. With close to 8% of platform's market share, there's still a significant runway to grow this part of the business and continue to scale the business, driving improvements in underlying EBITDA margins whilst continuing to invest in our strategy. The technology solutions business with Class being the bulk of that business, it's also included in the revenue and the underlying EBITDA results that you can see here. And as Tim talked about, continues to outperform the SMSF and the corporate compliance sector. So we're very confident in the trajectory of this business and where it's going. Our approach to the customer life cycle across the whole of the business and the continuing evolving needs of advisers, licensees, and accountants the teams have talked about underpins the quality of our footprint and our earnings. And as you can see, you would have seen our quarterly results and the team have shown you some of the stats. The momentum, the multilevel momentum has continued into full year '25, and we had a great first quarter, and that's continued into the second quarter. The custody referral had grown close to the $92 billion at the end of September, which was driven by positive markets and industry-leading net inflows of $4 billion for the first quarter. And as I was mentioning, we've seen that momentum continue right throughout this financial year. Large migrations have continued with $1.5 billion of the EQT, large migration has migrated and completed in October, and there's a further close to $1 billion that's expected to complete migration in the second half of this year. The support of the industry continues with licensees and advisers choosing HUB24 as their preferred platform. As people have talked about earlier today, 44 new distribution agreements were signed in the first quarter and 195 net new advisers, taking the total advisers actively using the HUB24 platform to just over 4,700, which continues the pipeline, continues to grow and gives us confidence that we will continue to deliver the outperformance that we've done to date. FUA guidance for full year '26 is $115 billion to $123 billion supported by organic net inflows of over $11 billion each year, large migrations like the EQT, ones that I've talked about and completing that in the second half of this year, and stable growth in investment markets. The current run rate, and quite a number of you have mentioned it to me, the current run rate could see us outperform this target. However, there are macro events that could happen, and we'll see what happens with the investment markets, if we know how they -- if they continue. So at the moment, we're watching how this progresses, but we're not going to be making any changes at the moment. Okay. So you've heard some examples of how we continue to intervest and harness the momentum and the opportunity that's ahead of us. And we're able to continue to deliver the high levels of growth that we've historically been able to deliver. HUB has a strong balance sheet with relatively low capital -- regulatory capital requirements that enables capital flexibility to continue to support and deliver on our strategy and provide shareholder returns through both capital, capital growth and dividends. Over the last 4 years, dividends have grown to a CAGR of 53% with similar underlying earnings growth per share. The group demonstrated strong correlation of our underlying EBITDA results compared to our operating cash flows. We had over 90% converted to cash flows in full year '24. And because of this, we're confident that we'll continue to increase the capital flexibility of the group. I've listed a number of things here for the uses of the capital. We have a dividend payout ratio for the group between 40% and 60% of underlying profits. We have the potential for small bolt-on acquisitions, as Jason talked about, with the Reach alternatives investment that we've done. We've got the servicing of the employee share schemes, and we do this by purchasing HUB24 shares on market. And this removes the potential for dilution by us issuing shares to service the scheme. There's ongoing investment, as we've talked about to harness the opportunity and continue to grow the business. And there's also -- I've included here, there's potential for regulatory capital requirement changes, APRA are currently looking at the operational risk financial reserve in superfunds. Should that come through and HUB24 need to lift that reserve, we have more than sufficient cash balances in addition to all the other things that we've listed out to actually be able to cover for this. So we're in a good position with our balance sheet and the capital, and we remain confident to be able to continue to invest and deliver the strategy that's been outlined today. Okay. And finally, I don't know whether people love or hate this. people obviously love it for their models. So with the ongoing investment that we've been doing and the acquisitions that we've completed over the last couple of years, and those acquisitions have given us the foundations to actually be able to deliver and move forward with the integrated wealth technology and platform solutions. So here, I provided a refresher of the expected financial outcomes for the depreciation and amortization. You would have seen at the year-end that we had cash capitalization across both the platform and tech solutions when you added it together of about $21 million. When you roll this forward, we're expecting similar levels in full year '25 for the cash capitalization, underlying depreciation and amortization, which excludes the acquired software and customer relationships, is expected to be between $19 million and $21 million in full year '25, and as I mentioned, with the cash capitalization remaining around $21 million. Acquisition-related amortization will be around $26 million in full year '25, and we've provided a schedule there into the future so that this will help you with your financial modeling. And that is it from me. I think we are now going to go to a wrap-up from Andrew and then Q&A. Cool. Thank you.

Thank you, team. So in summary, I only really have one slide, and we are happy to open up for Q&A. So if you've got questions, we'd love to take them. We've got some roving mics walking room as well. So -- but as you can see, hopefully, we've succeeded today in outlining to you the great position we have to capitalize on significant growth opportunities and growth opportunities that support each other, creating long-term value for customers and shareholders. We do operate in large, structurally growing market segments with demand for integrated solutions. We are positioned really well to deliver that strong growth. We're absolutely leveraging that footprint. And some of those demonstrations today and the chat that the team have hopefully give you some color on how those things can work together. Even from Craig talking about what we're doing with digital mail and how we're thinking about how we can sell that solution into client groups to help them with productivity is an example of how we're working to bring innovation, to transform productivity in the industry and meet a need that will make our clients look good, as Jason said, with branding and so forth, but make them look good to their clients, but actually entrench and embed relationship with us and advocacy for the success of all of our businesses. And we have scalable operations that are growing well, enabling us to both expand EBITDA margin. And I'm sure there'll be questions about that along the way, but at the same time, invest and reinvest in growing the business. So we've mentioned to get the tension right between the accelerator and the brake as I say. We'll continue to deliver ongoing margin expansion whilst continuing to invest to lead change, strengthen our proposition and extend our lead in the marketplace, to take advantage of that structural segment growth that we've got in this industry. So without further ado, thank you very much. I'll hand over to questions. I think James Cordukes is going to join me up here at some point. We may have some questions from online as well, but we're happy to take them. I will lead this and then get various members of the team up for us to enter. I think you're coming up to your folks here to make sure we get the questions answered, but please feel free to jump in. And if you could help us out by just mentioning your name and where you come from when we say the question, that would be great. Thank you.

You want to sit next to Jason. You have strong valuations of growth.

Okay, it's Bob Chen from JPMorgan. Just a question. I mean we've obviously seen a lot of [indiscernible] around new products, a lot of investment in efficiency as well. Like how should we, as investors, measure success in these other areas of investment, which is a little bit outside of what we traditionally think about the business for, which is sort of that Platform segment?

Ye've got -- anecdotally, I know I say this, you've got growth inflows and [indiscernible] flows. So I would attribute some of the growth in our flows and the fact they've been traveling at great records -- great levels to be that strategy and a lot of advocacy from advisers and uses -- selecting HUB24 because of that strategy and know we're taking them in a journey. As whether you should see, and then we're hoping to see, in fact, the run rate coming out of tech solutions in the second half, I think, was 4% higher than the first half, even though year-on-year, the $21.1 million on EBITDA was fairly flat. That run rate coming out was better. So we've actually looked at the cost base there, but we've got better economics coming out of that. And over time, our view is that we will create significant shareholder value with that second strategy. So you'll see that diversified revenue stream grow and EBITDA contribute more to the overall group success. So that's how I measure the success of that, but it is on its own. It is also across the platform business. Jason and Kit, if you wanted to add to that?

I think the only thing I would say is that it is the foundation, as Andrew was talking about Class and tech solutions, NowInfinity, all performed very well. They are single-digit growth compared to the Platform, which is obviously double-digit growth and the driver of the growth, but it actually provides the foundations for the next wave of strategy that we're implementing and creating those diversified revenue streams.

Yes. So just to follow up on that. So are we sort of expecting a bit of an inflection point or an acceleration in growth in that tech solutions business from here?

Once we execute on the strategy and we continue to deliver on that, that's absolutely the plan.

The measures we have, which are not necessarily published will be how many products the customer want to use. You thinking about cross-sell, if you like, thinking about recurring revenue coming out of that business and I'm sure [indiscernible] per unit in that business or per customer. There are things we're tracking, and they're relating to some of the other mechanisms we -- in the long-term incentive scheme for executives. So some of the lead indicators we will measure in business. But you should see, over time, our strategy executes, both businesses grow in terms of their contribution in dollar terms.

Yes. And then maybe just a final one, if I may. Just on the margin efficiency or the operational efficiency. It seems like this pack had a little bit more focus on that aspect of the business. I mean, is that something that we should be thinking about when we're modeling this business, a bit of a step-up in sort of the margins in the next few years?

I think that definitely there is more benefit in investing in automation in the business of this size than there was previously. So certainly, our attention is there to support the ongoing growth as well as to certainty, quality, customer service and those sort of outcomes for which we receive accolades. It's all tied up in those sort of outcomes. So yes, at a level, you would think it's delivering more EBITDA or more efficiency in that business. But at the same time, we are investing. So in terms of how that plays out, our goal is to continue to expand margins. However, we could expand margins far faster have we not been investing. So it's hard to bifurcate that. So the reality is we intend to do both and invest and not bring all of that efficiency to a bottom line as such, but to invest for the future. So on an underlying basis, yes, it's creating more productivity in those business, but we are reinvesting.

Cameron Halkett at Wilsons. In the presentation, the high net wealth segment is an area you're increasingly interested in. But I think Jason might have been sort of a little bit behind time, so kind of sped through it a bit quickly. But can you just talk about the distribution teams focus on this area of the market previously today and perhaps where it's going into the future? How key is the subcohort for your future growth?

I might make an opening comment, then let Jason finish it, I believe he felt he had some time restrictions. We have been in the high net wealth market for a very long time. And so whilst we might be increasing focus there, we do have a large footprint through some large marquee clients and have been. However, our approach has been broader set of solutions across many life stages, across many different segments as opposed to a focus on one segment as some others previously announced. So there's a bit of confusion about that we are there. There's more to do. And there's things we can do to enhance our proposition there. But I'll hand over to you, Jas, and then we can cover off with the distribution team focus.

Yes. We have on the platform today and actually for a long time, we've had a significant proportion of wholesale clients that tagged wholesale. But today, we have a retail product that has some wholesale features. So increasingly looking at and you'll see in the top of that diagram there was a wholesale discretionary account segment. And that we've probably inherited most of that from the Xplore acquisition, but we're increasingly integrating that capability into the core HUB platform. And as we had that out, I want to clarify what I said before, someone at the break came up and said to me, you want a $5 billion client. No, I was having a coffee. And this is a...

Coffee, $5 billion, I'm trying confused.

No, that's all it takes. But anyway, so -- but what we increasingly, so we've always covered those advice businesses that have a few clients in that cohort. And we've been really good at that. And through acquisition or development, we've also got some significant clients who focus on that cohort. But as we develop more and more, we're finding the groups that in the past may have said validly, I will never use a platform. And getting to the point where they're going, actually, you're the only solution that makes any sense. If we're going to grow, we're going to scale, we're going to keep our clients safe, we're going to deliver a great service to really important clients. We basically need to adopt the capability you've got. So what I feel is happening is we keep building down that path, building capability that we're relating to the general population of advisers that are already uses. That's great for the existing client base. But there's a whole new markets opening up, like that copy this morning, which I don't think that's unusual. We're getting a lot of those conversations happening. It's the family offers private client businesses that are just not connected into the platform space in the past. We are absolutely in those conversations. And it doesn't mean we'll get all of that money. They might tell you this is only relevant proven. Cohort to my clients we may not even go forward. They might stay on their existing systems in-house. But it's just great that we're in those conversations. And it shows us the opportunity that exists and the investment we can make to gather more of that opportunity.

So we actually have a segment in our sales team to answer the other part of the question, which is focused on broker and High-Net-Wealth segments. So there are a team of people who focus on those kind of clients at an institutional and an adviser level. And that has been a function in our sales team for quite a few years now. It looks after some of those market clients being Westpac Private as well as Evans and some brokers and certainly looking for those types of opportunities. And I think as we develop key functionality, we're actually expanding the addressable market for HUB and maybe the entire industry in terms of how platform can be used. As we quite often say, a platform today is not what it was yesterday and tomorrow, it will certainly be different again. Does that answer for you?

Yes. Yes. Extremely helpful. On the other end of the spectrum, you gave a bit more color on how Discover is going, again, a bit more of a smaller account size focused solution. The comment about the volume of inflow coming in from industry funds is quite interesting, Jason. I mean, I guess a little bit of the challenge for HUB for Discover is you need to rely on those advised clients having son, daughter, whoever, who perhaps as at that stage of their life, who would take Discover. But if HUB hypothetically over the medium or longer term, could get access to these people at a much younger age, you're not having a client on platform at middle age. I don't want to put a number on things. But what I'm saying here, if you can get access to a much larger cohort of people and build their wealth from a low base all the way up to retirement. How do you solve for that issue given restrictions around perhaps advice today?

Yes. Well, there's 2 parts to that. One is that advisers absolutely deal with households. So not generally an individual. And in that household, they -- increasingly, what I'm seeing with quality advisers, they're going up and down generation. So estate planning is a huge issue. Often the parents who have successful middle-aged couple may have parents that didn't ever see an adviser. And yet when they look at their whole wealth situation, the estate planning is really important to go up and down. And the adviser is absolutely aware that if they don't do this, at that point when that client moves on, they're not going to keep the money going forward. So absolutely looking at the household. The more we can satisfy both up and down generations in terms of the product solution, the more of that adviser's book will get. And I think the market's been screaming out for products for those kids of clients. And the advisers know that one day, they're going to inherit the money. So those accounts not only will grow quickly on their own steam through SGC contributions, but they have big licks at some point. And my personal experience is exactly same. My adviser, I watch them get my kids in and explain financial well-being to them and it was a great process to witness actually and how good my adviser was with that and knowing that if I get hit by a bus, there's one number to call, my adviser. So I think advisers are really aware of that situation. They really want a solution where they can get the kids under the wing quickly rather than leaving them out their industry funds and being subject to their advisers talking to those kids and getting them on a different path. So it's just a no-brainer for us to go that way, but also the other way. And I like the way it balances the book out. We don't skew too far one way or the other. We want both.

I want to add to it. There's more to it than just that because it is actually giving advisers an opportunity to deal with other clients. And if they can do it more efficiently, they've been turning some clients away. So certainly, the estate planning piece is key. And my planner has family meetings with my children deliberately for that reason, which I find a bit uncomfortable from time to time. But that's a sensible thing for the intergenerational wealth transfer. There is advisers who have been turning away customers or have used other platforms for that cohort of clients. And in some cases, they've gone, I don't have a solution. I'm going to jettis of them. And others are saying, you mean I can use that on HUB. So there are multiple sources of growth for Discover, but it's one plank of an overall whole life cycle set of solutions, even back to your earlier question, High-Net-Wealth. It's about having the different capabilities to have a manufacturing capability; you can take to multiple segments to deal with that. And there's other options there. As you might have alluded to, there are opportunities to look at that from a different distribution capability, not necessarily through advice. It's not where we're going, but it's nice to have those options as we roll out that set. Nick?

Nick Burgess from Ord Minnett. Just another question for Jason on the Discover platform. So some of the data in terms of the addressable market, Jason showed substantial addressable markets through industry funds or master funds. Just to follow-up that conversation, are other channels and opportunity for the Discover platform, direct or the workplace channel at all?

Look, not on the radar. We are validly intermediated. There are models forming that are, let's call, the nonpersonal advice, might be general advice or scaled personal advice. And if QAR comes through, if the regulations ever get passed, we might see some other models that come through. And I think the Discover product is very well placed to service those markets. We have some advice firms that we're in partnership with, they're actively creating new segments to their business to target clients at a lower balance. It might be a combination of a mortgage insurance and [indiscernible] super. And again, Discover's in that conversation, they really like it for that cohort. So yes, I do think it will expand. But we're not -- we have no plans to go direct, and workplace is not on the agenda. We got workplace with an adviser who is targeting that segment.

And so I guess the follow-on question is, you're confident that just through the advice channel that the target market or the addressable market for Discover is still substantial enough without taking those alternate channels to market?

Yes. Well, we know from the transitions of an adviser's book to our platform. We mentioned that 6-year process. It's prolong. There's the sweet spot of larger balances, complex needs that we get straight away. We've left behind. We know we've left behind over the journey, lots of MLC, Masterkey, Colonial FirstChoice. The master funds that have been around for a very long time now. And -- okay, products, but I think there's a next generation of those products that we think are much better for clients. So that's within the industry and within that platform segment. But then as the numbers show, we're getting money from outside the segment as well.

The horizons are great for us with the current focus. We're not we're good at it. We're focusing absolutely, Nick, you're right, you could extend out with other methods. But with the dynamics in the industry and the success rate we've got and the focus of working with our customers. That's our focus.

Okay. Just a second question around myprosperity going back to the start of the presentation. So I'm not sure if this is right, but my sense is that myprosperity is now playing -- there's a little more emphasis on myprosperity or a little bit more importance, the term single access point for the entire HUB product suite. So is there a change in emphasis there? Is there -- is myprosperity playing a little bit more important role than maybe 6 or 12 months ago. And if that's the case, is there any sort of change in implications for the revenue model or revenue opportunity for that piece?

I think we're talking about it more, but the mindset and the strategy is the same. In fact, we presented those slides, and we purchased the business as being a bookend to the platform and other parts of the business. It's just that we're executing, and you see more of it. And we're coming more alive to those possibilities and opportunities in our business. So nothing's really changed in terms of the strategy. We've deviated on some of our execution because we think that opportunity is larger and more important to have that as a front end with those sort of authorities, but it was certainly in our heads and our minds as to a rationale for the acquisition. But did you want to add further?

Yes. Look, it was always the plan we may not have articulated it as clearly as we did today, but the investment we're making in myprosperity is clearly along that path. We're scaling it up to go from 500 to 5,000 practices. That means a different way we onboard and support and the infrastructure required to support it. So that's all coming to fruition now, Class is the first cab off the rank. As Tim showed you today and HUB24 be closely follow behind it.

Yes. And so as you execute just any update in terms of the revenue opportunity or the revenue model as you hit more and more potential clients with that piece of technology?

Yes. So we expect costs portal powered by myprosperity is a free part of the Class environment. You get it for your Class clients. But you want to upgrade it to use for your whole practice. You want to use some of the other great features of the tool. There's an upgrade path to do that.

George Kurian from Oracle Investment Management. You mentioned about the market share gains. As of now, you have 7.7% market share. You said that we're well positioned for market share gains longer term. And what would be a reasonable estimate or medium-term. I think...

And that's the market is researched as the platform market, which we don't think is our addressable market, but that's money on platform. Look, you've got other incumbents who've been up to 20%. You had Westpac up to 20% market share before. There are less participants that are succeeding in that market. So over time, I don't think that's unreasonable, but that's a big lump from where we are now. Current market leader, which isn't winning award, but has got about 19% because of the consolidation of other assets. They're at 19%. We tripled our market share over the last 4 years, in the last 3 years from 4 to 7. So I don't think it's unreasonable to think you can get up in the teens fairly quickly and beyond depending on execution. But I think the market will grow as well.

It's Siraj from Citi. I have a few questions. But just first one, taking a step back, looking at the $7 trillion slide that you have in terms of the addressable market. If you just change it to a revenue opportunity, can you just talk us to what that would look like because I'm not sure you can actually monetize that the outside the platform side, could you just help us with how you think on monetizing that $7 trillion?

Do I have a model that converts that to revenue, probably not. And the revenue...

But just at a high level, how do you think...

Look, I might hand over to the team as well, but I think there's a huge opportunity for revenue upside if we can more than double the size of the business. And then you're adding to that incrementally what we don't talk about is what the possibilities of distribution of that tech business might be. If you're putting software and technology in the hands of households and getting closer to customers and they become paying users of a utility that actually creates value. You've got the potential to earn large amounts of revenue from small units that actually creates a bidding. So I don't -- we haven't talked about revenue models in that way. Kit will disclose that.

We haven't talked about it or disclosed it, but I suppose, there's a couple of things in Siraj's question because there's also there's the off-platform funds under administration that Jason sort of talked about is now the solution is better for them in this day and age. So I guess part of that question Siraj is, well, given they're probably larger scale and simpler to service, does the revenue margin on that. Is that a bit lower but ultimately, because you've got lower cost to serve, your underlying EBITDA margin is broadly the same as, say, the custody for. That's 1 way to think about some of the opportunity, but Jason was talking about. And then there's other things like there was the noncustody piece and the fact that the engaged reporting is making that more attractive. And again, what's the commercial model around that, what's the take-up for that, what advocacy does that give you for the momentum that comes on to the platform. So we don't have -- we certainly haven't disclosed. We've obviously got some ideas on what might be additional upside that might come through. But you're not going to see material changes on the platform side revenue margin in the next 12, 24 months or so. But then again, on the tech solutions side, when you look at the opportunity that we've talked about, we have obviously internally got some ideas as to how would you monetize that, but that will get disclosed as and when we -- when we report...

But you're right, you can actually do straight math on the model and say what does it look like in terms of percentage of margins.

Yes. The reason I'm asking is, I think, Jason, at some point had mentioned maybe tech solution is actually bigger than the whole platform side as well...

That's not guidance.

No, it's not guidance. I'm just saying...

[indiscernible] We love being aspirational here.

Yes. We're just trying to understand, is that still...

I'll take your phone [indiscernible].

All right. Moving on...

It could be. It could be.

[indiscernible] one example of how you think about it. So if you think about Class, we've got 34% of effectively the superannuation assets in the market of the $1 trillion are administered on our platform. 23% of those assets we know are advised today. Therefore, 77% aren't advised. We're a very unique business in terms of our access to market and potential investment solutions. How do we think about -- and do we think about at some point, creating access for those end trustees and investors to tap into the power of capability across the group. They're the sort -- it's that one example of how we think about the broader ecosystem and opportunities to monetize it.

Perfect. That's actually a great segue because I think there's still confusion about acquiring Class and how that helps the HUBCo custody platform. So you said there's $340 billion, I think, under Class that's been administered -- there's $340 billion under that Class system, like...

[indiscernible] Registry system.

Registry system. Just keen to understand how -- any update on that actually moving to HUB24 or actually capturing that? Like how are you thinking about that? Because SMSF Access seems early. It's still not -- it's Version 2. Just keen to understand how you thinking about that.

SMSF Access isn't actually trying to pick up those clients. So it's establishing new accounts, generally with younger or with that the family members of advisers that need simpler solutions. And we've just launched Version 2. And I think we've got 90 or 100 advisers now saying they'll use it or using it, and it is starting to grow. In terms of update on the option you've got there, well, there isn't an update other than there's an opportunity there to capture and we're thinking about that. Since when we talk about the strategy today that you've got clear initiatives that we're working on, but that is the potential in the business to unlock the value, and that's part of the strategy. So over time, we'll look at that. So putting my myprosperity in the front of Class is a good first step to do that because it makes Class more usable and then opens you up to those sort of opportunities to suggest other ways of helping that group. Tim, are you comfortable with that?

I am. And I think the other strategic context, and it sort of went to Bob's question as well, which was if you think about these 2 very distinct markets of accounting and financial advisers, there is -- Australians are effectively going either to an account if you seek advice, either an account or adviser for some type of isolated tax structuring or ultimately, investment advice. We know and are seeing, and you have to believe, I think, that there's continued convergence of both accounting and wealth advice. And increasingly, we are dealing with clients who want to deal with us both from a Class perspective, and/or a platform perspective. And in some cases, a relationship initiated out of Class. In some cases, they have great relationship initiated out of HUB24. So there is also a strategic context on where we think the market is headed as well.

It's creating growth for us already, but not necessarily linked. And there is a lot to do. And absolutely, there's lots to do and that shift in talking more about the strategies because the opportunity is there. At the same time, as having broken records in the platform space, we will continually pivot to get the best value and to think about how we take all those opportunities. So it is a journey, and there's more to do.

Siraj, the Class in its own right is a great business. It is also -- we kept on coming back to the access to quality data. Class has, in our view, the best quality portfolio information in industry. Every platform, broker and bank is represented in there. And Tim showed today how we're expanding that list of data feeds that we get to pad that out. So great data feeds -- portfolio data feeds, a tax engine that covers not just what we hold in the platform, but the whole gamut of wealth and a book of records that is really good at reconciling that data, effectively a general ledger and then driving performance and tax reporting. So those constituent parts, if we were to run this ecosystem and say, we want to drive into this market and deliver great products like the combination of myprosperity, Class portfolio and Engage, we would either have to buy or build that stuff. And we chose to buy. Those data feeds take 10 to 15 years to get in place all the agreements, the IP behind them. The tax engine is not an easy build and the book of records, there's only 2 or 3 of those in the industry that actually work really well. So we -- I think the first question I got when we bought Class was why didn't you guys build it? I'm in 15 years of development, we back ourselves. We might be able do it in 12, but I'm not waiting that long. So it is a good business in its own right. It's growing above system. We've got some great plans for it. But those pieces of the puzzle are so important to the whole ecosystem.

We aren't leveraging them. We did debate how much of that to put in the pack, and there were some hints to it in sort of Tim's slides and Jason's slides, but you're narrowing it on the question. There are those possibilities in that capability set, which we are intending to leverage over time.

Got it. Just last question. In terms of the distribution agreements, it is a 2-part question. Just I mean, 44 it is a good number. Just how does that convert to advisers? How much time does that take when you win one of those agreements? And secondly, I think if I look at the data since 2019, you have announced like 600-some or so distribution agreements. Is there more to go in terms of that agreements?

There's certainly more to go because we're picking up the 40 and 1/4. It's not indicating that you're reaching an equilibrium or saturation point. In some cases, they're single adviser practices. In some cases, there are 2 or 3. They're not as often large groups, except when we talk to you about having won a large group that might represent hundreds of advisers' speakers. Typically, we have agreements with all those groups across the country. Hence, our footprint or access to the ability to access up to 8,000 advisers through existing agreements. So sometimes it translates to a single adviser or a small business in other cases to larger, but there's more to go. We report it as a lead indicator of conversion FUA because you know them that advisers have chosen or licensing has chosen, which means you're going to get advisers authorized to use the platform and that number was 195 for the quarter. They're good indicators to say they're in our model, the growth compounds. You get ongoing flows over a number of years from existing advisers, there's more to come. And so we're not tapped out yet. In fact, you'd argue why hasn't that occurred with an adviser base that shrunk from 25,000 to 15,000, why are we still growing in a linear or a hockey stick type fashion in a shrinking market. That's the result of the platform, the advocacy, the market dynamics, the lack of compelling solutions, there's more to go.

It's Nick Basile from CLSA. Just a question on technology. I'm interested how we should think about the defensibility of the broader tech platform. How much of those productivity-focused functions and features that you've built, such as Document Management or RPA, for example, are based on internally developed code versus partnering with third parties. I think that speaks to the longer-term competitive advantage that you may be able to leverage and potentially also in margins. So just interested in that.

Certainly, and we'll answer it as a team. But certainly, the demonstration you saw today of HUBconnect Licensee and the underlying capability and technology behind that to take unstructured documents and turn them into data is our IP. We've developed that ourselves for the virtual mail room as well. So we have our innovation lab that's built that IP that others just don't have. And the use case for that -- and the potential use cases for that, have not even been explored, and we're talking to many licenses, in fact, large national groups as they become bigger and they're looking for solutions, it's becoming more relevant and a more concentrated sales opportunity. So there's a lot of our own IP in there in terms of AI and robotics. And of course, there are others out there trying to do that around the edges with point solutions or trying to take Copilot and turn it into something that's not tailored for this particular industry, and it's not quite cutting it. So in one hand, it's certainly our stuff, but we do partner with others as well. We do use things like Copilot. We do use things like DocumentIQ to look at fraud -- sorry, DataIQ, I forget the name Deb -- investigate DQ, sorry, to look for suspicious transactions. So there are third-party products that we use for other reasons that are technology-based or AI-based as well for fraud prevention and so forth. So we do use third-party products. But the stuff that we're monetizing and selling is generally ours or integrated with others in a use case that's hard to replicate. Jason, you want to add further.

Look, I'd say most -- we absolutely leverage the global tools. The big Amazon, Google, Microsoft and a lot of others. So we definitely leverage those tools. But the knowledge I give you is copilot for me is like Excel. It's amazing, and it can do pretty much anything, but you've got to sit down and make it all happen. And while we see some advisers heading off down that path, building their own prompts, trying to do stuff, we think that us creating an environment where we've taken some of those tools and built our own stuff on top. But in particular, we've made a jurisdiction and industry-specific because those globals are not going to do that. And our industry is a very unique to our jurisdiction. We've got some really different things. Our language is different, et cetera. So customizing it for our jurisdiction and our industry is really important. And that's where we think we have a real competitive advantage. And we spend a lot of time on that.

Yes. Last year, I think one of the things I said was there's a really key term in machine learning, which is learning. The challenge that with a lot of these generic tools is that they are generic by nature. And the real investment and what we've spent for the last 10 years is you have to understand the underlying data that you're working with, and you have to understand the relationship that data has with its customers for the models to learn. Otherwise, they're never going to achieve the outcome that you really need them to achieve, certainly not at the accuracy levels that you need them to have trust in those models. So a lot of that investment is leveraging the fact that we did understand the data, we spent years trying to figure it out, how does it all get plumbed together? How does it relate to our customers? And then train those models off the back of that. A lot of the tools that are in the market today provide machine learning capability, but not with the level of learning and training required to deliver the insights that we've spent years trying to determine.

And not necessarily with the access to the data sources we've got to actually leverage that and not necessarily in the way that you can build an integrated solution, which is leading more and more people on the stats in the industry say that advisers have gone from 18% wanting to use a single platform to 23% to 28% in the last 3 years, because they understand monogamy, with a relationship with a platform and a tech provider is going to deliver productivity. So all the indicators are there that we'll continue to leverage that for success.

Yes. Great. And another question just on the family offices opportunity. That sounds like it's a new emerging one versus the more traditional customer base that you've had. How should we think about that opportunity as a part of that broader? I think you said a $1.7 trillion TAM.

It's an extension. It's an and not an or. But we've got kit that goes there. And as Jason was talking earlier about wholesale and the documents and the products and the alternatives to Reach there, it will be an extension.

Paul Buys here from Canaccord. Just one relatively high-level question. You guys spoke earlier about the evolution of the advice industry and how we're kind of towards the back end of the transition from the institutional ownership to the independent. Just given as you alluded to some, I guess, larger transitions in place sort of completing that journey. I was just curious, from a BDM perspective, and a new business perspective, how do you guys look at that given that, that's playing out now? Is it kind of specific focus on that opportunity as business as usual? How do you address that opportunity?

It's how we address our current business anyway. We do have a structure -- I talked earlier about the broker and High-Net-Wealth channel in our distribution team. We have a key accounts team as well that work with and provide education. They sponsor. We work closely with large licensees that are key national accounts to harvest those opportunities, then we have a field force of BDMs who might look at that from a referral point of view. So we have a, if you like, to use to use crash terms, a top-down and a bottom-up approach for those opportunities. But absolutely, we have very strong relationships with the advisers in those groups already. We have very strong relationships, for example, with AZ NGA and entirety being key platforms for those businesses with billions of dollars of FUA from those businesses on our platform already, who picked up the A&P opportunity. And we have very strong relationships with the crew who have left in Sydney in Rhombus, but also a lot of the practices there. And so we do have a targeted focus on that. We do actually look at the opportunity. We have heat mapping and all those sorts of things that you'd have in a normal prospecting business. It's no different to what we normally do, is just to focus on that opportunity and how do you leverage that in the right way. The point to make though is if you're separating out of an institution into an online model even if the institution has a shareholding there, and you're wanting to have advisers grow and be a sustainable value proposition that can pay its own way and lose the overhead from the in-store and make a profitable, sustainable business, you're going to need to have the best products. Otherwise, you won't attract advisers, or they will leave. So that in itself drives activity, and the business in itself promotes HUB and other specialist platforms as a solution of choice. And in some ways, are probably glad to be away from where they were because there's more freedom. So it's a very exciting space to be and where your clients or your prospective clients are asking for you at the same time as your prospecting top down and bottom up. There's a lot of work to do, but I think there's a huge opportunity there. And I think it will come over time. And those businesses will look like other licensees in a few years' time regardless of their heritage. So it's almost the last step of taking institutional alignment out to privately owned.

It's Simon Burelle from Cresent Capital Partners. Just a couple of questions on the technology, I guess. Obviously, the message we got today was around potential unification around the platforms. Just wondering, as you purchased things, how have you thought about a unified code base on the back end and ensuring that there's not a tech debt from all the acquisitions over time?

I think there's a lot of answers to that a little way, as you can do that without having unified code basis and technology has surpassed the need for that. But I'll hand it over to Paul.

Yes. Look, I mean, the reality is it's an enormous challenge to try and take acquisitive products and try and blend them into the products that we've got. I think for us, the focus is on, again, the narrative today was around creating myprosperity is that front door to all of our services is how can we stitch all of those products together to create a seamless experience. The underlying code base doesn't have to be the same for us to achieve that outcome. So the key thing for us is from a user experience perspective, how do we make sure that, that's as seamless as possible, and it doesn't look like it's been cobbled together. So that's the biggest focus for us. The code base and the technology depth, that's always going to be something we'll have to live with around performance, scalability, reliability, and that's always a key focus of ours. So we never take our eye off that, but seamless experience is the key for us.

Philosophically though, it's integration. But as you build something, you think about, can I use that above my set of -- so can I be able a service that I can then use above my current code base. So over time, you incrementally replace or slide it even out on the basis. So for example, Engage, as you saw today, actually will run in the platform, but we'll run in myprosperity. And an actual fact it could run over arguably any platform. So it's being built not to be part of HUB24, but being built to be its own service there that you can slot in. So you make architectural decisions that make that pathway easier and better for you.

Just as a follow-up, I guess, have you seen any benefit from an engineering efficiency perspective from using something like [ GitHub ] Copilot in your business?

Yes. In fact, we use those tools today. So the challenge for us is where do we apply those tools? I mean, again, I always get criticized for it. But I often refer to AI machine learning as a solution looking for a problem. So it's about applying where we think GitHub is going to provide the most benefit for us. And it is about automating the really simple tasks. How can we do that? And in some cases, we're saving upwards of 20%, 30% efficiency rates in our engineering practices in using those tools.

Fantastic. Just one last one, I guess, more related to the superannuation industry. But obviously, some tax changes coming through around balances at some point. Do you think that advisers might require or direct people to some differentiated products as a result and how would you, I guess, react to that, I think?

I certainly do. Our exposure with our retail client base is quite limited. So if you look at the number of customers with a $3 million balance in HUB. It's tiny, it would be $300 million of that $90-odd billion we've got, certainly, with the target markets we're going to. But we've been fairly agnostic through legal structures. So we operated MDAs, we operated custodial services that aren't actually a financial product. IDPS Super. So there's different ways of doing that. And certainly, there will be or there may be a shift. There may be opportunities to actually lead in that space in terms of thinking about other products, for example, insurance, bonds and other ways that tax advantageous. Can you innovate in that space. So I don't think it will change the shape of our book in any way or represents a threat to us. In anything, it represents innovation opportunity.

Andrew, it's Scott Hudson from MST. Paul, could I just ask in terms of the -- I guess, your AI models, is that predominantly proprietary?

It is. Yes, it's all proprietary. I mean, we -- again, as Jason said, we use Google to provide the underlying infrastructure, but all of the models have been trained on the capability that we've had internally.

And do you ingest the data feeds from Class into your...

Yes, we do. I mean, Class, a lot of external data feeds as well come in through the HUBconnect infrastructure. Again, I think I raised last year that we probably made the biggest investment we've ever made in the underlying data infrastructure to be able to ingest all of that data store it, cleanse it and make it available to everything else, and that models all feed off that investment in that data infrastructure.

So I guess given Jason's comment around how it would take sort of 12 to 15 years to build those data feeds. I mean does that mean that your AI model is, I guess, far superior to anything else in the market.

We'd certainly like I think so. Again, because it takes such an enormous amount of effort to consume all of that data. You've got to actually be able to access it in the first place. So accessing it is one thing. I think we're years ahead of our competitors in accessing that information in the first place. Once you access it, then the real challenge begins, which is what you do with it when you bring it on board. How do you make sure that you're coupling that data together so that it makes sense for the systems that need to consume it. And again, the AI models are no different to any other system in that regard. So we have to make sure that we're investing -- we've invested really heavily in the ability to do that. But that has taken us years. I mean, my background is that I came to Agility through -- sorry, to HUB through acquisition in 2017. We spent 10 years prior to that, consuming data in the wealth industry and how do we automate and make that really efficient. So combined, you're talking about 15-plus years of investment in that ability to do that. It takes a long time.

Would you be able to put a monetary estimate on that investment?

I don't think so. But you can't underplay this. We barreled down a path of thinking we're going to do this ourselves and gave up for Agility. And then we thought Agility has done the stock broking industry would have supply that the platforms gave up bought Class. It's really hard. And there's a really good reason why almost no one else has done this like everyone is stairs at it for any length of time goes, that is really difficult.

And then lastly, just in terms of risks around AI, how do you sort of limit the elucidations or biases that build in the model?

Yes. So we've spent a lot of time, as I mentioned, on the whole governance aspect of the data that we store, which is really critical for us. So we've got a team of about 13 people who were just dedicated to making sure that the way we use our information across the organization, the way that data flows around is kind of within the train tracks that we've set around its responsible use. So we have rules around who can access it, who can see it, how that data flows around, how it's secured, where it lives. We obviously don't allow data to go offshore. So there's a whole pile of rules and data governance rules that we apply internally to make sure that we're responsibly using that information.

We're also using curated data sets. So if you go back to the risk of AI generating, we're not generating advice, we're not producing content out of public domain datasets. We're looking at and creating data sources ourselves. So there's debate about the term GenAI. Yes, we're using GenAI to actually interpret unstructured data, but we're not using -- when using to generate structured data. We're not using it to generate things that could go awry in that regard, and it's certainly a contained dataset that partly answers the question about the risk of AI telling somebody to do something stupid and invest in the wrong things. That's not our business, yes.

And then -- sorry, just one more. Is there a way to leverage that into other cost areas of your business, so I guess, disrupt the cost base?

Can I go on for 1 sec? Because I was talking to our very own -- well, you can just taking the photos off the room in the hotel when you leave. I know you take photos of us around with you, but you're rehearsing to it. There is bad art in hotels apparently. The -- our own Dr. Evan Morrison, who runs the innovation level, I was talking to him the other night in the corridor as I was leaving about how we had taken the capability that we use for HUBconnect Licensee where you're looking at all the SOAs, we've actually taken that capability and use it to monetize MDA compliance or manage discretionary account compliance inside Explore for our own purposes. I didn't know where we were using that. So the investment we've made to help advisers. We were then actually look at it because you have to supervise, you have to look at SOAs every 13 months if you're operating in MDA. So we were seeing documents that we don't normally see and running them through the engine to make sure we were compliant. So there were use cases springing up, but I wasn't aware of in the business. And yes, there are opportunities there, whether it be AI or robotics. And in some cases, it's not AI, it's just normal technology, but that's certainly how we think about the virtual mail room was a data room -- data room was an example as well. So yes.

Mail room.

Mail room.

Yes. And actually just further to that, so we mentioned today about that data reduction capability. So that has both internal and external benefits because we're looking at how we can leverage that capability in the VMR solution as you ingest all of those paper-based documents to reduct the information before you store them, and we'll do the same thing internally for us as well.

I'm going to give a shout out to those who are online. We are monitoring if you do want to ask a question. We haven't got any at this stage, but we are monitoring if you'd like to.

Nick McGarrigle from Barrenjoey. Just a quick one. You've given a good statistic in the pack about 10% of advisers using the platform have $50 million or more on HUB. Is there anything atypical about that cohort? Or would you expect that the bulk of the 4,000-plus would gravitate to that over time given the average advised or per adviser is 70?

It's a broad statistic. I think that we've seen that pop up over the last few years. So you're seeing increased share of wallet or penetration there. We've got some advisers with more than $80 million or $90 million on the platform. And as they change the shape of their client books and they become more productive, I think you'll see that increase. But in that 4,000, there will be some who have -- had very little penetration, which is an opportunity. So we're in the bulk of them. Hard to know, but there's certainly a huge runway there to do that with the Reach that we've got with existing and new clients.

And you've had -- I think it's 10,000 advisers sitting under a distribution agreement of some sort, but you've got, I think, 4,500 or something like that using the platform. Has this -- the kind of positioning of that balance changed with the Amp licensees, the IFL licensee is kind of becoming independent. You alluded to that previously, but presumably they were part of a distribution agreement, but maybe didn't have the impetus to lean into HUB?

I think -- I don't know how we encountered Insignia, but certainly the ones would have been encountered in that statistic before because we're on the Amp APL. So it hasn't changed the access to that. But it certainly changed the ability to be successful in there because of the way that structure was and perhaps the pricing in the way those products are used inside large institutions without me blurring any lines of how those things work. But certainly, it's an open architecture well there's a more free of choice, if I could say that. So in that case, I don't know if those stats had the Insignia numbers because of rhythm or...

I believe they would have.

So I don't think that will have changed because they had access to both those groups, but our ability to operate should shift.

Nick, just coming back to that -- those advisers more than $50 million each. That's a practice that's obviously adopted us as their core solution. And coming back to Andrew's term platform o monogamy, we are definitely seeing a trend, whereas when the best interest duty first came in, advisers took that as I can't use one platform for all my clients. I'm sensing a trend in the industry, and I'm hearing industry consultants talk about this, if you really want to be a practice that is efficient, having a single platform relationship is one thing that's going to help drive that. We've now got the breadth of product that we can largely cope with all of their clients. So I think we will see more advisers just say, this is just how I do business. And they will triage clients who don't fit our product model, whatever and say, well, you're not a client for me. There's enough demand out there that they can do that. So I think we'll see more and more advisers say, this is how we do business and us being the tech partner as well. I think puts us in the box seat to be the way they do business.

There's a good structural reason for that as well in that you've got specialist platform providers, you can like although we're a group with more than just a platform that are focused on that as their sole business, which means we live or die by delivering a great product. Whereas in a bank-owned model, it's 8% or 10% of the profit of the bank and they're fighting for capital. So will they build the best of breed solution and hence, advisers were going, I won't put all my eggs in one basket in case this one is on the boil and this one's off the boil or who owns it. It's very clear what we're doing. It's very clear what we're investing in and that we are building market-leading kit, and we live or die if we don't. And so we've proven that. So I think that you'll see a shift that some of the risk aversion that drive you use 2.2 or 3 platforms might shift as well. Damon?

One for Craig. Damon from ECP, by the way. If you think about all the operations or parts of operations within the business, and then those that are most material. Where do you think the biggest opportunities are to delink cost growth from platform growth over time with the things that Paul is investing in with artificial intelligence. You talked to some of it that has been achieved in the past, but I'm interested to understand where the biggest opportunities are going forward?

I think certainly one area in terms of our new business growth every year, a lot of our flow comes from transitioning from other platforms to ours. And I think we've got an awesome capability around that sort of in-specie transition or platform to platform transition. I think in terms of the industry and that process, that's an area that can absolutely reap the benefits of further automation or other aspects, still a very paper-based process, registry to registry in terms of moving funds. So speeding out that process speeds out the transition of that money faster to our platform as a reasonable cost overhead attached to that process, both within the distribution team, but also on the operational team and with our counterparts, our subcustodians and whatnot. So I would say that's an area ripe for opportunity.

We're happy to keep going folks or wind up. Anything online, James? Siraj?

Andrew, just on for the Reach agreement? Like how is the -- how does it work? Is the pricing model accretive?

I need to not disclose too much because it's confidential or commercial. And we still -- have we signed the partnership agreement. There's an agreement being signed about how we work together apart from our investment.

Yes. Look, it's a commercial lines length agreement in terms of our commercial arrangement. We obviously invested in the business, we're a minority shareholder. But we're still designing what we think the future of that solution looks like and what partly play together as it is today, they've got some funds, they've gone onto the platform normal commercial arrangement.

So should the business generate profits, and we've got 13%, it would work that way. It will be arm's length, and there's multiple ways we could take product to market or leverage their product, but we certainly are happy to work with others as well. So it's not the only conduit we've got. And in some cases, there might be products developed that running custody on the platform and those that run outside of custody that we linked to, they are already Reach investments on the platform as they are in other platforms as well.

And just -- Andrew, just following up on that, it seems like this as you get bigger as the scale increases, there's also further revenue opportunities that can come in, like Reach the assets that you can bring. And just can you just touch on things that we should be -- because everyone's talking about margin pressure, right?

There is certainly opportunities as you grow our business to increase the revenue or to think about how you participate in revenue streams and value chains across markets, whether that be cross-border currency, whether that be custody, whether it be things like Reach or other manufacturing opportunities, there are opportunities there across the business. There are cost synergy opportunities as well that we talk about from time to time. So they're there, Siraj, the things that probably we wouldn't talk about until we embarked on them. But we certainly leverage cost base from a procurement point of view as we get larger. But you are right, you are open up to other opportunities. When you look at the size of how you're operating or whether you can leverage your distribution or your footprint in some ways and that's different in financial license businesses as it is in technology businesses, and we do think about that. So an ecosystem in itself might actually become an app store, those sorts of things that create other opportunities as well. So not shouting out to the market what those things are, but there's a range of opportunities that would have us be able to leverage increased revenue both in the platform and others over time.

Sorry, Scott Hudson from MST again. Can you tell us, what's the price difference to a client between Discover and SMSF Access?

The price -- sorry, very differently, they're different products. And they're charged away. But I think the margin is probably similar -- the profit margin will be similar, yes?

Yes.

Our SMSF access is our IDPS product with an overlay an additional fee. So it's the IDPS with an additional fee for the establishment and the administration of a self-managed super fund. And I think it's in basis points, it's less than 10 basis points additional fee, folks. Yes. And so that's a very different thing. Whereas -- so it's a traditional platform, as you know, published rate card, balance-based tiered fees with some transaction fees and cash margin -- cash fees and so forth. And it -- Discover is a different proposition. There is no technical admin fee. The fee is embedded in the investment option. And so it's taking an investment option with one fee for that option to market, and we're the investment management and we then pay underlying investment consultants or advisers. So we are technically the investment manager for that. So there's a 0 admin fee, but there's an embedded fee inside the investment component.

And then just in terms of my prosperity, I think, obviously, I think you showed some reasonably impressive login growth. Can we just sort of understand in terms of the -- I guess, the investment case, you're pretty happy that it's now I guess, meeting the return hurdle of the initial investment?

The question of return is very different to the question of value. But yes, in terms of the investment case and the strategic value, blown away by the reception we're getting in the market. And I think there -- there's a number of groups that have said they want to sign up for the enterprise version. And there's a number more that have -- so the number that have signed up and a far number more that have said they will indicate. I can't give you those numbers here today. So in terms of value to our strategy, yes, and Jason will echo that. Over to you guys. And Pete, you might want to talk about the revenue profile.

Yes. So the -- those usage numbers are really important. The industry is littered with portals, spec fine tools, cash flow budgeting tools that just get no use. And the great thing about myprosperity is 14 years of usage data where we can see as something was released, what was taken up and what drove clients back to the site. And so Pete McCarthy is the founder went on that journey, I spent 2 years in lockdown in Melbourne couldn't do much. And so they just really deeply analyze the usage data and discovered, which is not such a surprise. So it's the doing things that clients come back for. And if you think your banking up, what do you do? You go to transact? And while you're there, you might look at something. And so while the industry is focused on, we're going to give the clients cash flow, budgeting tools and make them enter their budget and track it, guess what, they don't do it? Or it's a whole of wealth solution, you're going to go and look at our portfolio value and maybe your performance, guess what, they very rarely do it. We know that from our own stats on the platform. But what they will do is I need to sign something. I've got a consent or something, my adviser is chasing me to load up a document, those doing things generate about a log in a month. While they're there, they'll see something, we might get a nudge amount of journey. There's a whole lot of opportunity we get once their eyeballs are looking at the app. And so it's that learning that we really value about myprosperity. And so as we see those usage stats going up, we know we've got product market fit that people are finding it valuable, and it's solving a problem for the practice. So we will focus really heavily on that. How do we get adoption, how do they find it valuable, their product market fit before we really push out the monetization of it.

Return hurdle?

Yes. I was just going to say, I think we've sort of mentioned a couple of times that myprosperity is probably around the 2 years behind where we thought we said we would be from a breakeven and then making profit. And so that's how we think about the original business case that we put out when we did the purchase, we're probably about 2 years behind.

And then just one last question. In terms of the tech solutions, are you trying to take control of the advisers' desktop?

No, I don't think control is the right word. I think -- ultimately, these are small businesses, and they're going to make their own call of what tech solutions they want to use. I do think there is the opportunity to produce something that absolutely provides a great client experience, the productivity gains that we've been talking about and that access the quality data that they can trust. And while that might be -- you're always going to find advisers who found the latest app on the App Store that they want to try out, and they can still do that, but there'll be a core spine there that if they use it, it just works. I think that's a real opportunity. And we find a lot of advisers and practice as a tinker as they're looking at tech all the time. Their kids are probably saying that is the latest app, whatever it is. And so they're playing around a lot. But the industry is missing that core spine, that just works. So we just want to make that happen, but give them the flexibility.

Language is everything. There are many advisers and groups who are asking us to help them build a set of train tracks or model office, if you like, is it taking control of the desktop that's helping them with their business. And there's a reward for that if you help businesses with that. James, you've got one online.

Yes, we've got one online from Olivier from Evans & Partners. On the D&A increase relative to FY '24, how much is from D&A on the new lease versus amortization of capitalized development? And have you changed your useful life assumptions.

Yes. So I'll do the last bit first. No, we haven't changed our useful life assumptions and the bulk of the increase year-on-year into the depreciation and amortization. It's just coming from that catch up. The cash capitalization had been -- or the cash spend on capitalization items was $21 million in full year '24. And so the DNA of catching up with that in this year. And so no change to useful life. And then on the -- we've done a number of property moves with a big one in Sydney. We moved; I think it was 2 weeks ago into our new offices in Martin Place. And look, you can probably expect to see a bit of a tick up there for circa, let's call it, $1 million for depreciation and more related to those leases. And I think Andrew, we've got Andy here to do the platform presentation.

I think that's a wind up. Anyway, if there's no more questions, thank you very much. We do have some refreshments if you'd like to take. In about 15 minutes' time, James Cordukes, who's down the back, who's our Head of Investor Relations. Andrew Fraser, who heads up one of those channels, I was talking about and our distribution function for strategic sales. Andy is here and we'll be doing a platform presentation for those who'd like to stay. So please join us for some refreshments. Thank you very much. Cheers.