HUB24 Limited (HUB) Earnings Call Transcript & Summary

Good morning, everyone. I hope you can hear me. Thank you for coming along to HUB24's Strategy Day. It's great to see some familiar faces, long friends and supporters and some new people in the crowd as well. Hopefully, today is a great day that's informative to you about our strategy and our business and the passion we have for what we're doing, which we really believe is continuing to transform the wealth management landscape in Australia. So thank you very much. We'll have some questions at the end. You'll be hearing from a number of our team today as well, covering a few components of our business. And I just wanted to say a few things to set some context to give a bit of a starting point about where we're positioned today as our business and some context about some of the strategies and things we're working on before I hand over to the team. So we'll do a deeper dive on our strategy and our operations and so forth, and we'll cover that off, hopefully, with some questions at the end of the day. So before I start, I just want to say we're doing really, really well as a business. Our business is flourishing in many contexts in terms of the sales or the revenue growth across all our businesses in terms of the emerging profitability and the increasing profits and the profit margins, the advocacy from clients, the awards, the recognition about our market-leading products and services. But we're also operating in an environment that has a bit of flux that's challenged a bit. And I know today, you'd like to talk a bit about that, what's going on from a regulatory point of view or from a competitive point of view, particularly in the superannuation sphere with some of the scandals with Shield and First Guardian. So we'll cover that off to an extent today. as well. But it certainly is a busy time. I think we're running hard on the field. We're catching the ball. We don't want to drop the ball. Some of our competitors are off side. The ref is a bit titchy and wants to see what's going on. And those things are context for what's going on in the environment. As always, and it is par for the course to use a different sporting analogy, Hub is in the middle of a transforming industry and challenging the marketplace with what we do today and what we want to do tomorrow. And we're going to continue doing that. We're going to continue to invest at the same time as delivering great value for customers and shareholders. And that's certainly the aim of our business and our strategy, and you'll hear more about that today. So if I start off on our purpose, and I talk about this quite a bit, but I do it quite deliberately. It is part of our DNA to be empowering better financial futures together. Today, this industry is not based on vertical integration, is based on best-of-breed open architecture solutions. It is based on collaboration, working with investment managers, working with licensees, advisers, accountants, customers, technology providers to bring the best solutions together. In fact, the regulations support that with best interest duties, the need to think about the clients' overall objectives, whether it be price or features and benefits, but to think that way, it's a very different world to when we started coming to market over a decade ago. And so we live in that world, and you'll see our strategy outline some of those things in terms of how we think about bringing together our own capabilities and others to continue to lead and challenge the market. We're also in an environment where the superannuation system is very much maturing. It's about 35 years since compulsory Super was in. You're seeing a larger amount of people transitioning to retirement. You're seeing a larger amount of people with a nesting that they value, that they seek advice and help on because it's more valuable than those who retired 10 or 20 years ago. That's almost a tidal wave of demand for the things that our industry delivers with advice, platforms and technology to make that easier and better for people as they reach retirement. It's a thematic that's fueling our business and fueling our industry. And so there's a lot going on in that space as well. We talk about empowering better financial futures together. Today, you'll see a bit more about how our assets or our businesses, if you like, Hub, myprosperity, Class and NowInfinity and some other things we're going to talk about today are coming together into an ecosystem to do that as well. So there's a big theme on together for me. It's part of our DNA. There's a big theme on leading today and creating tomorrow that will come through our presentations today. So jumping on to that. You've seen this slide before. If you look in the middle at the bottom, it is about -- our vision is to be the best provider of integrated platform, tech and data solutions, not just a platform, not just tech, but an integrated wealth tech and financial services plan. And you see in the middle of the slide, some of the assets that we have there. We've got our own applications, HUBconnect, Class, NowInfinity, the Hub Platform. HUBconnect, which is a data infrastructure capability which fuels and powers these businesses and the ecosystem that we're building and myprosperity as a client portal. Bringing those together with others in the industry to deliver the outcomes on the right-hand side, which we all know are sadly needed or dearly needed in this industry because there has been a lack of investment for some time with the shakeup of the banks, Royal Commissions and so forth and the need to actually invest in technology to make it easier, faster and cheaper in some senses to get advice to consumers. Take one way of doing business across a portfolio across an advice practice across our customers' lives to get a single view of wealth for them and their clients and efficient access to some ecosystem partners. You might call that an app store in some senses, how does HUB play that role to use our platform with data and capability to link others and apps together to create even greater utility in the marketplace for our customers. It's about flexibility and insights for advisers and reporting for businesses and meeting the needs of customers across their different life stages, whether they're starting out or retiring or having intergenerational wealth transfer, how do we bring together these assets, capabilities and others in the market to meet that need. Well, we do that with 4 strategic pillars, and we call them lead today, and you'll certainly hear today how we think we are leading the market in our chosen businesses. and what we have to do to keep leading the market, as I said, not drop that ball, but charge with that ball. Creating tomorrow, which is about challenging the market, continuing to disrupt as a disruptor in this industry and creating new solutions that bring together those utilities to make life easier, more productive, give more security and confidence to consumers, but also to financial intermediaries who work in that space. Building together, it's about us building together across our industry. It's about us building together with our customers. When I mentioned our DNA and our purpose, advisers and licensees say, Hub, you get advice. You work with us. You help us collaborate and build things. Investment managers say the same thing. You help us deliver alpha with our investment portfolios because of your technology and your approach to that. And so we do collaborate across the industry with think tanks, user experience workshops and understanding how we can build the best solutions possible. and also being future-ready. And so that's about thinking about if we're going to catch that ball, where are we going to land it? How much scale and capability we have to build in our business to be able to grow and thrive. And in the context of the great start we've had to '26 and the flows we're getting, we're sitting back and challenging ourselves, could we be growing faster than we thought? And if we are, what do we need to do to catch that ball or deliver with fines? Is it more people? Is it more infrastructure? Is it more automation and so forth. So we think about that, how we will be ready for what's in front of us and how we create that future together. Now a couple of things I'm going to pause. A lot of people wonder in the room about Shield and First Guardian. And why that's so important in our industry is that thematic, again, super and retirement is really, really important for our country. It will soon be the biggest driver of wealth in the country. It will be the second largest in the world. And so when you see things like Shield and First Guardian, it's big news. To me, that's just underpinning the thematic of what we're doing and what the opportunity is and why it's important to get this right. You will know, hopefully, that we weren't impacted by that. I'm trying to head this off now, so it doesn't distract us during the day. And the reason for that is we think about that. We have a team of 10 investment professionals curating our menu, interviewing fund managers, not just reading research, checking them out, asking them questions about their disclosure documents and their investment objectives and seeing where we think they actually can do the job. And then we monitor them on a monthly basis. We have a committee in our business called the Hub Investment Committee. That's a chartered committee that reports into the licensee Board that actually manages that process. So a lot of people have said to us and APRA said last week, Andrew, was this skill or good luck. And it absolutely was skill, and it's how we think about being future-ready and the importance of our role of empowering better financial futures and taking that responsibility seriously. Another one here, and the team will be cranky at me for highlighting this too much, but I thought I'd get rid of some of the elephants in the room so we can focus on the strategy. There are a lot of noise out there about trustees and EQT and about third-party trustees and never waste a crisis. There are lobby groups in the industry talking about that. We're very happy that we have a third-party trustee, and we have had that trustee deliberately so we could focus on our strategy and get best-of-breed open architecture capability. I think it is one of the purest forms of independence in our marketplace regardless of what's happening out there. But to be clear, our trustee is HUB24 Super. It's a subsidiary of EQT. It only looks after our fund. It has its own policies and procedures. And so -- and it's very different to the stuff you're hearing in the media about EQT and about the fact that there's a court case and so forth. And we've been delighted with how EQT have helped us with that. But just to reiterate, we've been telling others about this because I get the question all the time, what are you doing? Are you worried? Not worried. Love the arrangement. However, we've always designed it so we can change the arrangement. We have an option to purchase that business, that trustee license, and we consider that all the time. And as we get bigger and larger, we'll continue to consider that. And it's a factor that actually separates us from some of the mess that's out there. So just to clarify that, we deliberately set up that arrangement. That trustee is run as a separate license with separate policies and procedures, and we have an option to bring it in-house at the right time, and we continue to consider that as part of our role in the marketplace to be a market leader. Anyway, enough about that stuff, but there's an example of us designing our business to be ready for the future in terms of technology and scale and products and so forth. And so if we think about leading today for a second, we take a snapshot about our footprint and where we are today. And many of you know this, we are Australia's best platform 3 years running. In fact, this year, we got the most improved award, which seems a bit ridiculous. How can you be the best and the most improved? Well, you extended your lead over the competitors. You actually increased the gap. We are interesting to note, a lot of people think about, you're in mass market or mass affluent, not in high net wealth. Well, according to investment trends, we're the best in all those sectors with our capability, high net wealth, mass affluent, mass market segments. Our advisers and intermediaries rank us with their NPS as the best overall in terms of advocacy for platforms. As you know, we lead in managed accounts. We have 8 out of 9 years. We had the largest increase of advisers in this year that we've seen since '21, which seems also strange when you think about the number of advisers in the industry and our success, there comes a point in time that, that slows down. The fact that it's increasing, I think, is a lead indicator to the opportunity in front of us to grow faster than everyone expected. We had industry record, not just Hub record, but industry record net inflows of $19.8 billion in FY '25. In an industry that's been dominated by institutions, banks, no one has done that level of inflows before. And so -- and the strength is continuing in FY '26. As you know, we had a strong start. We had $5.2 billion in the first quarter. And whilst we won't disclose our quarterly results until January next year, we're still having a good time. The market is holding up, and we're experiencing flows that are ahead of where we might have thought we would be at this time. And of course, it is uncharted. Nobody has done it before. And it causes us to think about what do we need to do to catch the ball. Kitrina Shanahan a little bit later on will give some updates. I know some of the analysts have written reports about that already, Hub's increased their expense growth plans. That's for us to invest because the opportunity we think is bigger again than we went to market in August. On market share, we are the sixth largest platform in the country, gone up from seventh, but there's a long way to go to get to #1. There's a lot of runway to go still for us, and we're not done yet. And we have the #1 platform for market share gain in the last 12 months and 12 months before that. So we're growing our market share more than our competitors are. On the right-hand side in our Class business, there was the largest increase in Class accounts. since FY '20 and FY '25. And in fact, in the quarter just gone, I think the new accounts are double the new accounts in quarter 1 the year before. So we're having a great time in class with growth there. And Tim will talk a bit about that later on and some of the indicators of growth there. We're pretty steady with a 30.5% market share in the SMSF software business, 24% corporate clients compliance solutions market share, but we're growing at 1.7x system in that business as well. And there's 107,000 households now using myprosperity. Jason will touch on myprosperity a bit later and how it fits into our overall strategy, but that's certainly growing as well. So if we talk about leading today, I think we're in that position, but we need to keep being vigilant to keep leading today. But we think about creating tomorrow as such, I think we're the only platform business that's invested in the way we have with acquisitions to build out an ecosystem. The acquisitions are on the left-hand side there, we're not shy to do something that makes sense to achieve our vision. Whether it be the acquisition of Agility, which is still the backbone of a lot of our data capability today, and Paul Biggs, our CPTO, is down there. He was one of the founders of Agility. Through to the acquisition of myprosperity along the way, these have been well thought out, deliberate acquisitions to support our strategy and they continue to disrupt this industry. Since we last spoke this time last year at our Strategy Day, here are some of the achievements. HUB24 Discovery is now over $2 billion of FUA having only been launched in FY '24, and we've done round 2 in an investment menu. That's a product that caters for simpler needs or early-stage customers. In some cases, it competes very favorably with industry fund pricing. Not that we're competing with industry funds, we're trying to help advisers look after their customers. HUB24 Private Invest was launched. It's a unique product, which changes the wholesale investment test, and Craig Lawrenson is going to talk about that, our COO in a few minutes. And we've also announced that we're innovating with TAL to deliver a lifetime retirement solution coming early next year or next calendar year. We launched Engage. In fact, Engage as a reporting tool, received awards in the industry before it was launched off the back of beta users saying to a research firm, this is the best thing I've seen. Since we launched it, there's been 4,000 users using Engage. So that's advisers or people in advice and accounting practices starting to use Engage to help them deliver review and performance results to their customers. We've upgraded our HUBconnect infrastructure. Now whilst that's behind the scenes, that's the backbone of how we intend to win and lead with an ecosystem in a rapidly changing world. With the assets we've got and the data we sit on and the data feeds we have, it puts us in a unique position to build an ecosystem to deliver on the promises we had to make it easier for advisers and better for customers. So we've upgraded that infrastructure and done a sweep of our APIs to support our strategy, and we'll hear a bit more about that later on. In our Class business, we've delivered functionality to make it easier and more efficient for accountants. We've got a virtual mail room, which leverages AI to sort mail and deal with that and help with the productivity in that space, digital document management system and market-leading document and data feeds from registries to allow accountants to verify that assets really exist in SMSF so they can sign them off and customers can be sure that they actually -- their money is there. and so forth. So we continue to lead in the marketplace with innovation in Class. We've upgraded the technology architecture of myprosperity, and that's so we can scale for what we think is ahead for it. It also enabled us to change the way we view households, so households could actually interact in different ways across our offers. So we had to change the data architecture of myprosperity to work in the ecosystem we're building. We're very excited about that, and we've done some work on that. Using myprosperity as the front door for Class, if you like, or a Class portal for SMSF members, we're in beta mode with that, and we'll talk more about that in February next year, but we're delivering on that as we said we would last year. You'll know we have 7 enterprise agreements with myprosperity with large national licensees covering about 1,700 practices. It's a good footprint to get, how they use it and how we embed that in their business through our ecosystem is part of our strategy. But we're certainly kicking goals in there. In fact, we've been leveraging our footprint and if you like those businesses we've got for growth already. And a lot of people say, when will it come together, you've taken a risk, you bought these assets, you're doing it differently. You're not just piling money into a platform, you're thinking about creating tomorrow, when will we see a result? Well, 65 myprosperity practices who didn't use HUB now use HUB and they've contributed $1 billion of FUA. There's more to come. We're winning business in the platform from Class users, advisers who used to use or use Class with SMSF needs, that's a real tongue twister every time. I don't know how you do it, Tim. And I don't know how the SMSFA does it as well when they talk about it. But the reverse is true as well in that platform users are jumping on board Class and the other products and services because they know we're backing it. There are people who are saying, I'm using myprosperity, friend of mine in Adelaide, I used to be on the Board of his advice business says, love it, absolutely love myprosperity. It's changing the way we interact with our clients, the way we get them to sign their advice documents and give us consent to implement advice. And we jumped in because you guys are backing it. So we're getting the revenue and the sales synergies across that ecosystem already as we stitch it together. And we introduced myhub at the FAAA in Perth probably 1 or 2 weeks ago with a press release on that. If you imagine myprosperity being the front door of the portal for consumers and households about how they manage their wealth, myhub, and Jason will talk about this, this is the front door for advice practices and intermediaries using an ecosystem to look after their clients. And we'll talk a bit more about that during Jason's session, as I said. So certainly delivering on our strategy and in a market-leading position today. We're positioned really well to continue to capitalize on what's going on in the market. In terms of some of the demographics, I'll just flip to this because I wrote them down. There's 2.3 million Australians seeking advice. So there's an increasing demand for advice. You've got shifting demographics. As I mentioned, the super system is coming of age with retirees. There's $5.4 trillion of international wealth supposed to be moving around in the next couple of decades. There's 3.6 million Australians who will transition to retirement in the next decade and need retirement solutions. The demand is there. And the SMSF market is up 85% in 5 years' time. So there's strong demographic, social needs for our products and our services, and it's growing. And we are investing to meet that need, whereas many others in the industry are not. With those industry dynamics, there's a whole lot of stuff happening as well. You've got -- you understand that the advice shift has occurred. They've moved from instos to privately licensed. You've got the rise of aggregators and national advice networks looking for common solutions they can embed in their business to make them more productive and more efficient so that it can increase their EBITDA and service more clients. We are uniquely positioned for that. There's uncertainty in ownership still across the platform industry across the bank-based platforms that are still owned by banks, will they be? Are they for sale? The news is telling us KKR and CFS are about to start the process, but there's uncertainty. You've seen some own goals kicked recently with some of our competitors with are they changing their investment menu? Have they not done the right stuff in terms of looking after investment governance and so forth. That's creating another dislocation event that we're uniquely positioned for to catch that ball because people are looking for stability. They're looking for good governance. And I say we've got to be diligent not to drop that ball as well. But there's continuing opportunity for us in the midst of others kicking their own goals as well. Hence, we have to think about how do we scale and how we future ready for that opportunity. Efficiency and compliance is challenging productivity. Our ecosystem, the tools we have, some of the AI tools we've built are leading the market and how you can help licensees be compliant and focus on how they add strategic value to their member firms. Data integration, I've talked about that. There's disparate solutions. We're certainly playing to that. Cybersecurity is driving demand. Again, myprosperity is a cybersecure vault that helps you communicate with your customers rather than e-mails being intercepted. And we're certainly thinking about that across our business, how do we safely and securely govern the access to the data that we sit on, which is our clients' data. How do we make that safe and secure in an ecosystem with AI, machine learning and other tools. It's a core part of how we're thinking. There is governance weaknesses. I said the rest is a bit titchy and they're not on the sidelines. There's issues about how we think about this industry, and we're certainly leading the charge there. Deborah Latimer, our Chief Risk Officer, is actively working with the Financial Services Council to draft best practice principles for the government in response to those things. We're certainly active in that space. And there's an opportunity for us to lead and become a voice and an advocate for choice and flexibility as well as good governance in the midst of the storm that's happening around us. DBFO or the designing better financial outcomes Phase 2 reforms, which I think are probably delayed, but they have the potential to remove red tape and increase productivity. We're positioned to help with that and deliver further growth opportunities as well. And emerging tech, AI, machine learning, automation. We do that across our business. You'll hear some of the team talk about that a little bit, whether it's creating productivity and increasing EBITDA for us or whether it's creating productivity that we can reinvest in customer service, win awards and grow the business, whether it's creating unique value propositions for customers with product solutions and AI and machine learning is helping us do that as well, but doing it safely and securely with the right guardrails. So if I think about -- we talked about lead today, some of the last slides was about what we're doing and how we're positioned to create tomorrow. And I think if I leave you with something before I hand over to the team, there is a today picture here on the left-hand side of the slide and a tomorrow picture on the right-hand side of the slide. And so with creating shareholder value through leading today, there's an amazing growth opportunity in the HUB24 platform, leveraging Class and NowInfinity. Those businesses alone are creating growth and value for shareholders and customers. That's a wonderful opportunity as an MD and a team to be thinking about that in a world where others are struggling or not winning. On the other side of it, there's an opportunity to create tomorrow, create more value for shareholders to get those cross-sell or revenue synergies working across our ecosystem to create new technology solutions that embed customers into our ecosystem in a way that helps them achieve their goals, a partnership that actually answers the question and the need for wealth management in Australia. And so we've got that market leadership position. We are delivering consistent and sustainable growth. You hear the team talk a bit about that because it is us also talk about the add-on, which is the create tomorrow with the extra shareholder value and customer utility we intend to create with our tech and data, leveraging those group capabilities and Engage, for example. And just on that, Engage is rolled out in the platform. Our vision for it is it's rolled out in the portal, and we're working on that. It's rolled out in myprosperity. So Engage doesn't just sit on Hub. It sits on anything you can get a data feed for. And so that's the next step there and the architecture supports that as well. And so you can imagine putting Engage on the front of Class or on the front of Class portfolio engine and other administration vehicles, it's an amazing asset that we've built that will help us build that ecosystem out. And so I think I've said enough about that in terms of what we've got in the group and how we're focusing on not only today and tomorrow. Let me introduce the team to you. I think everyone is here, not everyone is speaking, but we've got a great exceptional leadership team at HUB24. The guy on the left, the handsome guy, I said too much. Amy Rixon, our Chief People Officer, you've got to take every opportunity you can get folks. Craig Lawrenson, who used to be good looking is over here in the front. Sorry, Craig. Deborah Latimer, our Chief Risk Officer. Jason is here. Kitrina is here, Paul Biggs and Tim Steele. I am incredibly blessed to work with a very talented team with deep and wide industry experience to bring together what we're doing with HUB24. In terms of who's talking today, Jason will -- I'll hand over next to our Director of Strategic Development, who will talk about our strategy and ecosystem and myhub and how those things are coming together moving forward. Craig Lawrenson, our COO, is going to talk about our platform business, what we're doing there, the strategy, the growth and our approach in that business as well. Tim Steele is going to talk about our Class and NowInfinity businesses in that context, tell you about some of the opportunities we're chasing, how that business is going and how we're working together to integrate that with the broader enterprise. Of course, Kitrina Shanahan will give you a financial update, and I'll be back to wrap up and do some Q&A. So thank you again for coming along. I will hand over to Jason. We will have a break, I think, after you, Craig, we'll probably need that and have some light refreshments. But thank you very much. If we can keep questions at the end, that would be better. And if you're online, absolutely send your questions through, and we'll try to get to them at the end of the session and the wrap-up. Thank you very much. I'll hand over to you, Jason.

Thank you, Andrew. I can't believe you do a football analogy and not mention that we're kicking goals. He's such a hard task master, never happy. All right. I'm going to go through today, some of these you've heard before. These dynamics aren't changing too much, but we're at FAAA Congress last week, the financial advice industry's biggest conference. And this year's a really big theme, not enough advisers in our industry to service the massive demand we have. And in fact, that average 100 clients per adviser, there's enough demand out there for advisers to increase that to 200 to 300 quite easily, but they can't, partly the structure of our industry. We have a really unusually structured industry for professional services. If you look globally, 60% of the practices are one-person advice firms. 34%, 2 to 5. So 5%-ish are larger than that. If you look at accounting or legal, there are usually some really big firms like in our market, accounting top 4, legal is probably a top 6. But they have a very big slice of the industry generally, really big scale businesses. The problem with having an industry structure like that is there's not a lot of investment in the tech infrastructure because they can't justify it to deliver real scale, which would be the thing that would underpin real productivity change. For a whole bunch of reasons, that number of 100 has actually gone backwards over the journey. There's a whole lot of regulatory settings that have done that through the Royal Commission. But if I go back into the '90s when commission was a big thing, advisers serviced a lot more clients, but probably did less for them. So we've ended up in this industry with lots of people seeking advice, lots of people entering retirement phase, and they just can't get it. And there's not enough people coming through the system through university or whatever path they're taking into financial advice, and there's very narrow paths to even probably cover the advisers that are retiring. So that number is not increasing. I think in every year, it's gone backwards for the last few years pretty much. So the opportunity is massive. Structurally, we are challenged and supply is not coming through. So for us, as a participant in this industry and one that really believes in advice, this is a challenge that we are taking up. The platform, obviously, amazing in the platform industry, there has been billions invested in the technology that underpins that part of the industry for a long time now. That is not true of what -- of the technology that sits inside the practices. Hence, we have this challenge. So over the journey, we've done lots of research. We started our innovation lab, I think, in 2018. We used to think we were just an innovative company. It got harder as we got bigger. So we dedicated resources to looking at innovation and researching. We've run think tanks for years now with our largest clients. And we did, I think, 400 interviews just in the last couple of years with advisers. So we do a lot of research. And what we know, we sort of knew before the research and the research keeps proving to us is that it's all about the data. Our industry suffers from a lack of infrastructure that could deliver us quality information 24/7 at our fingertips so that we could really change and steer into that problem of productivity. Without quality data, there's no point putting automation tools on top of it. Automation will go awry if the data is poor. So we have to fix this problem. Now we've been staring into this for a long time. Andrew mentioned the Agility acquisition years ago. And at its core, Agility was a data business. So we've known this problem for a long time, and we've been deliberately acquiring and building capability to continue to steer into this problem. And we're getting to a point now where we've got a lot of capability, got a really big footprint, and we're molding it into an ecosystem that we're calling myhub. Myhub is not just hub capability. Obviously, that's the core of it, but it will include best-of-breed applications from partners of ours. We announced last week that we've taken a minority shareholding in a group called Finura Digital. They have a product called Advice Designer. It's an SOA authoring tool. We really like it. A lot of those businesses, those start-up tech companies aren't going to make it without the kind of data distribution and at times, capital required from a group like us to help them become part of -- a thriving part of that ecosystem. Our clients have suffered a lot from backing small tech companies that don't make it. So part of our thinking here is we've got to lean in not only in technology and investment internally, but at times, we will help the ecosystem with technology and investment when required if we think it's a really important part of the puzzle. Last year, we talked a lot about myprosperity, and we talked a lot about it being the front door for everything HUB. So we mentioned its client engagement capability. What we're trying to do is capture every digital interaction between the client and the practice so that it doesn't go via e-mail or other unsecure sources. So it is absolutely capturing those digital interactions to make sure we're keeping it secure. You might have seen there's some ASIC court cases at the moment taking licensees to court over the lack of cybersecurity infrastructure. And this is -- and most of those were all about e-mail. As an industry, we have to get off e-mailing our clients' private information. It's just a massive weak point. And this is the solution. So that's part of why we invested in it, but that one front door for us was really important. What's probably lesser known, myprosperity client portal is that it had a partner portal behind it. That's where the adviser logs in and manages the client portal. And we saw that as the front door for everything HUB as well for the adviser, front door for the adviser. So we have morphed that partner portal into the way to access the myhub ecosystem. So the myhub partner portal. I'm going to go through this, bear with me. It's going to take a bit of time. Firstly, the one user login. So the ecosystem is made up of a whole lot of applications, both HUB and third parties. Advisers spend a lot of time logging into applications, going and doing something, getting some data, going to another application, doing the same thing. Not a lot of those applications talk to each other. It's a massive pain point. Just to give you some stats, the conference last week, industry average production of an SOA, 25 hours. Average review time from our research between 7 and 12 hours per client. That's why they've only got 100 clients. It takes a long time. We have to take hours and hours out of that mix. We can't, as an industry, go forward if we can't fix that problem. So the myhub ecosystem, start with the first -- the one user login and you've attached your other applications. And so you can access those applications on the left-hand side, 9 dots app switcher, you can access those applications from the one spot. Secure system, multiple applications. Once we get all those applications in the one spot accessible by the one login, we have them now in this thing that looks like a bit of a book shelf available to us, not just to go and navigate to them, but we have their data and we have the APIs that give us access to the things they do. Now that's really important. So as partners in our ecosystem, we can now use natural language prompts to start asking questions. Now we've all seen the prompt. You're probably all using Copilot and ChatGPT on a daily basis. Some of you are feeling really awkward about it. Some of you are super users loving it, personally loving it. But it reminds me of how we worked back in the early '90s. So back in those days, platforms -- first iterations of platforms came through, it was natural language. Advisers rang us, faxed us or sent stuff in the mail. No matter what it was, that data was not structured. We had to take it, type it in somewhere. We had to ingest the phone call, figure out what they wanted and do it. 80% of applications we received back then failed. They were defective, missing information or it was just wrong. We had to fill the gap as people. Advisers loved it. They just threw stuff over the fence at us, and we worked it out. It took a huge burden off them. Guess what we did as an industry in the 2000s, we stuck up web portals, and we made them type in the data. We made them go through all the validations. And until it was perfect, it didn't come to us. So we automated ourselves, but we pushed the burden back to the adviser. This is flipping it again. So this model, natural language question, the adviser will push the burden to us, and we'll have to figure it out. But it won't be a human on the end of that. It will be a bot. Augmented by humans or the other way around. I don't know which way that works actually, [ Vickie ] probably knows. But it will take the burden away. And once they do this, I don't see them going back. The difference in how they work is so profound and so much time saving, they're not going to go back from this. So we're really excited about what this does. The thing we need to do is attach all of those applications to that prompt, and that's exactly what we're doing now. So all of that data is available. And instead of logging into one system, getting to information, going to the next system, getting other information, packaging that together, delivered to a client. And because I don't trust the data, I've got to review it all. With one prompt, you can get all of that happening across systems. So those pain points go away. Our early testing is we're removing hours of work. So not only can it see all the data, which is cool, but it can do things. So if I want to run a particular report, set of financial statements out of Class, we've actually got this working in the lab, set of financial statements out of Class for a particular time period, particular reports included, let's grab that report, load it up into myprosperity and notify the client that it's available. We can automate all of those flows. So the need for workflow, even the need for CRM, we think diminishes massively if you've got it all available in a prompt. Now you could say, well, maybe I'll just use Copilot to do that. Copilot doesn't have the data. It's all about the data, remember. So I haven't talked about the infrastructure at the very bottom there. That infrastructure at HUBconnect not only has all the applications in the ecosystem, it has access to lots of other data. So we said more than 300 there. Class, for instance, is part of this, 220 data feeds that Class has for pretty much every bank platform and stock broker in the industry because all of that data is needed to administer an SMSF. Because it's SMSF, it's an audited environment. We need it to be pretty much sent perfect. So it's very good quality data. That's the thing that's missing in our industry. So accounts have had access to that for years, device industry, not so much. So pushing that through with some more than 20 systems, which are the financial planning tools, CRMs, REM systems, et cetera, we can gather all that data and push it through the prompt. Those applications, we won't be able to do actions. They're not in the ecosystem, but the data is, so you can ask it questions. I'll come back to the Copilot issue. So Copilot, amazing personal productivity tool. It's part of your office suite, e-mail, PowerPoint, Excel. Like those tools, it will massively improve your productivity personally. It's not an enterprise system like this is. Enterprise systems have access to all of your data, especially that really important private data like your client data, the applications that run your business, they're very custom built for our industry, our jurisdiction. Those big global tools are not. Hence, we've got a proprietary model here. There's a couple of reasons for that. One is those systems aren't built for that. They're great at predicting the winner of the Melbourne Cup and doing all the generic things they can do. They're not good at very specific tasks. And we can't afford hallucinations here where near enough is good enough. We're a regulated industry. We have to get this stuff right, and we've got the real data. So why will we expose it to something that's going to hallucinate? As that regulated industry, we have to have auditability, governance, et cetera, built around it, which is exactly what we've done. And this is not our data. The big problem with those big globals is where is that IP going? If we hand over all of our information, all of our processes, what are they doing with it? Are they coming for us? I'm actually not sure. The way they priced it today, I suspect so because they're doing it well under cost. So we have to be really careful with this stuff. We have to protect our industry, regulated environment, and we need the humans in the loop. Our industry is a do-it-for-me industry. Our clients come to us because someone else they spoke to said, I'm having a great experience with my adviser, and I've got peace of mind. That's what they're after. They're not necessarily after the best tech tool or the latest investment option. They want peace of mind. They like the human relationship. So we want to change the mechanics of advice, how it's prepared, produced, managed, but we don't want to change the thing that really differentiates us, and that is the human in the loop who sits between the tech and that end client generally and delivers the advice. We think our industry and something like 20%, 25% of Australians will want that experience. There will be a huge industry of mass market digital advice delivered by the banks and industry funds, great. We want Australians to get more advice. That will be part of the solution, but it's not our segment. So with the combination of the client portal and now the partner portal, we think we can deliver on that massive change, a real transformation in the productivity of advice, more Australians getting advice. Ultimately, that grows our industry. That's good for us all. We are not doing this alone. I mentioned the ecosystem partners. Some of those partners are actually our clients who've built their own kit over the journey. They build applications to engage clients, maybe some advice or SOA audit type tools. They will be part of this. This is an open system. This is not just about closing it down and our industry has massively suffered from what groups in our industry have called themselves, which is walled gardens. We're bringing the walls down. This is open architecture. We can't link in everything, but there will be a happy path of choice of what you can use in this ecosystem. So let me do a demo in a second. But just before I do that, Andrew put these points up before. And just to reiterate them, and we've been talking about this for years, we think we are absolutely driving into solving these 5 goals that we've had the whole journey. Now as a platform, we are account-based. The platform opens accounts for clients, and we run that account and groups of accounts. Practices work differently. Practices work with households. And so every one of these dots, we are looking at how do we solve the practice and household issue, not the platform and accounts. So we really solved that. Craig will show in his presentation how well the platform is doing, but it only solves the implementation of advice part of the puzzle. There's so much that happens before it comes to us and after. So when we're staring into this, we're always thinking about practice and household solutions. And we collaborate with our licensees, the biggest licensees on how this works. So that's one way of doing business. And no matter if your BHP shareholding is in HUB24, a different platform in direct in, it doesn't matter. You should be able to manage it the same way. Single view of wealth, which as an industry, we've really struggled to deliver. The data quality has been poor. Class will help us solve that. Efficient access to the ecosystem partners, that's about integrations. It's been generally poor in our industry. We've got to improve that. Flexibility and visibility. This is about having options in that ecosystem. But because the data is all in the one spot, we can see what's going on. So practice owners, licensees who have the regulatory responsibility can actually see what's going on. That's a huge pain point today. And reporting insights. We're sitting on the most amazing data. Advisers are obligated under the know-your-client rule to know a lot about their clients. They capture that data and they've got it all the time. So the more we can do for clients and advisers to expose that data to them and allow them to make decisions or find insights that they weren't aware of, it's really important. So demonstration, I think we're going to queue up the video. I hope I gave you enough warning. Here we go. So that was one front door, and here's the prompt. So the prompt will get to the point where you don't need to say too much to it, but we can sort of understand what you're doing. And my clients coming in, telling me everything I need to know. We've got access to the data. We can see when I met, et cetera. This is Engage. And Engage HUB24, we just saw it go to the app switcher, find Class, and now it's accessing those class accounts. So we're adding platform data to Class portfolio data. And once we do that, what was a $300,000 account balance before is now a $1 million account balance because we've got that single view of wealth. There's 3 big data pools that we have. The Class data pool, which is the portfolio information, 220 data feeds. And as I said before, very good quality. There's the practice information we get through HUBconnect which is all of those disparate systems that advisers use, and we bring all that together. And the final one and a really important one is myprosperity, the data that only the client can give us. They can give us access to their banking data through open banking, only they can do that. They can give us access to tax information with permission. There's so much information they have their investment properties, et cetera. So once we've got those data sources wrangled in that HUBconnect infrastructure, we can push it through visualization tools like this. Andrew mentioned before, 4,000 advisers using it. It's one of the fastest take-ups we've had. We only launched it into the wild in August, I think. So very fast take-up. We launched stuff all the time and a year later, the adviser is going, I didn't know you did that. This one has gone like wildfire. All right. So just in case you're wondering, this stuff is really hard to do. We mentioned the Agility infrastructure before that underpins this. This could easily be Agility slide. We've rebranded it. But there's 2 parts of this that are really hard to replicate. One is that we've classified now 24 million documents through machine learning tools. Now what that gives us access to is the unstructured data. Most of the data that advisers sit on is unstructured, sitting in e-mails, file notes, SOA documents, PDSs, you name it. A lot of the time spent is having to read those documents, extract information, et cetera. We know the AI tools are getting really good at that. So we've spent a long time training engines on those type of documents and classifying them. So huge problem in device practices, documents all over the place sitting in [ pole ] systems, I don't even know where they are. So us just coming in and classifying the documents, reading the metadata or even deeper data extraction, cleansing it and then making it available is a huge value for them. But once we've got that and then it's available to us, back to that prompt, just ask a question, a client came in last week, I can't quite remember whatever. Just ask the prompt, it's likely just be able to find it for you. So not searching around all the time trying to fish things out of software you can't even remember. But secondly is the structured data. So out of the planning systems, accounting systems, we're heading into HR systems. We're doing productivity benchmarking for them. We're doing profitability benchmarking for them as well as key risk indicators. As a licensee, they really need that revenue management, so many data points that we can gather to make a real difference to them, all available to the prompt. That stuff takes years to get up and running. Integration with those underlying systems is not just a technical technology project. It's legal agreements. It is relationships. It takes time. So we are sitting on an amazing thing here. When we did this, you've been on this journey with us for a fair while, there was a lot of unknowns back then. We knew getting the data together was a solution. How we're going to use it is becoming more black and white? The prompt in the last couple of years, we've really proven that it works. Now I mentioned before, regulated industry, we can't stuff this up. There's lots of advisers tinkering out there with copilots and ChatGPTs in ways that we probably don't think are sustainable. We have to do this the right way. So we have to protect this data using our infrastructure to do that, allow it to be connected together safely and give them control who can see this data within their own team, but even between the client and the adviser. We're seeing circumstances where the portal can load up lots of data for the client. The client doesn't always want to share everything with the adviser. Open banking gives access to credit cards. Do the client really want to share what they did on the weekend with the adviser. So summarization of that information they might want to share, but not the actual details. So we've got to give them the ability to manage and own their own data. And the role we play like we do with the assets on the platform is that of safe custodian. We're a safe custodian of the data. When you go in ChatGPT or Copilot, it's not very clear where that data goes, where it's stored, who has access to it. You're not going to get a custom version of that contract. This for us, we are working in collaboration with our clients. We understand it's their data. They're giving permission to it. We hold it in safe custody, but it's theirs. Where we're at? We're prototyping now. We've had clients see it. It's in the innovation lab. Everyone is desperate to get it and use it. We'll be beta testing in the new year and going live with our clients. In terms of the number, we're not sure. It depends on how we scale this thing up in the first half of '27. So that's our current plan. So in summary, there is potentially a massive productivity dividend that will come out of this technology. It has the power to transform the whole industry. We are ideally placed. There's lots of AI start-ups in every industry at the moment, and we are not immune. There were 4 that with stands at the conference last week and had plenty of them running around talking. They don't have the data. They don't have the relationships. So we're ideally positioned to benefit from this new technology that's going to transform. We've been investing for years. The Innovation Lab has spent years understanding how to create a proprietary model here that would be a really big differentiator. So we think it's really hard for our competitors to replicate. That's it for me.

Okay. So good morning. Great to be back again and providing an update on the HUB24 platform business, which, as Andrew outlined, is really continuing to show strong momentum as a market leader in the platform space. I want to sort of focus on 3 things today. Firstly, reinforce that market-leading position. Secondly, talk about the opportunity we're seeing, opportunity for growth we're seeing across our platform business. And then thirdly, demonstrate how we're sort of facing into that opportunity through and really building our innovative product solutions for our advisers and their clients, certainly, driving efficiency and productivity for advisers and operational scale for our business. And ultimately, really just building advocacy for the use of our platform. So look, Andrew sort of showed some of these before, but what's clear from almost every metric across our industry that HUB24 is in a leading position from our product to our service proposition to the overall satisfaction with our platform. And the reality, this position has come from years of investment of working with and delivering to the needs of our advisers and also this acute focus on being consistent, reliable and available from a service and support perspective. And it's an industry built on trust and confidence, and we've certainly instilled that in our clients. We've obviously navigated our responsibilities from a compliance and governance perspective, well over many years, including the last 12 months. And in addition to that, we've also welcomed into a new EGM for our growth business in Matt Willis, who's going to oversee our growth teams in those chosen channels. And we've continued to scale safely as we've manage that unprecedented growth across our business. We have industry-leading NPS. And the great thing about that is it really assists HUB24 in being that chosen platform for the existing advisers as they see new clients, but also a preferred platform for advisers that are seeking a new platform partner to support their business. So this is all driving unparalleled net inflows for our business. This is also driving strong market share gains, the momentum of which has really not dropped. So let's look at that fantastic opportunity we're seeing in front of us. And certainly, it's sort of well documented that as practices and licensees seek those new levels of advice, practice efficiency that -- and I sort of just going directly back to the prior presentation from Jason, that this whole concept of their technology strategy and their technology stack are going to be really sort of pivotal sort of aspects to that strategy. And from a platform perspective, this orientation to fewer platform partners will be necessary for these groups to extract the maximum benefits from that technology investment. And this outcome has been sort of clearly defined as platform monogomy, which is in very simple terms that planners and advisers will seek fewer platform partners. And as you can see from the slide, the stats are already quite telling. 36% of advisers are already using one platform to support their business. The average platform use has moved down from 2.6 to 2 from 2021 to current. And we think about the investment that the private equity businesses are playing in the advice space and those business cases, they're underpinned by operational scale and productivity for those businesses and those single platform choices will be a necessary part of that. And so from a HUB24 perspective, we are well positioned to benefit from this. And I'll clearly show more examples of this later, but it's ultimately about providing a broader range of products and solutions to allow advisers to support all those opportunities and all their client segments. HUB24 will be an integrated component part of that technology stack. And there'll also be an increasing role for myprosperity as that sort of future investor portal for our -- I guess our investor access into the HUB24 platform. Secondly, in addition to this sort of orientation to a single platform. And there's also this strong latent opportunity that we're seeing across our business. And this is a slide that many of you have probably seen before because we put it in our half year and full year investor packs, and we're seeing this opportunity play out in a number of ways. Clearly, in terms of the licensee access to our platform, we have a range of contracts in place, which give us access to around 78% of the advisers in the marketplace. With our strong growth in new advisers, we have relationships and active relationships with little over 5,000 or actually a little under half of the opportunity that we have for those advisers that already have access to use our platform. So there's a tremendous opportunity for us to continue to grow active advisers through those pre-existing licensee arrangements. In addition to that, at a per adviser level, when you think about share of wallet and the average funds under advice of an adviser of roughly $82 million we currently only have 27% of that share of wallet, which is certainly up from where it was in 2021 of around 17%. But again, it shows you that really strong opportunity to be able to grow our share of wallet across those advice practices. And so what we're trying to do and what we are doing is showing and demonstrating this growth across those 2 really important levers. That is driving more licensees, increasing the number of active advisers using our platform and increasing the share of wallet across those, and they are clearly 2 key priorities for our growth team. The result of which, when converted, will drive strong new business flows across our business. So in relation to, we've got 2 drivers that orientation to 1 platform relationship, the sort of share of wallet opportunities that we're seeing across our existing client base, but also the sort of this additional sort of market -- addressable market increases that we're seeing, really expanding the market for our financial advisers and/or our platform to provide some solutions. And so firstly, if you talk to the top left, if you think about the importance of financial advice and retirement planning, it's always going to drive in terms of those -- in the superannuation environment, continue to attract those superannuation members that are older, nearing retirement that are seeking those more personalized solutions that aren't necessarily evident in other public sector funds or industry funds. And that's about seeking greater investment choice, that's individual tax outcomes, that's better support for those financial planning strategies, but also better overall service and support for their clients. And there's been lots of media recently in relation to some of the poor service being provided out of some of the superannuation funds. Secondly, from a self-managed super funds, so top right, the self-managed super fund market will continue to drive and seek administrative efficiencies and platforms have a massive role to play there. With around 50% of the current IDPS already sitting in self-managed super funds, it's very clear there's a value proposition of a platform in terms of that marketplace. Thirdly, when we think about the institutional opportunities from family offices to endowment funds to small, medium and large enterprises all seeking ways of investing their money, or seeking consolidated reporting, or seeking support for tax and corporate actions management. So again, another segment of our market driving increases in the addressable market. And finally, when we think about all the sort of the regulatory moves towards capping the value of assets that get that favorable tax treatment in superannuation, there's going to be a huge range of sort of directly held or off-platform assets that certainly the HUB24 platform can play a role for. So this latent opportunity is really powerful, as I said, so it's driving more licensees. It's increasing the number of active advisers, it's increasing share of wallet and it's increasing the addressable market, all having a compounding huge impact on the opportunity for growth across our business. So from a HUB24 perspective, how are we facing into that opportunity? Well, firstly, it's about broadening the offers and solutions to enable our advisers and our licensees to position themselves into each of those market segments. And secondly, it's basically making it easy to use, driving that efficiency and productivity and operational scale from a HUB24 perspective. And from an innovative product solutions, what is obvious is in order for us to confidently position ourselves front up to an adviser's office and say, you only need to use HUB24 for your business, that we need to continue to expand the range of product and solutions to support those relevant market segments and also those sort of various life stages of those advisers and their clients. And look, we've been really busy in this front. This slide sort of highlights what it looked like when I started 8 years ago in the business. So we had a single offer across our IDPS and superannuation fund, our choice offer underpinned by a managed account capability, managed portfolio capability to now where we have a range of solutions across the various sort of life stages and market segments. These are all underpinned by our market-leading managed account capability, which recently tipped over about $50 billion in funds under administration, our market-leading platform and technology solutions and our market-leading service support and sales functions. So to bring this to life, I now want to sort of jump into 3 of these individual offers. I'll start with from a mass market perspective on Discover, then move up to high net wealth in terms of our recently launched private invest offer and then talk a bit more about from a mass affluent perspective, our recently announced partnership with TAL and what we're looking to launch to market in March of next year. So Discover launched in late '23, around November '23 at the time, the objective was pretty clear, and that was to provide a very simple low-cost offer, delivering the benefits of our managed portfolio capability, also providing an access to a streamlined set of managers across market-leading managers and asset consultants. And where and if the needs arise, allowing those clients to transition into those other offers as and when they need more -- a broader investment base or more choice. And so whilst this is an offer that can work across all the various life stages, it is particularly attractive for those in the accumulation and early accumulation phase and is therefore, attracting a new profile of clients to HUB. As a solution, Discover was really important in HUB24 being successful in the success of fund transfer of the ClearView Wealth Foundations, SFT in February of this year, which supported about $1.3 billion across 9,000 members joining the HUB24 Super Fund. From an advice perspective, it's really opening up a range of advice opportunities. And we're hearing directly from our clients a wonderful array of advice strategies that Discover is allowing these advisers to use. It's certainly delivering a price point that's allowing advisers to start having those conversations with the kids of their clients. And that's really in the support in terms of estate planning and the eventual intergenerational wealth transfer supporting that whole process from an advice perspective. It's also driving the simplicity and price points for those seeking that alternative to industry funds or those public sector funds. The price point is very, very competitive from that perspective. It's also delivering the simplicity and price points to enable sort of one-off sort of transactional-based advice. So from a HUB perspective, it's been a great story. We now have over $2 billion in funds under administration across this product with obviously a strong profile in that superannuation accumulation. It's healthy growth in new business and healthy growth in new advisers using that platform as well. So now let's shift from the of the sort of simpler needs to the more complex needs. And across the sort of roughly $120 billion that we have across the platform today, we already support a large number of clients that are tagged as wholesale. So it's already a really important and material part of our offer. What's also clear from our market discussions and discussions with our clients and licensees is there's a tremendous opportunity out there for our business in this part of the market. And the facts paint that picture. $3.4 trillion in high net worth assets across roughly 700,000 members or investors. 22% of that is advice, which is about $750 billion or $800 billion that has access to financial advice with 1 in 3 -- roughly 1 in 3 advisers focusing on this as the predominant part of their proposition. From a platform perspective, we have our role to play in terms of providing productivity and efficiency in -- for those clients via advisers. And that's given the current high level of manual processing. So as you can see, 56% of investors are using spreadsheets and 50% of advisers are doing this stuff manually. There's obviously a reliance on that [ Excel ] for reporting. There's individual management of tax and there's lack of consolidated reporting as well. So from a HUB24 perspective, again, we have a range of offers to support that. Firstly, our HUB24 Choice platform, which, as I mentioned before, already has a range of wholesale clients, providing that broad range of investments with certain aspects or certain parts of that offer offering up wholesale-only style products. So that's already a really important part of our proposition. Secondly, it's our noncustodial service. So we've recently exited our pilot and are in market around that. Essentially, what the offer here does is complement the Choice offer. And so it complements by allowing clients and advisers that want access to a broader range of investments that naturally work in custody to sort of wrap around that choice offer. And so a great example is those sort of capital call style investments that don't necessarily work well in custody, but certainly can be administered off platform. Thirdly, private invest. So I'll talk more about this in a second, but this is recently launched and is a distinctly wholesale product for wholesale clients only. And then lastly, in relation to our portfolio admin and reporting service, which is a service that's been designed around individual HIN-based clients, providing tax and reporting services for our larger broker clients. So as you can see, we've got a range of offers out there to really support the opportunity that we're seeing in that high net wealth space. So we think about Private Invest. This, as I said, is a wholesale offer for wholesale clients only, and it brings together once again our custody and our non-custody offerings, really supporting that broader asset base. It's got a much simpler wholesale -- simplified wholesale test, easy onboarding with one application process across those with a degree of fee flexibility. On one side, you have the custodial side, the managed investment scheme, which is an unregistered scheme by design with a minimum initial investment of $0.5 million. This is all leveraging our HUB24 technology and service proposition on our custody side. On the other side of the offer is the private invest noncustodial service, which again supports that broader range of assets that don't naturally fit within custody, but are certainly important in terms of the end-to-end proposition for wholesale clients. All brought together via our market-leading Engage reporting, which Jason just showed. And look, since launch, it's early days, clearly, but we're seeing a really healthy pipeline of opportunities from both existing advisers, but also new clients seeing this as a great proposition for their business. In addition, we're also seeing really strong healthy average balances, about 2 to 3x the sort of IDPS average with the majority of the assets at this stage sitting on the custody side. So we look forward to sharing more details on that as we get more into market, but certainly very excited about what that's doing for us so far. Okay. On the retirement side. So another important part of delivering to the needs of advisers being able to sort of face into that whole of platform solution is in relation to retirement planning and retirement solutions. And this is particularly important for trustees, too, in terms of their obligations around the retirement income covenant. What we do know is there is an ever-increasing fear of Australians outliving their retirement and the risk of living longer than their retirement savings allow. And there's a stat here on the left-hand side from a recent report from UniSuper. And it showed that 68% of Australians fear out living their retirement savings. So this is where financial advice has an incredibly important role to play. And certainly, HUB has an equally important role in supporting that advice process. So in addition to the traditional account-based pension, which HUB24 launched with its superannuation fund back in 2012, we continue to offer a range of other longevity offers. So that's the Challenger annuities, which we launched in 2018, the product with Allianz, which was launched at the back end of 2023 to our recently announced partnership with TAL. And these are all solutions that will support both the retirement and the accumulation and retirement parts of our offer. Okay. So 2 weeks ago, we launched our new partnership with TAL. And this is an offer that will be in market around March of next year, and this is really extending our range of offers. This lifetime offer will support both accumulation and pension members. Importantly, as an innovative retirement income stream, it receives concessional treatment for settling asset test in relation to access to the aged pension. One of the big benefits in the pension phase is the lifetime pension is designed to complement that account-based pension and by way of an annual bonus, provide a guaranteed income for life, thereby giving clients the confidence to spend in their retirement. It's account-based. It's a feature of the platform. And so we will also support the client's existing investment strategy, and we'll have access to the full range of investments that reside on the HUB24 superannuation platform. This will all be supported by the HUB24 platform experience, the sales, the service, experience, and there'll be a range of features available via the platform to demonstrate the benefits through the advice process for clients gaining access to this offer. And so with that 50% of our HUB24 Super Fund sitting in pension phase and about 3.6 million Australians are looking to transition to retirement over the next 10 years, we're incredibly excited about what this offer can do in terms of attracting new clients to our advisers and our platform. Okay. So that's sort of more on the broadening of the solutions to be able to sort of confidently face into advisers as they sort of seek a single platform solution. Now I'd like to sort of focus on how we're making the use of the platform easier. Look, as I outlined last year, we've remained incredibly focused on delivering high-quality service whilst experiencing that unprecedented growth. There's been -- over the last 12 months, been huge new business inflows, very strong growth in funds under administration. And clearly, that results in a large number of service interactions across our service teams. And this has all been supported by our focus on scaling safely and investing in delivering value and productivity to advisers, but also operational scale to our business. And we're using this operational scale quite deliberately and proactively. As we address processing needs in the back end, we're using some of that capacity to bring to the very front of our service proposition. There's more people answering calls, there's more client executives, there's more people there for any escalations, there's more people training. And that is having a profound impact on the advocacy of our platform in terms of being accessible from a service perspective. So to bring one of these sort of recent innovations to life, certainly from an advice strategy, one of the really important aspects leading up to end of financial year is sort of maximizing client contributions and ensuring our client superannuation account is efficiently structured from an estate planning perspective. And one of the strategies available to advisers is known as pension recontribution strategy, which can drive a lot of tax efficiency for clients, especially in relation to death benefits for nondependent beneficiaries. And so whilst I'm not going to go into a technical explanation of that advice strategy, that strategy does involve a number of key requirements. The first one is it's the ability to isolate assets and transfer them out of the superannuation fund. Once outside the system, recontribute them back into the fund as an after-tax non-concessional contribution. The benefits of this shift the componentry of the client superannuation account from taxable to tax-free, thereby driving the benefits from an estate planning perspective. And so whilst super fund -- some super funds do not do this and many other platforms require clients to sell assets, move cash out of the platform, be out of the market, have buy-sell spreads, redeposit those funds back into the superannuation platform to get that benefit. From a HUB24 perspective, we've taken that whole process online. We're allowing the in-specie movement of assets out of and back into the fund. So there are no transaction costs. There is no time out of the market. There is no buy-sell spreads. This process can be done within 24 to 48 hours, really delivering some very strong value-added outcomes and really reinforcing the value of advice for our clients. Process simplicity is creating a huge amount of capacity in the lead up to end of financial year for financial advisers. And the operational simplicity in STP is also driving operational scale from a back-office perspective. And we've received some amazing feedback in the lead up to and post 30 June of this year. This tool actually has a range of other use cases, including sort of traditional super to pension transfers. And since its launch in earlier this calendar year, we've had over 10,000 transactions run through this process, which has been incredibly successful for us as a business, but generating a huge amount of advocacy from our clients as well. Lastly, a question that was actually raised in this forum last year was sort of around a new area of opportunity in terms of operational scale for the business that can have a significant impact on the productivity and efficiency of our business, but also on clearly the advisers that use our platform. And one of the key contributors to how we get new business flows every year is this concept of a transition service or an assisted transition service, which allows us to move assets from competitive platforms to ours. And this has historically contributed about sort of 40% to 50% of our net flows in any given year. And in the financial year to 30 June '25 contributed about $7.7 billion in net inflows or gross inflows. The team supporting this is an experienced team. They sit both within our growth team, customer-facing and our operational teams in terms of the processes. And given the importance of this to both advisers and us, we've been doing a lot of investment in this area. And over the course of the next 6 months, we'll be delivering a range of features that will support this process in a more efficient way. That's standardizing the way that the in-specie process is initiated with our platform. There'll be greater validation of instructions at the start of the process to remove any double handling with advisers and ourselves. There'll be a range of AI tools that will sort of look at the data, validate the data and once it's validated, auto issue out to the relevant counterparties, which are other subcustodians, other platforms and the fund managers. This all will reduce error rates, improve transparency for advisers and reduce calls and escalations and obviously drive efficiency for both our advisers and our clients. And -- what I can say is in the context of the massive opportunities that we're seeing, having increased capacity in this team is going to be very influential in terms of our ability to continue to grow into those changes in addressable market. So to summarize, we're in a great position. Our ongoing platform innovation is really maximizing the opportunities across our market. It's assisting licensees and advisers and their practices gain efficiency. It's supporting the advocacy of our platform. This will all continue to drive strong inflows, operational scale and improved financial outcomes for our business. So I'd like to thank you for your time today. We're going to have a break now for 10 minutes. So I've got my watch 20 past. So I'll pass back in this room. There are some drinks and some food around the left-hand side outside. So thanks very much. [Break]

Thank you for rejoining us. For those I haven't met, my name is Tim Steele, and I'm delighted to join you here today and very proud to lead the Class and NowInfinity business, which I've done for the last 3 years or so. I thought when I was looking at actually Laura's slides and all the #1s and the conversations we've had, I thought it's the relative newcomer and going somewhat off script. I might actually just say a few words about my observations of this truly remarkable business that has such a wonderfully unique culture because I think you could potentially take a view that as the #1, there's a risk that we might, at some point, become complacent. And I have to tell you that, that is so far from the truth in the way this business operates day to day. I think we try to straddle this balance of being really proud but genuinely very humble as a business, constantly innovating, very entrepreneurial. And I would say there is a healthy level of paranoia both in terms of the competitive landscape that we operate in, but I think even more importantly, how we operate internally culturally as a business. As you will have seen from some of the exchange of the execs. We know that what we do is very important, and we take what we do very seriously. It's a great responsibility to look after so many Australians retirement nest eggs. But at times, we're try not to take ourselves too seriously, which I think is part of the magic and the secret sauce that is the HUB24 group, which I am so delighted and proud to be part of. Last year, I shared some of our aspirations in terms of product enhancements, in particular, leveraging and collaborating with our HUB24 colleagues to create new solutions. There are some consistent themes this year. And pleasingly, we are making real progress delivering on our strategy. We're developing new features and functionality for our existing products to further entrench our market leadership position. We're delivering strong and consistent growth across our core solutions and markets. We're developing new solutions by leveraging some of that group capability, which you'll see in more detail to deliver some deliver value to clients and create future pathways for growth. And we are contributing to the development of the HUB24 ecosystem. Class, as I've already said, has a privileged market position as the premium self-managed super fund admin software provider. And NowInfinity is growing strongly across both our asset corporate compliance and legal document solutions. We're continuing to deepen our relationships across our well-established footprint and the broader market while continuing to enhance our solutions to drive greater efficiency for accountants and SMSF specialists who suffer from some of the same challenges that Jason covered in his section for advisers, as we operate in a supply-constrained market. There are not enough accountants in Australia to support the opportunity and the needs. They are increasingly looking at offshore solutions and also squeezing more out of their technology partners. It is a highly fragmented sector. The top 100 accounting firms, I think it was released this week. The top firm at $2.5 billion is Deloitte. The 100th $8 million in revenue. And then beyond that, we have 15,000 firms, obviously, below that. So it is a highly fragmented sector that is increasingly dependent on technology to drive the outcomes that they're seeking to solve. It is really rewarding, I have to say, to see the work that we've been doing now delivering consistent, reliable and sustainable growth. Class has just over 30% share of the SMSF market. NI, NowInfinity has almost 27% share of SMSF entity establishments. Over 115,000 entities were established on the NI platform in FY '25. More than 883,000 companies are managed on our corporate messenger solution as at the end of September. And we estimate that over $360 billion of SMSF assets are administered on Class. We have over 6,500 firm relationships across both Class and NowInfinity with more than 800 common clients, which has actually grown by 10% over the past 2 years. We're very fortunate to be operating in a growing segment. And I thought it would be helpful for context to share a little bit of macro data and insights from the SMSF industry, including our recently released benchmark report, which we published in September at our Class Ignite conference. This benchmark report leverages anonymized Class, ATO and APRA data and seeks to provide some thought leadership and help support our clients and the broader industry make better decisions to strengthen and grow the sector. So we look at SMSF establishments alone in FY '25. They've grown to just over 42,000 new SMSFs, a 27% increase on the prior financial year at 33,000. It does represent, as the year prior did, a significant milestone because it was the most significant number of establishments since FY 2017 before the implementation of super reforms and the transfer balance cap. And we look at actually who is establishing these companies. We went to the Class data. And we see that, again, both Gen X and millennials, as you would expect, are driving this growth. And in fact, that has increased from what was in aggregate, 80.6% of all establishments in FY '24 to just over 86% in FY '25 with that growth purely coming from the millennials sector. Which then again leads us to what we're now seeing in terms of this notable change in the average balance on establishment, which actually reduced by 29% FY '24 to '25 from $537,000 to $363,000, which really does align to that trend of younger members entering the SMSF sector with typically lower balances and is being facilitated by technological advancements and digital tools, which make SMSFs more accessible than they ever have been before. That said, and I think it's important to note that we continue to advocate along with the broader sector to ensure that trustees understand their obligations, and we have the right people establishing SMSF for the right reasons. Class continues to lead in its core market and is really, as you've heard through some of the conversation, really starting to contribute to the broader group strategy as we seek to both innovate in our core segment, our core markets, and that's an investment, and I'll talk a little bit about our growth levers in a moment, and I'll give you some insight into our product enhancements, but then leveraging some of those group capabilities to actually create new solutions to enable us to continue to grow into our accounting and administrator market. And then starting to think about how can we leverage that Class capability, which includes, obviously, as Jason referred to, this exceptional access to data through our 220 data feeds direct with institutions, which we get ASAE 3402 assurance over the top of, so our auditors, SMSF auditors can rely on it. There's work we do to cleanse that data. And along with that, Class has a really fantastic tax reporting engine, which sits in part of all of our solutions, but certainly, we think about the opportunity for Class portfolio and again, working more closely with some of our colleagues across other capability in the group, and I'll share a little bit more about that. There are really 4 key growth levers across our Class and NowInfinity businesses, which is not inconsistent with what you would see with other SaaS businesses. The first is our capacity to grow our volume growth, which is really about growing our market share. As I've touched on, we are fortunate to be exposed to structurally growing markets. Again, with an increasing dependency on leveraging technology given the resource constraints I've mentioned. We're winning new clients through further product differentiation and increased market presence and extending our products per customer where appropriate, working across our Super Trust portfolio, Corporate Messenger and legal documents businesses across the Class and NowInfinity businesses. We then seek to grow our average revenue per unit and our pricing strategy, again, privileged to be the premium provider in the market is underpinned by our capacity to continue to enhance our solutions to innovate to justify that position, which included a further 5% increase across all class solutions effective from 1 July this year, which is the second year in a row, we've actually pushed through 5% price increases. And there is also an opportunity for our NI subscription upgrades moving from on-demand or PAYG, as we refer to it as well into sort of broader basically larger subscription offerings. We then have our new solutions and partnerships so where we seek to create new products or embed new capability into our existing products that create new solution revenue opportunities for us as well. The example of that, which I'll touch on in a moment again, is our virtual mail room, which you've heard about a couple of times, and that is now generating additional revenue for us through our beta clients. Again, very early days and very modest, but we are starting to generate revenue through that product. And we're capturing additional value through our existing relationships where we're delivering additional revenue-generating functionality within app beyond our current partnerships today, where we receive a share of revenue for our actuarial partnerships and our audit partnerships. We now also have capability around property title search and in particular, commercial valuations, along with how we leverage myprosperity and our data capabilities more broadly. And then we have partnerships with financial institutions that we've integrated into, in particular, NowInfinity to enable us to support the efficient and establishment and secure establishment of new accounts aligned to those financial institutions and automatically activating data feeds back into Class where appropriate. And then excitingly, there's some emerging markets that we're starting to see through some of the -- building on some of the existing key partnerships we have within the business. Brokerage firms are a really interesting emerging channel for us where they are seeking to extend their B2C relationships and propositions into the SMSF sector. They can see that it's growing. They can see there's a significant pool of assets there. They want to be able to meet the client demand through extending and differentiating their proposition to include SMSFs. And those are some really interesting opportunities we're developing as well as how do we leverage Class portfolio, in particular, alongside our other solutions to create a market-leading non-custody solution for financial advisers that competes really strongly in that market. We are also, as I've touched on, leveraging group capabilities. So the best example of that, and I think the most exciting example where we're getting really strong feedback is where we've put myprosperity on the front end of Class. When I stood here a year ago, we talked about the Class client portal and how that would be positioned and branded in market. We have really thought deeply about that and actually repositioned how we go to market with myprosperity alongside Class. And instead of that being positioned as a Class client portal, really, it is myprosperity for Class. And so we'll either be -- the end consumer will either see the myprosperity branding as the front door for the client or they will see the firm branding. They will not be a Class branded solution. It will be a specific class tailored solution for our clients, but the branding, I think, really importantly, is going to be myprosperity or the firm. Now that is currently an extended beta with general release expected in the first half of the next calendar year. We have added, I think, really exciting the Class investment holdings and asset allocations to provide up-to-date financial picture for our clients. And we've given our accounting partners the ability to customize what elements of that they see. So there's functionality within the app that they can turn on and off. It's functionality that didn't exist within the current version of the Class app. And it's one of the reasons why we've had, I think, lower take-up on the previous version of the Class app is our capacity to now customize what data they make available for their clients. And so that's been a really important, I think, enhancement that we're now rolling out to market. And then as I touched on, our capacity to bring together Class Portfolio, myprosperity and Engage, we think, is going to give us a market-leading investment portfolio, tax reporting solution. And our current piece -- the current work that we're focused on at the moment is how do we get getting the Class data into the environment that will enable us to publish that through Engage. We've been really busy. And really, our core strategy is focused on enhancing our solutions to drive that greater productivity to help our clients squeeze more from their tech partnership as well as helping them utilize our solutions more effectively. So one of the more significant efficiency drags for SMSF accountants and administrators is sourcing, collating and storing client documents to support the annual audit process. In some cases, they might prefer that as building work papers. So a significant focus of our multiyear program of work, which we call compliance of the future has been developing the functionality and feeds to improve the efficiency in this area. Specifically, we're now getting document feeds, including from share registries. Jason touched on that, and we're getting assurance again over both the data feeds and the document feeds. We've enhanced -- materially enhanced our document management system. And now within NowInfinity, we've got executed documents might be established in NowInfinity will automatically flow through to Class where they're stored and tagged for review for access by the administrator and the accountant and the auditor. I'm going to talk about some of our future opportunities, specifically focused around our utilization of AI. And building on that as well is our VMR solution. And that's another example, I think, of where we've continued to leverage and now commercialize this group capability. So VMR, as I think you've heard, is designed to securely handle incoming mail, either e-mail, physical or electronically, and we're leveraging that through, again, the large language models and AI, and that's an area where we've now launched that in market alongside the solutions we're now in development on. We've been using AI and machine learning in our application for now many years. The technology, as you will all be well aware, has taken huge leaps forward in recent years. And in fact, what's possible today wasn't even -- couldn't really be foreseen even a year or 2 ago. The first example of this is our SMSF financial reporting tool. And this is an example where we've actually strategically chosen to partner over buying or building this capability. We've partnered with an organization called Digital Rapport to provide this AI-powered financial reporting directly from and within the Class application. This new feature transforms end-of-view financial data into short, easy-to-understand narrative, highlighting what's changed to the end client and why it matters. It's designed to help tell a client's financial story in a really clear and engaging way. It's set to launch in early 2026. And I'll just give you a quick snapshot of it now. [Presentation]

All right. We're currently going to make that available with sort of a fixed amount per our client and then they can choose to upgrade and take more of those as they see it appropriate for their clients. We then have our intelligent assistant. So our generative AI assistant that really lets our clients ask freeform open plain language questions and get instant insights from across all of their entities. As you'll see in a moment, I'll give you another quick demo. It comes complete with a prompt gallery and enables our clients to actually produce visual diagrams and perform analysis across their entire client base to understand what their next best action should be, where should they be focusing? You'll also see in the demo, it actually has the capacity to calculate things like where you might have clients that are impacted by DIV 296. I'm pleased to say that there's less clients, I hope as a result of the proposed amendments to that legislation that will be impacted by DIV 296, but it's really about helping them optimize how to utilize Class, leveraging the powers of generative AI and we're going to continue to evolve this again with it due to launch in the first half of next calendar year. All right. And the last pillar of the work we're doing, focused on AI is we're introducing AI directly into the Class engine, kicking off with what we call intelligent matching. Today, our clients establish business rules within the application to match transactions within -- for each individual client rather than having to do a journal entries, it's all done in the background. The beauty of that is you don't have to be a senior accountant or understand journal entries and debits and credits to actually use our system. And so we're now overlaying that with some AI capability that gives us enhanced automation and give us even greater accuracy in terms of that reconciliation, therefore, reducing any of the additional work our clients need to be doing to match those transactions. And so the early insights we're getting from this work is that it's highly accurate with well over 95% matching, a significant improvement over the business rules that we have today as well as providing greater transparency for again, our clients and doing that work. And again, this is due to launch in the second half of 2026. So in summary, it's really been my great pleasure to share some of our progress with you today. I hope you agree that we -- it's clear that we are developing new features and functionality. We are very committed to entrenching a very privileged position in the market. We are delivering strong, consistent growth. We're developing new solutions, leveraging the best of HUB24 Group and bringing that to our clients and we're contributing to the development of the HUB24 ecosystem, in particular, the really exciting developments of myhub. It's my great pleasure to hand over to our beloved CEO -- CFO, Kitrina Shanahan. Just got an upgrade here.

Yes. All right. Thank you Thanks, Tim. So I'm excited to share the financial update for the business and to highlight the momentum that's driving everything that people have been talking about today and the financial outcomes for that. So moving to the first slide. So as you've heard, the core businesses are all performing excellently, and we're incredibly pleased and as Jason said, kicking goals. With strong momentum across all of the areas, you can see all the business metrics here on the left-hand side. We now have over 5,200 advisers using the HUB24 platform. More than 6,500 practices, leveraging Class and NowInfinity and more than 500 firms utilizing myprosperity. The solutions we provide are truly resonating with the financial professionals that are using our solutions. And this is translating into increasing revenue and increasing profitability that you can see here on the right-hand side of the slide. The group revenue was $406 million in full year '25, with a CAGR of 38% over the 4 years. The businesses are scaling and are delivering operating leverage. Group underlying EBITDA grew to $162 million in full year '25 and the margin at the group level was 39.9%, close to 40% for the year. The growth in underlying EBITDA and margins is including our ongoing investment in the strategy and the growth that we're seeing come through. So it's not just about the BAU expenses, incorporated in that every year is investment into our strategy. Okay. So the platform business is -- Craig run through. The platform business is continuing to deliver outstanding results. So custody FUA grew an annual compound growth rate of 28% over the 4 years to '25, with custody FUA $122 billion at the 30th of September, which is up from $113 billion at the 30th of June. This included the record net inflows of $5.2 billion for the quarter, which was an average of $1.7 billion each month in the quarter, which is unprecedented, not just for HUB24, but also for the industry. This momentum, as Andrew mentioned as well, it's continued throughout the rest of '26 to date. So we're incredibly pleased and kicking the goals that we've talked about. This is underpinned by the growing number of customers that I talked about a second ago and the licensee agreements that we're sharing and it's reflecting our reputation, our innovation, our reliability and our service quality. The advocacy for the platform and the solutions we're delivering continues to grow, and this positions us really well for the growth that we're seeing come through. We talked earlier about in the presentations about advisers moving to 1 platform. If they're coming down from 2 to 3 platforms today and they're moving to 1 platform, the growth trajectory and the pipeline for HUB24 is really strong. And so what does that mean for our FUA guidance that we have out there. We have a full year '27 FUA guidance, a range of $148 billion to $162 billion by the time we get to the 30th of June 2027. The fast start to '26 and the results that I just talked about, is clearly tracking above the assumptions that underpin this guidance. However, there is still 19 months to go. And so we're going to continue to monitor this and watch it, but we're not intending to update it at the moment. We've got, like I say, 19 months to go, and it is impacted by the market performance and also the macroeconomic events out there. So just watch this space on that one. Okay. So the question that everybody has probably got is, well, how much are you investing? And what does that mean, and where is it going? So at the year-end results, I talked about our operating expenses year-on-year growth, so full year '26 growing on full year '25. I talked about that growing in the mid-teens, so anywhere around that 14% to 16% growth. And today, we're updating that to say that, that growth is more likely to be around the 18% to 20%. This does include both volume growth. So you've seen the uplift in the number of accounts we're managing, the flow -- that we've got the net inflows. It does include volumes for that but the operating leverage that we're seeing come through the business is helping to offset that. And it does include quite a significant uplift in the investment that we're going to be putting into the accelerated growth that we're seeing on the platform side but also delivering the strategy in the myhub solutions. So we're still expecting, even with this operating expenses growth in there, we're still expecting to see underlying EBITDA margins improve year-on-year. There will be a bit of a step change in the first half. A lot of the investments that we're talking about here in the uptick to 18% to 20%, you'll see a lot of that investment come through in the second half. So you'll see a step change in the first half margins and then potentially not quite the same step change in the second half. It might be a bit lower in the second half. But year-on-year, you'll see the underlying EBITDA margins grow even with the investment that we're putting in there. So -- and very importantly, the investment that we're making will continue to deliver benefits into future years and support the growth that we're seeing come through. Okay. And so finally, from my section, I'm very pleased to be able to report the strength of the balance sheet and the capital management that we have, continues. So our balance sheet remains strong. It's underpinned by disciplined capital management and robust capital cash generation. So we continue to have very strong correlation of cash to our underlying EBITDA. In full year '25, you saw a 98% correlation of cash to underlying EBITDA, and there's nothing in our business that would suggest that, that's going to change in the future. This translated to a net cash position of $85 million at the 30th of June, with $115 million cash in the bank, offset by $30 million borrowing for CBA. And as we noticed here, we're intending to roll that $30 million borrowing with CBA to give us the flexibility on the balance sheet. However, looking into full year '26, there are 2 major planned uses of the cash that we have on the balance sheet. First, we have the increase in the offer for the HUB24 Super Fund. This is in response to APRA changes to offer. And so at the end of October, we increased the loan to the HTFS trustee. It increased to $60 million. It's important to note that loan does incur a market and a -- sorry, that loan there does include a market cost of capital and that we earn the interest on. So again, that's benefiting to the P&L. And secondly, HUB24 shares for the employee share trust supporting our long-term incentive program and aligning employees to shareholder benefits as well. And so finally, on this slide, I just wanted to call out our strong track record for shareholder returns. Over the past 4 years, we've delivered a CAGR of 54% in dividends and 52% in earnings per share. And so the success of the group in delivering the strategy is also translating into shareholder returns. And with that, I'm going to hand back to Andrew, who will do a wrap-up, and then hand this over to Q&A.

Is there something I don't know about you being the CEO, Kit? There is something I don't know. Thank you, team. It's great to work with such a supportive team. Absolutely. I don't think I'm going anywhere, folks. We love working together and what we're doing here, and it's great to have the team talking to you and spend some time as well. So in terms of a wrap up before we get to Q&A, look, we do -- we are very well positioned to capitalize on the significant growth opportunities. As I said at the start, growth opportunity that appears to be bigger today than when we planned FY '26, and systematically in terms of outlooks to keep on growing based on the climate that we're in. So that value creating -- that opportunity creating long-term value for customers and shareholders. We are operating in a structurally large growing market with strong demand for integrated solutions. We are positioned to significantly grow as we move ahead. You've heard about that with new customers and existing customers and to grow market share, to leverage our capability across the group to deepen relationships. If you like to create tomorrow and create revenue and sales synergies and opportunity to sell more products to more clients than just in our stand-alone lanes with our leading market businesses as well. And to in doing that, create industry transformation that improves our rankings ahead of our competitors even further than they are today. And we have very scalable business operations, delivering profitable growth, as Kit said, underlying EBITDA growth, margin expansion, at the same time, as delivering ongoing investment at the same time, executing on strategy, delighting customers and building scale for the future. So there's a summary of how we think about the business and what we're doing and how we're approaching it.

We're up for Q&A but I can ask the team or some of the team to come up here in case there are questions from the floor. Please come on up. I think we're adding Paul Biggs to the mix. Is that right, Paul? Paul is our Chief Product and Technology Officer. We didn't give him a gig today but he's here in case you'd like to ask him some questions. I will hand over to the crowd. There is a roving mic there for questions. We got a couple of questions online that I know about as well, which I can answer -- we can answer. If you could state your name, if that's possible, and question, that will be awesome.

If you can hear me. So it's Anthony Hoo at Ord Minnett. A couple of questions. First one, can I ask about cost to increase cost guidance. I understand what you're saying about the investment that you're doing. I'm wondering, can you talk a bit about the motivation behind it? Is it because you're seeing a stronger revenue environment and that's giving a bit more leeway to invest? Or is it around you're feeling more compelled to invest in order to keep up or stay ahead of competition?

I think actually, it's about our want definitely to continue to lead. And so we're not necessarily concerned. We're very vigilant. We're not necessarily concerned about competition catching up. They're not showing signs of doing that, albeit it is a competitive environment. It's about our strategy to continue to transform the opportunities we're seeing, to work with business partners being accountants and licensees, to help them in their business models so we all do better. So it certainly is an investment because of the growth we're having today, which is higher than we thought, so we need to invest for that to support that to build the scale. It is execution strategy and our belief that we really are doing something special here to change the landscape. I hope that answers the question.

And then second one just on the FUA per adviser. You talked about there's potential to increase FUA per adviser. Wondering if you can talk about, is there anything in your internal data to give you confidence around that, whether it's a correlation with the tenure of your advisers get up towards the industry benchmark, the longer they're with HUB? Or is this a case of unchartered territory that you just -- in terms of bringing up the FUA?

I might make one comment and hand over to Craig. But certainly, we're a very young platform compared to competitors. The level of penetration that some of our competitors or peers have had with their advisers, it's far greater than ours. So there's a track record of people having more than we have. And the reason our balance per adviser is so -- is small, and we're about $22 million, is it's still early days. And advisers take 5 or 6 years to get to a point where they saturate a platform provider with flows. But Craig, I don't know if you want to add more to that?

I think one of the stats on the slide was the strong flow we see over from advisers over a 6-year period. So again, I think to reinforce Andrew's point, still early days. The other confidence will come from broadening the range of solutions. So being able to front up to an adviser's office and say, we can actually support more and more of your clients through our platform, is naturally going to help grow share of wallet. And I think the concentration towards single platform usage also highlights that opportunity, the $82 million is almost the total opportunity now when there was 2 or 3 or 4 platforms, there's a natural ceiling on that, that -- the ceiling continues to increase as the platforms converge towards one.

In our previous disclosures, if you look at the August pack, I think it does have the stats about the percentage of advisers with more than $50 million. And so we do have that evidence that in our book, there are advisers with $50 million and $100 million each. And so you've got those at that mature end of that growth cycle and those at the start. So there's an internal evidence point for that.

Nick McGarrigle from Barrenjoey. I just had a question for Jason. Around myhub, there's obviously been a few steps towards getting to this point with this product. I'm sure the commercial model has changed over time, but how are you thinking about going to market to monetize the product? Is it adviser paid, practice paid or is there a client account element in terms of how you monetize the myhub product?

No sort of model yet. We are in an environment where that product dividend I mentioned, it needs to be shared across the value chain. So how much the client benefits as in the end client versus the firm versus a licensee who's got to play a big role here and then us who are building it. That's still to be worked out, and we are in active conversations with our clients. There will be parts of this that are a competitive advantage on our products. So Tim showed class using some of the technology today. And whether we charge more for that or it's just absorbed in part of the package you get as a cost user, same for the platform, same for NowInfinity, et cetera. We're still working that out. We've got some ideas, but it's not settled yet.

Maybe just one more, and then I'll pass to left. Just maybe back to Andrew's earlier point, which you addressed ahead of everything with the trustee matter. In the case that you do decide that you want to internalize trusteeship because of regulator drives the market to that, you mentioned there's an option to buy the HTFS, is that -- that's on a prescribed kind of multiple of revenue or some such payment to EQT?

I'll answer it differently. At first, the regulator is not pushing towards that. Competitors are suggesting that the regulator has said publicly in parliament, they are agnostic to that, and the issues in the industry and governance failures, not model failures. And the failures with Shield and First Guardian occurred in internal trustees as well as third party. And there are issues all over the case. You can read every day about issues with different parts of the sector, investing in Russian oil and so forth causing and being subsidized by members. So it's not necessarily regularly driven. Having said that, you would expect that we would take that on, there'd be an increase in expenses, that there'll be a reduction in our fees per trustee. There's no capital payment in terms of any significance in that structure but I can't say any more without talking about confidentiality. It was always set up so we could do that. And we'll work through that process if we made that decision.

Lafitani from MST. Maybe a follow-up with myhub to start. So this kind of seems like more of a starting point than an endpoint. So this is a whole new feature set. One of the things AI does deliveries, it removes moats that previously existed with other organizations. So if you have all of that data and information, why wouldn't you go for -- take on someone like an Xplan using AI? Are these things on the roadmap?

Laf, it is -- this is an evolution. I think it's not -- there are points in this strategy where we embarked pretty much 10 years ago on how do we help the industry with its data, acquisition of Agility in 2017, roll forward, and we invested really deeply in that HUBconnect infrastructure over the journey. As we embarked on that, I sort of mentioned in my presentation, we didn't exactly know the outcome of -- if we have all the data in the one space, is it dashboards, reports, like what is the outcome that will drive real benefits to the community, knowing that data was a huge pain point. And so we've been living in the gray a little bit for a period of time about what is that outcome? The black and white is coming from new technology that is moving really quickly, that is -- that we've been testing for a long time and we're getting great results from, and in testing with our clients, they're loving it. So that's amazing. The ecosystem is an open architecture system. Iress has to be part of the puzzle as do Salesforce and Microsoft and all the big guys. How are we going to see them embrace the ecosystem and really become part of it? Or are there more data feeds that we access but not necessarily part of the overall ecosystem, that would be their choice or whether we can find a way to work together. Are we trying to replace them? Not specifically. We are trying to deliver a massive leap in productivity, and that may mean and there are lots of start-ups in this space. I can say we're not trying to build a financial planning modeling tool. We're totally not trying to build that. But we are seeing a plethora of start-ups in that space, many of which are knocking on our door saying, can we partner? And many of which we'll just watch what happens but there's some really interesting stuff happening there that I think will provide some real competition in that space.

So in theory, myhub can integrate with those competitors who easily produce and be a one-stop shop for advisers to do that?

Yes, it's an ecosystem. So there are already AdviserLogic, Plutosoft, Midwinter. There are already many competitor. We -- all of those groups I just mentioned, we take the data into HUBconnect. So we're agnostic about, which tool they want to use. There's new tools coming through like if you might have heard of. And then there are a whole new breed of probably AI native tools that are on the horizon. And some of these things are globally backed. So I think it's going to become a really interesting space.

Two comments from me. Over time, platforms have leaked into the traditional space of Iress and Xplan other tools. The reporting we do for whole of wealth is something you could argue that a bunch of planning tools should have done. The advice design or advice authoring tool of Finura building. There's examples of parts of the Iress and Xplan proposition being chipped away with best-of-breed modern architect solutions, and it is an evolution.

Got it. Just with SMSF, now of course, I can see the upside in class. But just to better understand if there is a renaissance, can you just talk to the exposure in the custody business for SMSFs and market share? Is that growing? And give us an idea on your plan of attack to get a greater share of the custody stuff?

I think the plan of attack is to service advisers and their needs, and SMSF is a great solution. So the strategy is about what do advisers need for their clients? About 25% roughly about platform customers are SMSF trustees. So whilst about 45% to 50% of the platform is in a retail super fund, a half of the rest of it is actually in SMSF but it's through the advice proposition as opposed to us directly chasing unadvised SMSF. Now some of the strategy with class and others will help us help accountants and advisers who deal with those customers to bring them to HUB over time, particularly as we ran out some of the utility. But we are expressly saying, well, let's chase the SMSF market. We're saying, let's chase the financial professionals who use those tools. And so -- and there's a large share already.

Got it. And just one final question. So outside of HUB24, looking at some of your competitors, you're talking about individual HIN stuff, which Netwealth or Praemium talked to or it's -- you're following AMP on the super -- or some of the super lifetime stuff innovations. So who are you actually looking at outside of HUB24 as your main competitors?

I think it's -- well, sorry, in the platform space, our main competitors, the platform cohort, which is well known to the marketplace. Everyone has different strengths and weaknesses. The research suggests we're ahead of the pack. There are things that we are followed on, there are things that we might follow on as well, and that's a great thriving environment. So if we look at -- look traditionally, we would have said we were looking at Panorama, Netwealth and so forth as the keys there. AMP is doing some neat stuff. They're still not up to our level of expertise with some of the features that are offering international equities and so forth. So we look across the board. It's not as if we say we're gunning for this one or gunning for that one, actually is more holistic than that, yes. To your broker question, there was one online that might go to that as well. Or did you want to add, Jason?

I was just going to address that one if you want to.

Yes. So there's a question online about one of our peers launching a direct [indiscernible] service with brokers, which is not too dissimilar to what we do. There are some benefits with that potentially. But over to you, Jason.

Yes. Look, we've considered for a really long time actually, do we -- we obviously do trading in custody but we have multiple ways that we let our clients choose to trade. And one of those is they can take the trades off platform, execute through a broker and settle back with us. We've never gone to becoming a broker in our own right to let people trade on their own hands through a service we offer. Some of our biggest clients are brokers. We don't feel like -- we feel like that's a competitive proposition to the stockbrokers that actually use our service and are great partners of ours. And those services are widely available in the market, and we integrate to them. So we've never seen the need to go there.

Liza Miliatis from Macquarie. Just on flows in the near term. Obviously, the last quarter was really strong, and you talked about those tailwinds are still coming through. Just some of the things that have been happening at the industry level among some of your competitors, are you seeing these flows accelerate this quarter? Or are we looking at similar sort of levels or how are you placed at the moment?

Accelerate is an interesting word. The market is very strong. And obviously, those things don't happen overnight. So we're talking about when I said somebody kick their own goals or they're off side, and that's creating opportunities. Yes, there are discussions with users of our competitor platforms who were saying, "I'd like to have a talk to HUB24." We are seeing some inflows are coming from those other platforms but the discussions in the pipeline and indicators are strong from that regard. In terms of flows, since the end of September, my earlier comment stands. We've not seen a real slowdown at all. You do see a seasonal slowdown maybe in December, January. Others in the market have seen that. We haven't at this point in time, and that's the best comment I can give you. So hence, our comments with Kitrina, look how we're on to catch the ball, how we're going to invest for volumes. We're planning for a bigger outcome than perhaps was there before. So sentiment is good. Adviser and customer sentiment is good, the value case for people who retire, the demographic trends that are there are fueling this environment. People are looking for the right solutions to the right providers. That will always change if there's macro events globally, then interest rates or wars but those things are bumps in the road in terms of long-term thematic but it's looking positive.

Great. And just then moving on to the cost side of things. Obviously, we've got guidance for this year but should we continue to see the sort of higher levels of cost growth in the next few years as you look to continue to invest? Or should it come back down a little?

Yes, I'll take that one. So the operating leverage is clearly there, particularly on the platform side. Like I say, even though we're going to an 18% to 20% growth year-on-year this year, a very large chunk of that is delivering into the strategy and bringing forward some investment because of the accelerated growth that we're seeing on the platform side. So you can absolutely expect to see that operating leverage come through in future years. We've sort of talked about will we get into the mid-40s, potentially high 40s from an underlying EBITDA margin perspective. That's absolutely the case, and we're still heading for that.

Tharan Jeyathasan, JPMorgan. You've given us some numbers around the number of Australians retiring over the next 5 years, and that being a big opportunity for you guys but will require more advisers to leverage. Do you have a view on the number of new advisers needed to support this increased demand, and if you think that's likely to actually happen?

I'll maybe take that. That's the big challenge, right? We're not seeing enough new advisers come through. The government did relax pathways into advice a little bit in the last year or 2, [ Greg, ] that would be right. But there's not a flood of people coming in, and there are still retirements. So to address the demand, we need to address how we give more productivity to supply because there's no new supply coming through. So some of our largest clients have actively got projects running, which is project 300 or 400 or 200. We get these names quite often. And they're all looking at how they can gear up their advisers to service more clients. And the big challenge is often the data and that ecosystem. I was on stage at FAAA last week, and one of the leading industry consultants in this space held up his phone and said, we're pretty much 8 billion people in the world. We've largely got 2 real ecosystems, Apple and Android. Whereas in financial advice, this guys in practices every day of the week. He says there is hundreds of different ecosystems and a lot of them are at a one practice level. So we have to fix that as an industry. And our view is there's been a lack of investment in that infrastructure. And if we get that right, and we can really lean into it and leverage our footprint to get this thing adopted and rolled out, it will change that equation. Advisers can see more clients and we can absolutely help with the retirement challenge coming at us.

In the immediate term, you are seeing more and more younger people go through the professional year. You're seeing the industry having bottomed out and starting to grow. You are seeing, even some of those stats, some of our advisers will have far more than 100 clients that they see. And you'll see that with particularly those who use newer platforms and newer technologies, they are more productive. The industry is growing and DBFO, the government program of Michelle Levy's report, if Phase 2 is implemented, it actually could very rapidly increase the number of people delivering a form of advice to consumers, possibly within the context of interfund or an institution where it's not fully qualified personal advice but that would be a breeding ground or a foundation that from the governance point of view, very, very sensible. It wouldn't allow the industry to restock because those people will start their career and actually end up working in the private sector as well. So there are things that would change that in the midterm, but the ball has been caught, advisers are having a great time. They start having a purple patch with growing their businesses. And they're trying to arm themselves with back office staff so they can be more productive as well.

Interestingly, Andrew, the FAAA last week announced the establishment of an academy to support what is a very fragmented sector to support the small to medium-sized business owners to actually provide the sort of development experience through a professional year and more broadly. So it brought together a number of industry stakeholders who have been supporting the industry in this space, but not in a collaborative way. So the FAAA, to specifically deal with that issue, has launched the FAAA Academy. And I do agree on the growth of the sector, whilst might have been institutionally aligned 10, 15 years ago, it's going to come from a different place into the future, including super funds.

We've got one online about cybersecurity. I might pass to you, Paul, that our approach to cybersecurity and are we investing in that space?

Yes. I think one of the -- obviously, the massive opportunities of AI also represents one of our biggest challenges. As Jason mentioned, the amount of data that we sit on and the requirements now around the governance of that data and how we manage it, the lineage of that data, where it goes, where it lives, we're investing hugely in that area just because we have to, as Jason mentioned, we're safe custodians of that information. I think one of the challenges for us, and again, is how do we do that cost effectively. Jason mentioned that Copilot is wonderful as a personal tool, not so great as an enterprise tool. And it's also really expensive to run the large language models that come out of Claude and Gemini, and the other guys, they're very, very expensive to run and they're also sledgehammer versus scalpel. So I think one of the challenges for us is how do we apply the right level of governance over a huge amount of information to get the right outcome that we have to reduce the bias, reduce the hallucinations. So I think cyber security and governance are huge for us, and we've got people just dedicated to that 24/7 to make sure we're doing it in a responsible way.

And actively hacking ourselves and so forth, all those things you'd expect for us to do, yes.

Two more questions, if I may. So you guys managed to sidestep the Shield and First Guardian issue but they have -- I imagine you guys would have reviewed your processes internally and there may have been conversations with the industry and regulators. Have there been any specific learnings that you guys could talk to or changes that you have made or would look to make to your internal processes?

Sidestep is an interesting term but I understand why you say that. I might color that in. We might ask Deborah if we can get you up here on for a second. But when we say sidestep, we were invited by Shield and First Guardian in '21, '22 to put them on the platform. And part of our process, we interviewed the fund managers, we asked some questions, as I said earlier. And the questions couldn't be answered about how they deliver a diversified portfolio outcome in a fund that then invested in a property fund, which was illiquid. We couldn't get the right answers there. So it wasn't sidestep but was a deliberate decline. No, if you can't answer this, you're not true to label. We can't work with you. How do they pass that test. We would then look deeper at their lineage, people involved, the related body corporates and so forth with the RE. And so there's a whole lot of things would have taken beyond that. And so we have those processes very strong. And I think they're partly being modeled or our processes are being modeled for the best practice principles for the FSC, is that right?

Yes. So a couple of things. I agree it's not a sidestep. There was a differentiation there with us as to why we didn't go there, which Andrew has just addressed in terms of the investment governance side. I think you heard from Craig on our really robust investment governance practices and the investment committee that we run. So on the investment governance side, I think we're very, very strong and always have been, and that was part of the reason why we didn't go there. The other side of this is the advice governance side, and it's really business as usual for us in terms of our investment governance and their advice governance and really robust frameworks we have in place. We apply those. It's a life cycle for whether we're dealing with an investment manager or an advanced licensee. We do really in-depth due diligence on the way in. We have monitoring processes for the time they're with us. And then we make decisions. We have a decision framework about what we do. On the industry, we are leading the way with the FSC as a full FSC member, the FSC's best practice principles, which are with government and APRA and ASIC right now for feedback, and they are setting a new standard for the industry in relation to both investment and advice governance. So we're right in it. And all this is to ensure we're only dealing with good actors.

And the APRA letter which outlined weaker than better practice, we're on the better practice side in general?

We're on the better practice side. We've got other ticks, if you want to call it that, from the regulators around where we are, and we're a better approach.

And that we are always evolving. So there's no large scale change or deficiency or large investment program that will go to on track. We're always reviewing these things organically. Thanks, Deborah Latimer, our Chief Risk Officer.

Just one last question for me. Just on the competitive landscape, is there much discounting going on from your peers? And have you/would you use pricing as a lever to generate flows going forward?

Pricing, over to you.

Look, price is not a lever. I think what I tried to demonstrate today is the sort of the broadening of the capabilities, the -- including the tower offers and really stretching our offering out to the advisers. And so they see us as a very universal platform for all their clients.

In terms of discounting, we're not seeing actually from our sales team to match irrational pricing, always have tried, and it didn't yield results for them.

Yes. And we have those different price points. So Discover Core Choice, there's different ways to answer into the effective supermarket of HUB through different pricing doors. They come with a degree of flexibility, and the menus may be a bit wider in certain areas, a bit shorter than others but they're giving us different price points to be attractive to others.

So in general terms, price is stable. Some people have increased some of their prices around the edges. It would be their cash fee or other nonaccount-based fees. And of course, we do a sharp deal but there's a volume-based arrangement. And certainly, as our customer footprint grow or we have the larger customers, we do think about those things. Would we use price as a legal that's a strategic decision open to every business, and it's a possibility that we might do that in the future for volume. But it's not something on our agenda right now. We certainly think we offer great value, and it is about building a sustainable business, actually continues to invest, and cutting price doesn't allow you to do that. I think our customers understand that value is more important than price, and it's working for us with our current arrangement.

And so was that -- I think you mentioned there was a volume-based discounts in certain circumstances that you applied. Is that on a whole like a 12-month basis? Or is that just the go-forward rate that you're applying certain circumstances?

So we might look at a large national group that has hundreds of advisers and say, okay, for that group and us to be able to build education and sponsorship and working with them, there's a rate card that's a little bit sharper. There's not a discount for a period of time. It's not like the client one where they said use our platform for free for 12 months, which I think is not actually akin to financial services and a little bit gimmicky. It's not like that. It's about the size and the value because our cost to serve is lower with large national groups. We're adding more volume per adviser. Some of our costs are adviser volume related, not customer volume related. So it's the normal standard practice that you get for as opposed to a discount for a period of time.

Lara Tufegdzic from Bank of America. I was hoping do you describe a bit more color on your net flows, especially the new ones in FY '26. Is a lot of the strength still coming from managed accounts? And then in terms of the retirement solutions piece, is it best to think of that as a more medium-term goal, especially with annuities in the market where you've seen sort of softer take-ups of annuities? So how is best to think of demand here?

I'll jump in on that one. Yes, flow is nothing to see here. It's indicative of normal pattern. So it's across the board. It's from small boutiques, single operators, national groups, brokers, no real shift there. There's just volume going up. And I think it's the momentum from a business that's invested over time. So as we said earlier, if you get flows over 5 to 6 years, if you're getting a record number of new advisers each year, you're getting flows of 5 years from existing, you get a compounding growth level, which is what I think you're seeing behind the numbers there. In terms of annuities, annuities are really hard to take up. And I think it's something you want to have on the platform but particular one with TAL is interesting because it gives you government concessions in terms of asset test for age pension. I don't know, Jason, if you want to talk a bit more about annuities in the market for that? It will bring custom to us, but in and itself will be only a portion of a book and advisers needed for less than 5% of their customers.

I think just on the TAL side, I think it's going to open up opportunities for moving from competitive platforms for those that have that capability, which this may not been a yes, no decision for them based on not being available on the HUB24 platform but it will be now so that will reduce a potential sort of reason not to move.

Just on the retirement products. They're notoriously slow starters, so allocated pensions, from my memory, was 1993 they came out, and no one used them for first few years. And in the blink of an eye, they're dominating the half of FUA in super. So you have to go through the life cycle with the advisers and their clients. But we need these solutions, they're really -- performing really -- a really important part of the overall wealth and how to manage that wealth and manage risk for each household. So we just want to be a menu of these options. So advisers can assist those risks, find the right product fit and set the client up for that in advance of retirement or post-retirement. Where notoriously hard is they take a lot of education and tools in the advice ecosystem to get to the point where advisers are willing to give advice on them. They don't want to offer something and recommend something, I don't understand. And some of these things are complex. So we've mentioned on the screen, we're putting effort into the tools and integrating into the device process to make sure the advisers have the collateral to even get to the point of offering the advice.

The other comment I'd make is that we are investing in these with business partners. You read the news even today, there's stories about of those who are tokenly looking at the retirement income covenant, those who are actively doing it. It does take capital. It does take shareholder funds. It's easier in our structure to do that than other mutual fund arrangements. And so it's certainly a space that we intend to keep investing.

Andrei Stadnik here from Morgan Stanley. If I can ask one question. You had a slide there showing 3 different market segments across mass market, mass affluent and high net worth. How are you thinking about the revenue growth opportunities across those 3 market segments?

Look, I think we are in the segments already, and it's about having the right products. As we said, our business is about helping advisers, and some operate in those different segments. Are we seeing a differential in revenue growth? It is across the board. It would take a lot to change the revenue mix in our book because we're active in those segments. So you have seen with Discover that there's about $2 billion there, that's giving us access to them. So that is now part of our revenue. You'll see with private invest, an increase in the revenue coming from wholesale and those sort of customers but not enough in the short term to shift the book. What's allowing us to do, as Craig said in his eloquent term, platform monogamy, it's allowing you to service all the clients of an adviser. So I think it will be spread across. And there are opportunities in all those segments as to is anyone driving a different, no, Andrei, it's not sort of how we think about that. It's about having the right tools Yes.

It's Hayden Nicholson from Bell Potter here. Just wanted to ask one question around myprosperity, repositioned, I guess the go-to-market strategy there, and the losses widened year-on-year. Do we have an updated breakeven scenario for that one? Kind of sounds like you need to add more of that network effect or invest a little bit more. So just wondering what actually drives that? Is it scale? Is it some of the additional levers?

I'm happy to -- yes, I'll start and then Jason, if you want to jump in. Look, just from a profitability perspective for the stand-alone myprosperity. You're probably looking more towards the end of '27, potentially beginning of '28 before it's breakeven and profitable. The thing that we have looked at, and you would have seen it as Jason was talking about the strategy, it's really about the product capability and how it fits into the myhub ecosystem and the value that, that brings. And I might let Jason talk to that at a bit.

Yes. So myprosperity is -- it does have its own pace to market, its own support and sales team, and is out there actively recruiting practices to use it stand-alone. But within the group, it's a group capability. So it's currently being implemented as a class capability, as Tim mentioned, the same thing is happening on the HUB24 platform. There's a new version of the -- what we currently call InvestorHUB, our old investor app. There's a myprosperity version replacement coming through next calendar year. And that will happen across the whole group. So it really is a great capability and a core piece of the myhub ecosystem. I mentioned before, that productivity dividend is going to be available through that whole initiative. We're not sure how that plays out, where we apportion the economic benefits across our own business and even across the value chain as we engage with our clients. So it's unknown, but gets right about where it's at today. But my expectation is as we mature those thoughts on myhub, things will change a bit as well.

Our focus has shifted from running the current business model that myprosperity already had when we had it towards building it out and the strategic value it's yielding for us. So am I, as MD sitting here saying, when will this breakeven? I'm not actually considering that. I'm considering the overall ecosystem part of the strategy but it will come through, yes.

Shreyas, UBS. Just a question on the compensation scheme of the last resort, just thinking about how the industry funds future First Guardian and Shield and some discussion around platforms contributing to that, just your thoughts there and how that may impact your own capital intensity?

Unknown welcome discussion for the industry because of how important what we do is -- and you've, at the same time, got superannuation funds saying no. But it's a bit unchartered. You're reading as much as we are. Certainly, we're working with lobby groups and debts working actively on submissions from the FSC on that. Let's go back -- I mean you're talking about is the industry going to underwrite fraud from another party? That's an interesting legal position to take as well and so there's a lot of water to go under the bridge there. Certainly, if as an industry, we needed to do that, I don't think it would affect our balance sheet dramatically in any way but it's early days to suggest that's actually the case. We do have operating risk reserves already. And as Kit talked about, there's a $6 million loan there, that actually arguably could cover some of those things. We're not sure what the government will do with the request that one of our peers had for part 23. Early days, I don't think it's a dramatic difference to our industry. The issues occurred through advice into a product that a consumer and adviser did. That is typically what the CMSR is about advice decisions and through arguably difficulties with an audit process and governance of an RE and other factors. So early days. We're reading it as you are. I don't think it's a dramatic shift. And if we have to play a role in our industry for that, well, let's talk about that when that occurs. But there are protections of capital adequacy already in our business model that are sufficient.

Just some questions from the webcast now. One from Citi, Siraj. Would you think HUB24 is well placed to enable agentic AI capabilities to improve adviser productivity? From a platform architecture and technology perspective, is there more HUB can do, and can you talk about some agentic features you are working on?

I'm happy to take that question. So the short answer is yes but there's a much longer answer to that. So agentic is a massive opportunity. And I think, to the point that Jason made before, and even as an extension to the answer that was given around the next phase of myhub, I think if we assume that in an advice practice, all we're looking at here is trying to automate the generation and distribution of advice, but we assume that within an advice practice, they're going to want to use their platforms of choice. The ability for us to automate and integrate that flow using agentic AI is a huge opportunity. I think we just have to assume that as much as we're going to provide as much of the ecosystem as we can, we don't have to build it all ourselves, we're not able to supply it all ourselves. What we do have to do is integrate them all together. I think the challenge with agentic AI though is when we think about trust in an AI model, originally, when we're talking about just generative AI, the trust was all about, is it hallucinating and is it generating bias in the models. So that was one element of trust. The minute you start talking about agentic AI, which is the automation of workflow but it's being driven off the responses the AI models are creating, all of a sudden trust becomes a much bigger issue because now you're talking about do you trust the automation of the end-to-end control that it's providing. So it's a massive opportunity. It is, as I see at the next phase of myhub is around how you automate that flow and the integration. But it is something around that trust, how do you really trust that automation workflow that we're going to have to really concentrate on.

A question from Olivier from Evans and Partners. For Tim, in your presentation, you talked about some of the emerging markets, in particular, where financial advisers are seeking alternatives for noncustody reporting. Is that separate to the HUB24 noncustodial solution? And what market segments are you looking at here? And what would be the monetization model?

So certainly, it complements the HUB24 noncustody solutions. We have clients today who utilize class independent of a platform arrangement that they have. And so it's how do we continue to enhance that solution to be more appealing to that segment of the market. And we look at some competitors, whether it's Iress or Praemium or others who you might look to who have great offerings in that space or have offerings in that space that we think we can compete strongly with when you combine the capability in particular, of engaged reporting combined with myprosperity and some enhancements that we're making to Class portfolio to automate some of the functionality today that the administrators actually provide, that we don't believe financial advisers can or be willing to operate in the same way accountants administer. So there's both enhancements to Class portfolio is a product that we're making, marrying that up with IP and Engage functionality. The commercialization of that is consistent with our SaaS model. So it would be an account-based per account fee that we would charge for each client that joins -- takes on the solution. So we have a similar model today, we'll just be extending that into that broader market.

There are similar examples of RSIPS and perhaps the Praemium BRAP businesses that have similar engines at their heart already today.

That's the questions from the webcast. I think the other ones on the webcast have been covered off already.

Any other takers from the room here? Fantastic opportunity. Yes, hello. Go ahead.

Tharan, JPMorgan. You mentioned that there's this trend towards platform consolidation. And then I think you separately also mentioned that there's PE-backed adviser dealer groups who are looking to extract efficiency and productivity, and these 2 go hand-in-hand. So just interested in if that's 2 dots that you've joined just observationally or is that based on conversations you've had with some of these players?

We are very close to our client base. We wouldn't be building myhub. We wouldn't be thinking about how these things come together without going on a journey. And we actually released them as collaborative. So we're very close in that market there. So we understand what they need in their business to thrive. And so absolutely, it's not dots we've joined. We're actively talking to customers about that and about how we work together to build some of this capability. Secondly, on the consolidation one, look, you see that in the stats, you see that advisers are using lesser platforms. That's coming out of the numbers.

I'll ask one, Andrew, in your invitation -- Michael Evans from Quest Asset Partners. Retirement products that you talked about, and I'm interested in the way you referenced having it within the HUB platform. So because I think Challenger as a provider on your platform as well. Can you talk about how that capital structure works? I noticed there was some words about the longevity risk management. Maybe this is a question for Craig.

So I'm not with the capital structure. So unlike Challenger annuities, which is almost a product on the shelf of the supermarket, this is a feature of the overall superannuation fund. And by virtue of that, you're getting access to those deeming rate benefits through the accumulation phase as you go into retirement. The predominant use case is as an adviser with a client accumulation going into that sort of pension phase, having that conversation about what proportion of your assets you want to have with the flexibility of the account-based pension, what proportion of the assets you want to lock up and get the certainty of cash flow on that guarantee. And then the combination of those 2 will have an asset value implication on access to the age pension. So it's -- the combination is a feature of that. So it's not changing just the nature of the products that you buy but it's also...

It's a wrapper. The assets stay on the platform. And the Challenger annuity sense, they got have a life company to back the guarantee. And so it's integrated. But in this case, the actual asset stay on the platform, and there's an insurance or longevity wrapper around it, which means you get all the features but there's an insurance premium that's paid at a particular life stage for the benefit of the longevity guarantee.

To the provider?

To the TAL provider, yes.

And the $60 million, I'll ask a second question. The $60 million, does that escalate? Is that now got a delta to FUA or...

The offer the requirement is 0.2 -- 20 bps of the super annuation balance or funds with, give or take, some tolerances. And so across the industry, it used to be 0.25, it's about 0.2. So as the super fund grows, it's calibrated to that. So it's 20 bps. And whilst we have the loan, we also, as we see, get a commercial or cost of capital interest rate on it. All right. Well, thank you very much for your support and interest. It's great to have such a strong group of analysts and shareholders and people interested in HUB24. We very much value that support and the journey you'd be on with us. So thank you very much for coming today. I hope you found informative and useful. And we'll see you next time. I think there might be some food outside. I'm not sure about that. So we've got some food, hang around, ask some questions from any of the team if you'd like to, and enjoy the rest of the week. Cheers.