Inside the adviser platform arms race for Australia’s $1tn advice market

• Adviser platforms now manage more than $1tn in client funds
• Smaller firms pushing back on high fees and clunky admin
• We take a look at companies such as HUB24, Netwealth and new entrant Xynon

Special Report: Financial advisers rely on platforms to manage client money, reporting and execution.

For years, incumbents such as HUB24 (ASX:HUB) and Netwealth Group (ASX:NWL) have set the pace, winning market share with streamlined managed accounts and strong service models.

The sector now oversees more than $1 trillion in client funds. Advisers are demanding faster execution, better compliance and more flexibility, while the platforms themselves are under pressure to deliver scale without sacrificing service.

The incumbents

HUB24 has carved out a leading position with its focus on managed accounts, diversified portfolios and daily rebalancing, with a technology stack that allows for onboarding and efficient back-end processing, making it a go-to for mid-sized practices looking to cut down on admin.

Its ability to integrate scale with execution speed has helped it win advisers chasing efficiency in operations and reporting, while Netwealth has leaned heavily on deep reporting and a wide investment menu, building a reputation for delivering strong third-party integrations.

However, some critics argue that Netwealth, like other registry-first models, can limit advisers’ portfolio management, leaving gaps between reporting polish and operational flexibility.

Pain points in the sector

Despite the strength of incumbents, smaller practices often say they are being left behind.

Firms with less than $1 billion in assets under management complain of higher fees, service shortfalls and fragmented workflows.

These frustrations have created openings for new platforms that promise tighter compliance, lower administration, the same price for all adviser clients and more direct control of investment execution.

Xynon: flipping the model

One of the latest entrants is Xynon, which has built its model from the broker infrastructure up rather than the registry down.

The company acquired Morrison Securities, one of Australia’s largest independent clearing participants and retail options brokers, which processes $39 billion in annual trades for 45,000 clients.

By embedding intelligence at the broker-dealer layer, Xynon offers advisers real-time compliance, AI-driven workflows, advanced portfolio tools and direct trade execution with tax and performance reporting baked in.

“Too many platforms start at the registry and add investment tools later. We flipped the model,” says Xynon CEO and co-founder Shantanu Jha.

Co-founder Wes Hall added that adviser practices often felt short-changed by the majors.

“We’re removing the burden so they can focus on client strategy, discretionary portfolio management, and relationships,” he said.

Building for growth

Morrison Securities CEO William Slack said embedding execution directly into Xynon’s platform represented a shift in how advice can be delivered.

“Real-time execution, compliance assurance, and control over client data – this is about re-imagining the backbone of advice, not just another platform solution.”

Xynon is targeting adviser-led practices with less than $1 billion in AUM, aiming to give boutique and mid-tier firms the same compliance and execution firepower enjoyed by larger licensees.

With adviser onboarding underway, the group has plans to expand internationally into markets where infrastructure and compliance are just as non-negotiable.

“Australia is just the beginning,” says Jha. “We built this platform to scale.”

This article was developed in collaboration with Xynon, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.