Produced By: Ensombl
In an industry that is constantly evolving, the pursuit of professionalism and ethical conduct has never been more central to the role of a financial advisor. The financial services landscape can be a complex environment, with changing regulations, the rise of technology, and an increasingly discerning public seeking out expert guidance for their financial security. But amid this transformation lies an opportunity: to bring together the right people, processes, and philosophies that ensure both advisors and clients thrive.
In a recent discussion—hosted by Ensemble’s “Engine Room” podcast—industry veteran Andrew “Roxy” Rocks interviewed Matt Brown and Neil Younger, two leaders at the forefront of guiding financial advisors and practices toward more efficient, ethical, and client-centered models. Over their careers, both Brown and Younger have witnessed the ebb and flow of institutional ownership, shifting regulations, and the pressures on small-to-medium advisory businesses. Their combined experiences, culminating in the creation of a new entity called “entirety,” offer valuable insights into how the industry might proceed, focusing on sustainable growth, professionalism, and ethical rigor.
Below is an exploration of the main themes from their conversation, distilled into an article of approximately 2,000 words, shining a spotlight on how licensees, advisors, and their broader support networks can come together to elevate the financial planning profession.
One of the most poignant elements in Matt Brown’s story is a deeply personal illustration of how financial advice can fundamentally change lives. Early in his career, Brown worked in legal settings and technical roles in financial services, from running cash funds to underwriting life insurance. His “lightbulb moment,” however, came when he witnessed the transformative power of excellent advice for someone dear to him.
Brown’s father-in-law, a builder and plasterer, faced a serious lung condition (mesothelioma) caused by asbestos exposure. At his father-in-law’s bedside, Brown introduced him to a trusted financial planner who helped organize estate and insurance affairs. Though gravely ill and with limited time, his father-in-law found immense relief: his affairs were settled, his wife and daughters would be looked after, and the burden of financial uncertainty lifted. That experience made Brown realize the deeper purpose behind financial advice.
“He was more than sorted out financially,” Brown noted, “He had a counselor in the advisor, someone who gave him peace of mind in his final days. You can’t buy that.”
This personal encounter not only reveals how crucial meaningful advice is for everyday Australians, it also highlights the ethical dimension of the advisor-client relationship. An advisor’s responsibility goes beyond products and regulations; it reaches into empathy, integrity, and true client care.
Both Matt Brown and Neil Younger spent parts of their careers in large institutions. They worked at organizations like Colonial First State, ANZ, and Australian Unity—experiences that enabled them to understand the scale, processes, and complexities inherent in large-scale financial advice networks. Over time, however, these institutions recalibrated their priorities, often separating “church and state” by moving away from controlling advice channels.
In the last decade, many of Australia’s biggest banks and insurers re-evaluated the economic viability of running in-house dealer groups or advice divisions, especially as heavier regulations came in. Institutions once subsidized advisory services to bolster product distribution; with new compliance rules, that model became less profitable. Advisors felt pressure to change business practices drastically—at times faster than was ideal—leading to a wave of uncertainty.
“Institutions had different objectives—not always aligned with what financial advisors needed,” Younger explains.
This misalignment prompted the industry to pivot. Advisors sought out smaller, more agile licensees or self-licensing options to maintain control, autonomy, and a closer alignment with the client-first principle that underscores ethical best practices.
The exodus of large institutions paved the way for new licensee structures emphasizing advisory empowerment, collaboration, and shared ownership. Fortnum Financial Group became one such name: originally built on the principle of advisors owning shares in the licensee, thus aligning the success of each practice with the broader group’s success.
Australian Unity also played a role in empowering small and medium practices, leveraging its heritage as a mutual with a “well-being” focus. Brown, who led Australian Unity’s advice business, recognized the challenges of providing top-tier support to independent advisors while juggling multiple organizational priorities. This experience led him to explore alliances that might deliver greater efficiency and agility. Eventually, Australian Unity’s licensee division merged with Fortnum’s ecosystem, forming an entity with larger scale but still keen on preserving a client-centric ethos.
Out of these developments, Brown and Younger, along with their teams, formed entirety—a consolidated group unifying the existing strengths of Fortnum, Australian Unity Personal Financial Services (PFS), and other advisory clusters. The name was chosen to reflect completeness: the belief that, for advisors to truly excel ethically and professionally, they need a comprehensive support network—from licensing and compliance to technology, training, and community.
Entitled “entirety” for a reason, the group’s philosophy hinges on enabling advisors to focus on what they do best: providing meaningful, ethical advice to clients. Any licensee can “tick boxes,” but Brown and Younger see far greater opportunity:
By knitting together a community of practices, each with its own unique approach, the group fosters shared learnings. If an insurance-specialist firm masters an application or claims process, that knowledge can be shared with investment-focused or holistic practices within the network.
Throughout the discussion, four specific businesses were referenced, each underscoring different but equally compelling models of excellence:
These businesses represent the richness and variety within the advisory sector, emphasizing that no single “best model” exists. What matters is a clarity of purpose, a strong moral compass, and systems that support efficiency and compliance.
Ben Donald and his team at Ozbrokers Life have carved a niche in high-level life insurance advice, frequently collaborating with other advisors who prefer to outsource the insurance piece. Their process stands out for its technical rigor and empathetic client care, notably including a dedicated claims manager who focuses solely on helping clients navigate the stressful claims environment.
Mark Chan, leading Avondale Wealth, embodies the story of a high-level banker venturing into independent advice. Aware that a single-principal model carried significant risk and limited valuation, Chan worked diligently to diversify and strengthen the underpinnings of his practice.
Located in Sydney’s Sutherland Shire, Bob Reus & Co. is a multi-generational practice that highlights the family nature of so many Australian advice firms. Initially founded by Bob Reus, the business now includes his son Jake and, in time, other relatives—a story reminiscent of an era where small practices often passed from parents to children.
Neswirth stands as an example of a more corporate-style, larger-scale advice firm. The group, led by Ian Rogers, incorporates multiple acquisitions and seeks to deliver consistent, high-quality advice to a wide clientele. They are known for:
A recurring motif in Brown and Younger’s insights is that a licensee should be far more than just a “policeman” or a “ticket-clipper.” The central question for both was, “How can we serve as genuine business partners that help advisors build capacity, remain compliant, and continue to grow?”
The historical structure of many licensees was top-down, especially when large institutions were involved. Now, with the focus on multi-business, multi-brand communities, advisors have a say in how systems develop. Brown recalls that Fortnum originally offered advisors part-ownership, fostering an owner’s mindset:
“If we’re in this genuinely together, we choose together where we place our bets and how we build.”
This mutual alignment is an ethical safeguard: owners who are also practitioners are highly motivated to maintain rigorous standards that safeguard their own reputations and the trust clients place in them.
Professionalism requires systems that guide rather than restrict. For many small practices, regulatory changes can appear daunting and disruptive. Entitrety aims to handle the high-level oversight—implementing policy updates, compliance frameworks, and technology improvements—so advisors can focus on their client engagements.
“We look after regulatory shifts, and the advisors stay centered on the client,” Younger explains.
The synergy is clear: if advisors do not have to pause client work for months to realign compliance policies, they can deliver consistent advice.
One of the biggest ethical responsibilities in the industry is bringing in new talent and giving them a robust professional foundation. The Professional Year (PY) requirement was introduced to raise advice standards, but it often places a large onus on existing advisors and practice principals to supervise novices.
Brown and Younger acknowledge this challenge:
Entitrety’s response is the creation of an in-house support program, featuring self-paced online content and a dedicated mentor who provides weekly check-ins. This frees the practice principal to focus on advanced skills like soft client engagement, while the licensee handles much of the training logistics.
“If a PY year is done well, these next-generation advisors will embrace best practices early and carry them forward,” Brown says.
This approach also directly links to ethical standards: well-trained entrants reduce the risk of missteps, misunderstandings, or subpar advice.
One of the bigger headlines in the industry recently is AMP’s decision to move its licensee businesses—including AMP Financial Planning and Charter—into a new ownership structure. Brown and Younger’s entirety group has played a central role in these developments, announcing a partnership that effectively welcomes AMP’s advisors into their fold.
While details are still emerging, the fundamental impetus echoes the shift seen over the past several years: large institutions prefer to separate product manufacturing from distribution and advice, in hopes of reducing conflicts of interest and ensuring robust client-centric conduct.
Another point often misunderstood is the role of AZ Next Generation Advisory (AZ NGA) in these transactions. Younger clarifies that while AZ NGA and entirety do significant business together—particularly around practice acquisitions—there is no ownership entanglement. The relationship is strategic: AZ invests in advice firms, while entirety provides the licensee ecosystem. This synergy can lead to more successful transitions and help maintain continuity of advice.
For advisors concerned about potential corporate overreach, Brown and Younger emphasize their advisor-first principle, shaped by collaborative feedback. This fosters an environment of independence that, ironically, might not have been possible in the earlier “institutional era” of advice.
If there is one unifying thread in the conversation with Brown and Younger, it is the relentless emphasis on clients’ well-being. Ensuring that an industry invests in technology, in compliance, and in education is ultimately about serving people better. This underscores the overarching principle of “best interest duty,” which has become the cornerstone of ethical advice in Australia.
Whether it is life insurance advice that offers irreplaceable peace of mind or holistic financial planning that nurtures families for generations, the stories from Ozbrokers, Avondale, Bob Reus & Co., and Neswirth prove that meaningful client outcomes hinge on consistent professionalism. Advisors who strive to deliver excellence must also be supported by a licensee that shares their commitment to ethics.
In a heavily regulated environment, there is a risk of focusing solely on compliance checklists. However, Brown and Younger propose a more dynamic approach: use compliance as a springboard for delivering even better, more holistic client solutions. By emphasizing the ongoing improvement of advice processes—rather than just avoiding trouble—financial planners can elevate themselves into true professionals, akin to lawyers, accountants, or doctors.
The real power in the industry, according to these leaders, is harnessing the collective intelligence of the advisor community. Cross-sharing of expertise, whether it be for high-value insurance cases or implementing robust portfolio management systems, allows even smaller practices to match or exceed the standards of large enterprises—without surrendering their independence.
“If we all keep these insights to ourselves, the industry doesn’t move forward,” Brown notes, pointing out that an open, collaborative mindset is an ethical duty to the broader community.
The transformation underway in Australian financial advice is more than a mere reshuffling of ownership and licensee names. It is a deeper shift toward professionalism, ethics, and genuine partnership. By merging the best elements of institutional support—such as robust compliance and research capabilities—with the autonomy and client intimacy of boutique practices, advisors can provide a heightened level of service that prioritizes the individual’s best interests.
Matt Brown’s personal story of securing his father-in-law’s financial future underscores the industry’s profound mission. Whether dealing with a life-insurance claim, offering complex portfolio management, or guiding multiple generations within a family business, the ultimate goal remains consistent: protect, empower, and uplift the individual.
Under the umbrella of entirety, firms like Ozbrokers Life, Avondale Wealth Management, Bob Reus & Co., and Neswirth illustrate that success in this new era hinges on four crucial tenets:
It is a promising moment. As institutions loosen their grip and specialized, community-driven licensees step up, the industry is poised to usher in more tailored, compassionate, and value-oriented advice. From the vantage point of Brown and Younger, the shift toward this model has already begun—and the essence of professionalism and ethics sits firmly at its center.
In a world where financial security can be a complex puzzle, the best results emerge when advisors, licensees, and clients all join forces. Professionals who understand their clients’ deepest concerns and support them with rigorous, ethical frameworks can achieve a standard of excellence that truly justifies calling it a “profession.” And as Brown’s touching family story reminds us, when it comes to something as critical as people’s financial livelihoods, we are not just running businesses—we are helping shape futures.
Accreditation Points Allocation:
0.10 Technical Competence
0.10 Client Care and Practice
0.10 Regulatory Compliance and Consumer Protection
0.10 Professionalism and Ethics
0.40 Total CPD Points