The role of a financial planning licensee has undergone a fundamental transformation over the past five years. What was once largely viewed as a compliance and governance function is now evolving into something far broader—part service provider, part strategic partner, and increasingly, part investor in advice businesses.
In this conversation, Jonathan Christie, Managing Director of Oreana Partnerships, reflects on that evolution and outlines what a modern licensee must deliver to remain relevant in today’s advice landscape.
Looking back to the COVID period, Christie acknowledges that the expectations placed on licensees have shifted dramatically. While governance and risk management remain foundational, they are no longer sufficient on their own.
Today, licensees are expected to actively support practice growth, technology adoption, and long-term sustainability. This includes not only serving businesses within their license but also, in some cases, supporting externally licensed firms through capital partnerships and strategic services.
At its core, the modern licensee is no longer just a gatekeeper—it is a business enabler.
Christie frames Oreana as a “tier one” licensee, built on two pillars:
While governance is largely non-negotiable across the industry, capability is where differentiation occurs. This is where licensees must continuously expand their offering—particularly in areas like technology, capital, and succession planning.
Rather than focusing solely on reducing compliance burdens (such as shortening Statements of Advice), the emphasis has shifted toward enabling better business outcomes.
Oreana’s model is intentionally selective. With 38 practices and around 100 advisors, the business prioritises alignment over scale.
The practices within the network vary in size, but they share common characteristics:
Christie is clear that the future belongs to those who embrace change. Practices unwilling to adapt—particularly in areas like technology—are unlikely to remain competitive.
This selective approach allows for deeper engagement, with each practice treated as a key client rather than just a number.
Unlike some licensees that focus on geographic expansion, Oreana prioritises alignment in values and business approach. While the network spans multiple states, location is secondary to how a business operates and what it stands for.
This philosophy extends to client segments as well. Most practices focus on pre-retiree and retiree clients, reflecting where demand is strongest in the current market. These clients often require complex advice, particularly in areas like retirement planning, aged care, and intergenerational wealth transfer.
One of the most significant developments in Oreana’s evolution is its move into capital partnerships.
Initially funded through internal capital, the business has expanded its capacity by bringing in external investors. This allows it to:
Rather than purely acquiring businesses, the model often involves shared ownership—where exiting principals retain a stake or new partners buy into a larger entity.
This reflects a broader shift in the industry: succession is no longer just about exit, but about transition into scalable, sustainable structures.
If there is one area where Christie sees the greatest opportunity—and necessity—it is technology.
Oreana’s approach is structured around four key pillars:
The introduction of AI agents is particularly significant. These tools can automate tasks such as file notes, Records of Advice, engagement documentation, and implementation processes—freeing advisors to focus on client relationships.
Importantly, this is not about replacing advisors, but about improving efficiency and scalability.
Across the Oreana network, average profit margins sit around the mid-30% range, with ambitions to push toward 50% over time.
Technology is seen as the key driver of this improvement. By reducing manual workload and improving efficiency, practices can either:
This reflects a broader industry trend: the economics of advice are increasingly tied to operational efficiency rather than simply revenue growth.
With many advisors and clients aging simultaneously, succession planning is becoming one of the most critical issues facing the industry.
Oreana addresses this through two main strategies:
The focus is not just on technical capability, but on preparing the next generation to engage with clients effectively—something that takes years beyond formal qualifications.
As Christie notes, the real challenge begins after the professional year, when advisors must build experience, trust, and client relationships from scratch.
Looking ahead, Christie outlines a clear vision for what successful advice practices will look like.
While each business will differ, the common elements include:
Practices that fail to evolve risk becoming obsolete. The pace of change—particularly in technology—is simply too fast to ignore.
One of the more subtle but important themes in the discussion is the increasing level of collaboration within the industry.
From shared benchmarking data to peer groups and advisory boards, there is a growing recognition that collective learning benefits everyone. This is particularly evident in areas like pricing, technology adoption, and business strategy.
Rather than competing in isolation, many firms are now learning from each other—accelerating the overall evolution of the advice profession.
The modern licensee is no longer defined by compliance alone. Instead, it sits at the centre of a broader ecosystem—supporting advisors through technology, capital, strategy, and community.
For advice practices, this shift presents both an opportunity and a challenge. Those who align with forward-thinking partners and embrace change are well positioned to grow. Those who resist may find themselves increasingly left behind.
As this conversation makes clear, the future of advice will not be shaped by regulation alone, but by the ability of businesses to adapt, collaborate, and innovate in a rapidly changing environment.