Australia’s investment platform industry is undergoing a “structural shift” as they direct their innovation efforts towards solving operational challenges for advisers, according to new research from Suitability Hub.
The research, titled Goodbye to platforms as we know them, found that HUB24’s sequencing of account transitions was “the most innovative development” while MLC Expand’s AI-enabled automation is “expected to deliver meaningful efficiency gains across recurring advice workflows”.
“Platforms are redesigning high-impact workflows and processes, using automation and AI where possible to reduce manual effort and improve adviser efficiency,” Suitability Hub managing director Recep Peker.
“HUB24 continued its innovation drive to modernise key adviser workflows, following last year’s bulk fee consent capability, while Expand sets an early example of how AI can be embedded in platform processes to drive scalability in client servicing.”
Recent research from CoreData found that some 70 per cent of super switches are adviser driven and largely relate to which fund will provide better service to them, with CoreData global CEO Andrew Inwood saying that large industry funds needed to acknowledge that they had a problem.
“Working with super funds is interesting, there’s some brilliant people working there but sometimes you’re a bit confronted when you go and say you’re service isn’t going that well… have you looked at Google complaints or the Reddit thread on you?” Inwood told the Chair Forum, hosted by Professional Planner sister publication Investment Magazine.
“It’s pretty grim. There are two advisers right now live streaming trying to get death benefits or money out of AustralianSuper or ART and they’re updating it every day.”
While industry fund “spend to defend” activity has his historically focused on marketing to attract and retain members, the retail platforms have significantly improved their competitive flow position by focusing on adviser servicing.
The Conexus Institute’s* 2026 State of Super report found that competitive growth prospects for industry funds are becoming more challenged and that an ageing population will support the trend of flows into platforms “unless industry funds can either develop a strong advice proposition or become more attractive to the advice community”.
“The majority of the funds experiencing high net competitive inflow rates are platforms that service financial advisers,” the report said.
*The Conexus Institute is a not-for-profit think-tank philanthropically funded by Conexus Financial, the publisher of Professional Planner.
