Hey, how are you? Good morning, everyone. Just a couple of logistics. The door is closing, the final door is closing before we take off. There'll be others joining us, I'm sure. But thank you very much for coming along today to our second Investor Strategy Day for HUB24. As I said at our AGM last week, and I had the, the jump on the guys because I actually presented some of these slides last week, so, hopefully I do a better job. But, I said at the AGM last week, it's always a privilege and a, a pleasure to talk about HUB24. I need to stick to time. The team don't think I will, because I'm an oxygen thief, and I love talking about this industry and our customers and our business. So, but really excited to have you all here today. Hopefully today you get a feel of... And those of you who are online, thank you and welcome as well. You get a bit of a deeper dive on our strategy, the ecosystem, and how we work with the industry, where we're at with our progress in executing strategy, the leadership position, the trends in the market, and the opportunities that are there for HUB24 to take, and some of the opportunities that we make through our ecosystem, and challenging the model with technology, unlocking value, and creating new solutions that extends the reach of the market for advisors and actually helps customers build a better financial future. In fact, if I look at our first slide here, Empowering better financial futures together, now more than ever is HUB24 facing into that challenge and/or excelling in that challenge of, of building or empowering better financial futures together. Together with advisors, together with shareholders who support our business, together with customers, together with fund managers, investors, other product manufacturers who make their products and services available on our platform, together with tech providers and others that actually remove data around the industry to help advisors and clients achieve outcomes, together with accountants and actuaries in the Class space as well and across the broader space. It's very, very important because today, as we stand here in this industry, there's been so much change over the last few years, I think since FOFA, but accelerated since the Royal Commission, and the players in the marketplace are very different today than they were five years ago. The market is still fragmented. There is still a need for, I suppose, this industry to coalesce and build its foundations for the future. We believe we have a role in that, and we love playing that role. At the same time, we need to work with the whole industry to do that. That creates opportunity to innovate, opportunity to meet customer needs, and opportunities for shareholders as well. So hopefully, by the end of the day, you'll have a deeper understanding of our strategy and where we're at and how it fits together, and of course, opportunities for questions at the end of the session. I want to keep the content going, and happy to take questions at the end, and should be plenty of time for that. A welcome to our new Chairman-elect, or our new Chairman, Paul Rogan, who's in the audience here, who has come along today. He was appointed as our Chair officially on Thursday after our AGM. And so Paul, if you want to say hello afterwards, and welcome to everyone again. We've got a few members of our team. I'll introduce the team subsequently when we talk about the agenda. But in terms of where HUB24 is today, in terms of our vision, I suppose, to... We talk about our vision being lead the wealth industry as the best provider of integrated platform tech and data solutions. And I think in many ways, we're doing that, and in many ways, there's more opportunities to do that. If you look at the slide on the screen, in terms of some of the stats, where we stand in the industry at the moment, and I said at the AGM last week, I didn't think we would be here ten years ago, but we are, and there's a great opportunity to keep consolidating our position. So arguably, well acknowledged to be Australia's best platform, in the marketplace, voted by advisors and independent research. The third fastest growing superannuation fund behind two large industry fund behemoths who've had merger after merger. But in terms of net flows into superannuation, HUB24 has the third highest dollar inflows into superannuation as of the data in the footnote. I think it's back to 2022. That's the latest data available, but not something we aspired to, but something we're proud of and something we intend to build on. In terms of the retail sector and advisors helping clients and us playing that role, it's a delight to have that level of growth. The best SMSF software provider and advice platform of the year from SMSF Advisor Awards in the last few weeks. That's accolading Class, and you'll hear from Tim Steele shortly, our CEO of Class, and it's accolading the HUB24 platform, but also the best SMSF documents provider. Everyone knows our heritage as managed portfolios, having the market-leading capability. It's how we came to market or gained market share rapidly. It's how we lead the market and in many ways, in the HUB platform, and we continue to do so. With the most choice, the most options, and the best technology, and the best outcomes from a consumer point of view, absolutely, hands down. We have our secure online client portal technology, which is buzzwords for myProsperity, and Pete McCarthy will be up here shortly to give a demonstration on myProsperity. But it's, it's a piece in the puzzle of our platform of the future, if you like, us actually acquiring a portal that gets us home faster than had we built all the functionality ourselves. Key part of our plan in our strategy to rebuild this industry. Data-led solutions and emerging technologies, well, we'll talk about HUBconnect and those capabilities we've got on the business, and we have a comprehensive institutional non-custody reporting and admin business as well, which we intend to leverage in that ecosystem, as we continue to lead in terms of how we can work with partners and our own business, to empower better financial futures for consumers together. A bit of a snapshot on the awards, and I won't spend too much time on this. I had to put it up there. If you weren't at the AGM, there are 22 first place or best-ranked awards on that slide. There were times when we used to look at how many points we had to put on a slide. We've had 2 wins and 2 seconds or top threes and that kind of stuff, and very humbled by this because we won't stay there in all cases, but it's nice today to say that there's 22 of those awards. Again, not something we aspire to or focus on. We don't run the business to win the awards. It's nice to get the recognition, but we know that we have to work very hard to delight our customers and deliver all the outcomes we have to for shareholders, clients, advisors, accountants, and so forth. They're up there, Advisor Ratings Awards, Investment Trends Awards, SMSF awards, and so forth. There's some for Class and some for the HUB24 platform, a range of awards. Interestingly, we had a clean sweep in Advisor Ratings, winning all six categories and the overall award when that came out, so that was a great outcome for us. So I will stop the bragging rights and move on a little bit more to today, and talk a little bit about our strategy. My role here is just to introduce and reinforce some of our strategic themes and let the team deliver the content, and then us have the Q&A afterwards. But we quite often talk about our three strategic pillars. We reworded them in August when we did our annual results. Lead today, it's about creating value and delivering customer value in our current chosen propositions. And if you look at the right-hand side of the slide in the four quadrants, you've got the HUB platform, our HUBconnect data and infrastructure, Class, and now Infinity being examples of applications of software technologies that are core businesses for us, and our client experience newly added quadrant with the myprosperity portal. In all of those quadrants, we have a leading value proposition today in the Australian wealth management marketplace, and we intend to keep it that way and work very hard to do that. So part of our strategy is to lead today, deliver customer value, and growth. But if you look at those four quadrants and some of the capabilities there, the second part of our strategy is to create tomorrow, or build the platform of the future, or innovate, or use technology to unlock value that was locked up before in an industry that didn't have the investment it needed to have to imagine itself for the future. And that's about making things more efficient or accessible and so forth. And so, to create tomorrow, by bringing together the best of those capabilities in the HUB24 group, we are challenging the marketplace. We are creating new propositions and building what we call the platform of the future or the ecosystem of the future for wealth management. We want to continue to disrupt. We want to continue to lead. We don't want to get cozy in having the best propositions alone. We want to bring them together and show how that creates utility and actually creates more opportunities for Australians to secure their financial future with great advice, great technology, and great products. But not only that, if you think about us working together with our ecosystem, around the outside of those quadrants is external market participants, maybe insurers, brokers, actuaries, accountants, and so forth, a whole lot of functionality that we deliver. And so we talk about in our third pillar, about building together, about collaborating to shape the future of the wealth industry. Nobody can do it alone. This industry is now full of specialist providers in specialist places, not banks or all finance institutions that actually try to run across and down the value chain, with vertical integration. It's about bringing best-of-breed products together in an open architecture way that creates flexibility and choice. You have to do that with others, and that's certainly how we think about moving data around, about collaborating with other participants. There'll be examples today, at Allianz Retire+; Shane will talk about Agile, about us bringing other products and services together in our ecosystem to create a better outcome. I would sum that up as this industry needs investment. It needs to get on the right track. There's been so much change, there's so much disruption, and as an industry, we have a role to play, to invest in that and to create that future, but also to work with government, other participants, regulators, and associations to actually advocate for positive change. And why do we do all that? We think that's great for us, it's great for shareholders, it's great for customers, and absolutely, we want to do that. It delivers on our vision, but how it does it is by delivering the outcomes on the right-hand side. We think it's important that we get a single view of wealth for financial professionals and their clients. One way of doing business, regardless of technology, legal structure, and so forth. There's so much confusion, so much complexity in this industry. Can we make it easier? Can we simplify it? Can we make it more efficient and get access to investment management IP that's managed portfolios and make that democratized, whether that be in Australia or global opportunities and high net worth opportunities that we are moving towards as well. Flexibility for advisors and licensees and great reporting and insights for businesses and customers. To give you a snapshot of our footprint on how that ecosystem plays out with our current business footprint, there's some metrics on the slide. Different way of viewing our business. We have the HUB platform, the Xplore Wealth platform that we'll shortly finish the migration or integration of that, and the myprosperity portal, and the stats are there. Our total FUA, AUD 82.7 billion, as at 30 September, or I'm not sure if that's September or June, apologies. But the annual net inflows for last financial year, AUD 9.7 billion. At our AGM, we had the current quarterly stats up there as well. And so you can see the reach there. There's 440 accounting firms, 70,000 households, you know, thousands of accounts, 4,000 financial advisors using our solutions. And an industry where there's 15,000 or 16,000, there's a lot of runway for us to continue to grow and get more share of market. On the right-hand side, our technology solutions businesses involving HUBconnect, starting with some of the assets we had when we purchased Agility in 2016, with stockbroker support, with HUBconnect Broker and HUBconnect Licensee, where we use AI and machine learning to create real utility for licensees, which complements as an adjacency to our overall strategy, and builds revenue, diversified revenue streams, but also builds tenure and solutions that really are about creating the platform of the future. And Class as well, which has 6,000 unique clients, if you like, but the SMSF Super Administration service bar none, now rated number one in terms of MPS in the marketplace. Tim will talk more about that. Class Trust and Class Portfolio have over 200,000 accounts, and NowInfinity, which is corporate compliance and document solution. I won't talk more about that. I think we've covered it. But with that footprint in the ecosystem, with the other graphic on the slide before, that's the basis on which we intend to continue to lead today, to create tomorrow, and to build a future together.... We're well positioned to do that from an industry perspective. I'll get rid of these slides. In terms of the trends, here's some summary of the trends that are, I suppose, supporting our strategy, and our strategy is also supporting, in that, they're trends that we can respond to, make a market, but also meet a market need. So specialist platforms are extending their lead, while institutional platforms remain challenged. We put some stats up at the AGM about market share and where that's really at. There are only three mainstream platforms in growth mode in Australia, compared to 12 or 13 a decade ago. There is a demand for integrated technology solutions, and Jason will outline some of the issues there in terms of capacity, complexity, and compliance, and how this industry needs to integrate. Quite often people talk about all the software that's out there. Our view is, if you don't get the data right, right, point to point with permissions and security, and you can't transport it around, you can't deliver a software solution. So there's a demand for integration. Demand for wealth advice is increasing. We all hear about that. The government's looking at opening that up for superannuation funds as a result of QAR, some of the measures. We'd argue that there are many more measures that should be implemented, but the demand is there, and it's increasing. It's a great trend for Hub to benefit from. Growth in SMSFs as well, Tim will talk about that. Younger generation and millennials are driving some of that. And the QAR review as well is another trend there, where we're thinking about how we use data, tech, AI, and machine learning to play to that trend and help advisors implement the QAR recommendations efficiently in their business and take advantage of them. And there's a whole shift with the licensee model, with aggregators starting to pop up after the disaggregation from institutions. We talk about these trends quite often, but they're really strong trends in our industry, which, with our leading position, allow us to capitalize on the investment that our shareholders have already made, and that we continue to make in HUB24. So the outcomes from today, hopefully, you'll see how we're harnessing that ecosystem. You'll get a clearer understanding of our clear growth strategy and how it delivers strong financial results. More about our market leadership, the ecosystem driving competitive advantage, and why that's the case. I'd love to spend some time talking about that in Q&A as well. You'll hear about some innovative products and services we've just been releasing and how those combined capabilities are enhancing our set, if you like, and enabling access to new markets. Paul Biggs will talk about our data infrastructure and the sophistication there. Overall, hopefully, you'll see that we're very well positioned to create opportunities for clients and shareholders. In terms of the team today, you've got me up front, Andrew Alcock, MD and CEO, and I'll come back to do the Q&A with the rest of the team as appropriate. Those of you online can actually issue if you're analysts online can issue questions through the portal. We'll pick those up online, and those in the room will take questions from the floor as well. We've got the amazing Jason Entwistle, who's our director of strategic development, who I've worked with for 10 years and has been at Hub for longer than I. Absolutely have to say that Jason's been a linchpin in the strategic development of HUB24 to where we are today, from where we were in the past, being a managed accounts platform to being an ecosystem provider, challenging the status quo. So Jason will give you an overview of overall strategy. We've got the exuberant, enthusiastic, energetic, entrepreneurial Peter McCarthy from myProsperity, who every time I meet him, I get really excited about what he's doing in his business as CEO. It reminds me of the early days in HUB24, when you've got a small group of people and you're innovating. It's really exciting how the myProsperity portal can transform what we're taking to market in terms of platform of the future. So look forward to that. I think it's an eight or nine-minute demo, Pete, which doesn't give you enough time, but hopefully gives the audience a bit of a smattering of what it's all about. Tim Steele, a very accomplished executive and leader in our space, and a compelling leader at that, who's taken the reins at Class and helped deliver some great outcomes in Class over a very short period of time. We sum it up with, "Class is back," from a customer and innovation point of view. Look forward to hearing from Tim, the CEO of Class. Shane Stafford, the inimitable Shane Stafford, who really understands relationships and reciprocity and how to partner in the marketplace, who leads our relationship function and our marketing functions across the business. Refreshing to have such a talented person on the team who can get the best out of our people, but also work with clients in partnership to create great outcomes for them. And Shane's been involved in securing a lot of the large migrations that Katrina will talk about later on, and working with her team to create those opportunities for HUB24. Paul Biggs. I don't think we've had Paul Biggs wheeled out to shareholders and investors before. I'm not nervous about that at all, Paul. But Paul's nervous. He's probably going to imagine the crowd in different ways today to ease those nerves. I promised I wouldn't say it. But Paul is an amazing guy. It's really good for us to have in a business somebody so talented who can bridge the strategic to the practical. Mm-hmm. Who can be thinking about cybersecurity risks and infrastructure and scale and capability. At the same time, is thinking about strategic architecture that allows you to build more functionality and get to market faster. Paul has about 300 of HUB24's employees in the tech and innovation space, and really a delight for you to be able to talk to him today here as well. Kitrina Shanahan, the mainstay of the accelerator and the brake for HUB. Many of you know Kitrina, our CFO. She'll be speaking quickly, absolutely covering off how we drive revenue drivers and outcomes for shareholders, and how we invest in our business, and I'll pop back up for Q&A. I don't know I took too much time, Tim. I've got one more slide. I did want to say that today we've selected this group of executives to talk. Last year, we did a different slant. We did a whole lot of stuff on customer and operations with Craig Lawrence, and we did some more product deeper dives at the time. So we've tried to mix it up a bit today, so you get to see other people in our talented team and understand a bit about our DNA and what makes us tick, and get the cohesiveness from the HUB24 leadership team, along with the strategy... Since we saw you last year, we talked last year about a whole lot of things we'd like to do, and some of the commitments we made. Conceptually, just wanted to give you a bit of a scorecard. We talked to you last year about how we wanted to continue to enhance the platform and the proposition. We've done that. We've won some awards. We'll continue to do that. We're now ranked number one by Investment Trends. We said we wanted to consolidate the Class leadership position. Tim will talk more about that. That's absolutely happened. We said we needed to bunker down, sort out some stuff, and get the focus right. We're there. We're now in growth mode, and now in the mode where we think about how Class helps the broader HUB24 group. We launched HUB24 SMSF Access. We talked about that last time. It's leveraging group capabilities, and it's an example of what we can do by bringing those four quadrants together. The momentum is growing. I think, Shane, it's continuing to grow. It's a hard sell. It's a difficult product, in some cases, to go to take a consumer on an advice journey. But once they get there, and they understand the choice and the capability they're investing in with their own self-managed super fund at a lower cost, with more accessibility, at maybe a younger age, it's a, it's a cracker in terms of helping advisors and customers secure their wealth and empower their futures. We've part of our awards was extending the single view of wealth reporting with HUB24 Present. We took it to market probably 18 months ago. We've since added third-party feeds like Macquarie and others, and we've added an asset register where you can put in any assets if you like, and report on those assets. It might be property or manual assets. You can also, as an advisor, tweak the labels on particular assets or investments into the technology or change the name of asset classes or investment strategies. So as an advisor, when you report on the HUB platform, you can report using the same language that you used in your statement of advice. So your client can follow where they're heading based on the advice you gave them by having tailored reporting, where any advice group can change some of the labels within reason to make that reporting work for them. We acquired myprosperity. You'll see that in just a couple of minutes after Jason gets up and takes the floor. And that really is accelerating our platform of the future. It's helping us create tomorrow. We saw the asset and went, "Wow! This is amazing. We're heading in this direction, but there's so much more in the, technology and the offer that Peter and his team has built." And of course, we've continued to deliver great financial results and strengthen our balance sheet, and increase profitability. So that's a snapshot of what we said we'd do last year. It's what we have done. We're looking forward to doing even more. And without further ado, I will hand over to Jason, who's going to talk to us about our strategy. Thanks, Jason. This is for you. Thank you. Thank you, Andrew. Appreciate you not taking the entire hour, giving us a go. You do tell a story, you know, incredibly well, so we wouldn't blame you if you did. It's great to be here. I'm Jason Entwistle, Director of Strategic Development at HUB24, and I have been here a long time. I think I'm coming up on 15 years, so it's been an amazing journey. We're only just starting. I think we've got so much ahead of us. What I'll cover today is the big trends that are shaping the wealth industry and therefore underpinning our strategy. Opportunity with demographic change that's coming through, how we are deliberately positioning HUB24 with this opportunity, but with the lack of supply of professionals, financial professionals in our industry, taking that into account and how we can address that. The big demographic change, we all know, aging population. We've heard it for probably decades now, and it's here, and it's now. In the next decade, the amount of people in our workforce or the, or the makeup of them, changes quite significantly. There's a stat like 70% of the workforce will be made up of people born after 1980 by the end of this decade. It really changes, and it's changing in front of our eyes, and it's changing the way we deliver wealth. We're having to look at different products. You know, we're looking at moving from an industry that's really focused on accumulation to thinking about decumulation. It's going to become a big part of the industry. The government's pushing it. All the super funds are being challenged of what we're going to do to deliver into that need. And with the aging population and, you know, moving on beyond into further into retirement, we're talking aged care. We're talking risks that we have to deal with at scale, which today aren't really being addressed. And so these are massive challenges for households. You know, how do I deal with my parents in retirement, get moving into aged care? And then looking a bit further on, the generational transfer of wealth. So depending on which survey you look at or which report, something between AUD 3 trillion and AUD 4 trillion of assets is gonna transfer in the next 10-20 years. That's massive, and it's actually occurring already. We can see it in our, in our client base today. We're hearing stories all the time of advisors who've got clients, the clients pass away, and that money disappears from that client's business, from that advisor's business. And by the way, I'm just gonna definitionally take a second. Clients, we mean financial professionals, intermediaries, accountants, advisors. Consumers, we mean the end investor, the SMSF, the tax client of, of an accountant. So definitionally, that was a good one, and I hope I don't cross over that boundary and get it wrong. So when that wealth transfer occurs, we've got an entirely different group of clients coming through that are gonna hold that wealth. These are digital natives. They really believe in personalization, and you can see the stats in SMSF. Tim will talk about soon, that's driving a change in the industry because they're different. They're just different clients, and they have a very ethical focus, some of them. So the needs are changing really significantly. And what we think that all adds up to, the aging population, moving into different types of products with a much more complex, estate planning and tax planning around the change of, or the transfer of the assets and the new groups coming through. There's a huge demand for advice, and that's a really good, positive thing for us. You know, we're an intermediated solution. We believe in advice, and, and the fact that there's gonna be more demand for advice is good for us. So the sustainable demand drivers, we think, are, absolutely there. And the opportunity is really large, and we're leaning into this opportunity. When we build solutions, we think a bit about it with this context. We don't just think about our current client base. We think about the opportunity in terms of the size of the population here. The part of that population in, in Australia, about 10 million Australians, lodge a tax return through a tax agent or an accountant. They are 6 million households. They are the wealthiest 6 million households. They're doing that because there's something more about their position. They might own an investment property. They've got a share portfolio. They're more than wage earners. So the wealthiest 6 million Australians with an accounting relationship, of that, about 30%, 1.8 million, have a financial planning or a financial advice relationship. That's in the current terms, you know, what we call financial product advice. Something like 2.8 million households are looking to you know, seeking advice in the next 12 months. Now, that's a crazy stat. We don't have the industry infrastructure. We don't have the supply of people, advisors and accountants, to deliver into that need. Andrew mentioned QAR briefly, the regulatory change. It's coming. It hasn't settled yet, but in part, it has to deal with this issue. It was called the Quality of Advice Review. It really needs to be a Quantity of Advice Review, and I think that's what it's really about. There'll be digital solutions coming through, a whole lot of other things to meet that demand. But we do have to figure out how we get the 10,000 accounting firms and the 15,000-odd advisors in the country to be able to see more clients, to deliver more advice, into that need. And by the way, we really believe in advice, and not just financial product advice, as is defined by the legislation. Wealth advice covers a much more wide variety of advice. And coming back to that changing demographics, there's lots of advice required for, for tax and structuring and estate planning, so that generational wealth transfer, for aged care advice, lending advice, insurance advice, as well as financial product advice. And accountants play a really big part in that. A lot of these households who don't receive financial planning advice, they receive wealth advice from their accountants. It might be about tax or your SMSF or your family trust. You know, they do play a role, and we absolutely see them as part of the solution for the supply of advice in the country, that generic term of wealth advice. So we've got that huge demand coming through, an amazing opportunity, but we're still really challenged with this supply issue, and so productivity has to be part of the solution. We have the really good news. You know, the industry is restructuring. The Royal Commission rolled through, massively changed the industry. The banks left. We all know the story. We are absolutely witnessing, every day almost, the emergence of the new advice leaders in our industry. Every day, there's a news article about a consolidation, an aggregation, an acquisition. Just recently, we've seen Ironbark buying Invest Blue. AZ NGA and Fortnum recently bought AU. Cup and Diverger are trying to merge. You know, there's so much activity in this space, and I'm absolutely certain that what we're seeing is the emergence of the next generation of leaders post the exit of the banks. And these groups will be scale. They're getting decent scale today, but they're gonna be real scale. They're backed by private equity, a lot of them, and so they have a quite significant capital base to pay and buy much more than they've got today. That's a real positive. Those groups coming through, you know, they will get together, band together, get the benefits of scale, and that will increase productivity somewhat. But the need is just so great. You know, 2.8 million households it is, seeking advice. You know, another stat, Australia needs 30,000 additional accountants. That's just to meet the current demand. They're not even really talking about growth. So we are massively challenged. It's not like all of us who've got kids and whatever coming through uni, how many of them are saying, "I wanna be a financial planner?" Not many. So we have a massive supply issue. And the fact is, Australia, each advisor, on average, only services 120 clients. That's not much. And that's why, on average, they charge about AUD 5,000, AUD 4,000-AUD 5,000 to see each client. And that means advice is not very accessible. I mentioned before, you know, we really believe in advice, but it's not accessible to many Australians. We're talking not much more than 10% of the country is actually receiving real advice. And so we have to change that. People who get advice end up better off. If they end up better off, then they don't have so much reliance on the age pension, therefore, we don't pay as much tax. It's a community good. We have to solve this. And so when we're thinking about our solutions, that's what we're facing into: How do we solve it? And the platform's been a big part of that. The platform, you know, 30 years, these things have been running around in various forms, and they were always about efficiency. How can you make the implementation of advice, the access to the fund management IP, how do you make it more efficient? And so we've helped advisors with their productivity. For 30 years, platforms have helped, but we're only a component of the overall system. And in fact, some of our regulations, like Best Interest Duty, it's a good thing, but it means that advisors have multiple ways of doing business, not one way. And so it's far less efficient for them. So while we've done things like platforms and other technology to improve efficiency, the advisors have been fighting a losing battle against regulation that's made it far less efficient.... And so we're sort of back to square one. The 100 per advisor hasn't really moved in 30 years. In fact, it's gone down. Back in the old trail days, we don't talk about that much anymore, but in those days, 10, 20 years ago, there were clients you didn't have to service much, and, you know, we used to count them. But true full-service clients hasn't changed much in decades. So our vision, as Andrew said before, to be the best integrated platform, data, and tech, is about how do we solve more of the problem? Yes, we can improve the platform, get incremental gains, but how do we solve the actual core problem of advisors not seeing 120 clients each? Can they see 240 or 360? Why not? Why can't we massively change the economics of the game so that as advisors can see more people, they've got more successful businesses, and more people get advice. So this, for us, we've talked about platform of the future. This is what it looks like. We're growing, we're expanding from just being a platform to being a tech solution, integrated with lots of partners. All the stuff on the outside is partners. We're actually really good at bringing all those partners together. Andrew mentioned Shane will talk about some new initiatives. We've brought partners together to deliver that. We're really good at that. So how do we take those starts, that capability, and deliver into the promises that platforms have talked about for years to really make a step change in productivity? So we deliberately positioned ourselves with this ecosystem. We had clear criteria in building and buying parts of this ecosystem, clear criteria that we selected these parties. So one, they're a market leader in their space. Each of these groups, these brands on the up there, they're leaders. Each has about 10 or 15 years of heritage. Everyone underestimates how hard it is to build one of these. I think the first question I got when we acquired Class was: Why didn't you just build it? It took Class 15 years to get to 30% of the market in a massive system. I think I joked at the time, "We probably could build it. We might do it in 12 because we're pretty good, but it would take us 12 years." And so that's the thing here. This is really hard to replicate. 'Cause Pete, what is it? 12 years that Julia sits behind that. 15 years. 15 years. Class, 2007, 15, 16 years. It's really hard to replicate that capability. Now, each of those businesses, in its own right, is successful and will continue to be. Each is making productivity improvements for their clients. But if we bring it together, we can, in our view, we can make a step change in that productivity. And that's how we'll get to 120, 240, 360. We have to bring it together. Now, I'm gonna hand over now to... Sorry, I'm gonna wrap up first. So we've been very intentional with our ecosystem, partnering with our clients. Now, this ecosystem didn't come out of someone's brain. It came because we went and sat with our clients, we listened to them, and we've reacted with a solution. And we work really closely with our clients. We run think tanks, we drill into their pain points, even if they're related to our platform or not. We drill in and we find out what's the real problem. And when we do that, we come out with, you know, kernels of wisdom and great opportunities where we can piece something together and really solve the problem. So our goal is to derive that step change in productivity, and the more households that will be able to access advice if we can do that. And as we said, that's community good. And ultimately, it's gonna drive the success of our clients. So as we were talking before about the aggregation, consolidation, you know, a lot of them are gonna become wealthy out of this process, but they'll be much wealthier if we can drive that productivity change. Each speaker today is gonna talk about one of those quadrants in more detail. And next up is Pete with myprosperity. But I'm gonna steal your limelight for a sec, Pete, and just explain a bit of context of why we purchased it. It's only new. We acquired it in May. Pete will tell you it was a really slow process. We took a while negotiating terms, but we got there. But this is the tech stack in our inside our business, where the client experience or customer experience at the top, the data being held at the bottom, and in the middle, a whole bunch of applications and, and tools that hang it all together. That's our version. Every professional services firm has their own version, and it looks sort of similar, but with different brands and names on it. Sometimes our brand's in there as, you know, Hub as part of the platform space or Class, et cetera. You know, we're part of their tech stack. But it's really important to think about, as an advice firm, professional service firm, accounting, lawyers, doesn't matter, if I want to get the document to a client to sign a document, a customer, how do I do that? I don't want to send them four different links to four different applications because I've got four different types of process going. I just want one way of doing business. So the portal for us was that entry point where each firm is going to choose one. They're not gonna choose four, five, six. They're gonna choose one. Likewise, with the data, they're gonna choose one provider, one group, that's gonna help them keep their data secure, store it all together, generate insights out of it, et cetera. You don't want five data providers. It's too hard. Just want one. In the middle, there'll be choice, multiple platforms, CRMs, practice management tools, you name it. But the two bookends for us are really important, and myprosperity, for us, represents one of those bookends. And whoever takes myprosperity is likely to take the data service as well, 'cause it just sits underneath it. If we've got the bookends, and what occurs in the middle, it's just part of that ecosystem. And our clients are looking at us to arrange that, integrate it, make sure it's safe, even financially back it. One of the massive problems here is the fintechs keep going out of business, so they're really looking at us to fix this problem. Now, at the portal level, there's some really cool things about it. One is that great digital experience you share with your clients, customers. I'm gonna stop doing definitions because I keep getting my own definition wrong. Customers. You're up to 100,000 clients. So great experience, but cyber is such a big issue. It's become a retail issue. Every firm is telling us that it's an issue with their clients. Their clients are asking: "How are you keeping my data safe?" Because if the clients haven't been hacked, they know someone who has. So it's a retail issue, and so it does that. But the other big thing is the automation potential. If it's sitting on the client's mobile device, you validated who they are, and you validate the information they're sending to you, you can automate it. We do lots of automation down here. That's the sort of easy stuff, but that last mile to the end consumer is the really hard bit. So the mobile device can help us with that, and that's that massive productivity gain we're talking about. Get the whole ecosystem pumping up through all products and services delivered through the one channel. All right, go ahead, Pete. All right. Okay, sorry, guys, just one second. Okay, thanks, Jason. My name is Peter McCarthy, as Jason mentioned, founder of myprosperity and CEO. I just want to reiterate a few points that Jason made earlier around, you know, sort of the mission myprosperity is on. First and foremost, we're really passionate about creating efficiencies for financial advisors, so reimagining how they work with their clients. And predominantly, we deal with accounting firms and financial planning firms. They are our two key markets. Secondly, we're looking to improve the client experience. So how do we reimagine how people do things, right? So typically, I don't know if you deal with an accountant or financial planner, but it's a lot of emails, a lot of paper, all that stuff flying around. So how do we reimagine that and make it more efficient, and create a better user experience? And as Jason mentioned, another critical thing, more secure as well. I think the days of sending data around through emails, where it's not password-protected, and all that stuff's sort of gone. And third, how do we really drive digital engagement? So, probably financial services in my time working in it, it's been one of the slowest to change from a client point of view. The way it's done is pretty much the same as it was years ago. So how do we reimagine that, and how do we do that in a really cool digital way? And again, you'll see through the demonstration we'll show you with a real focus on mobile. So what I want to do is I'm going to do a live demo now and take you through the product, looking through the lens of a fictional firm, Jones, Allen & Co, you can see here, and how they would use the platform. Then I'm going to switch to how the client would use the platform. And then we'll wrap up with some of the key features to that I can demo to you. Okay, so first thing we did, I'm really passionate about this, is how do we wire up all the integrations with the current systems out there? So when this firm, Jones Allen, joins as a myprosperity partner, we can wire up all their data really, really quickly. So you can see here we have significant integrations across practice management. So things like, Xero Practice Manager is one of the biggest ones used, mostly used by accountants for their core practice management system. XPlan for financial planning. They're the two big ones and several others. We also have integrations with document management platforms. This is really important if we're sharing documents. We have integrated digital signing, so we have multiple options. So, we have, you know, DocuSign, OneSpan, Fuse, and Anature, all popular across financial planners and accountants. And then we have a range of direct self-managed fund feeds and investment feeds that we wire up, and we're continually investing in all these integrations to bring it together. So again, we can bring together all this data to make it easier and more efficient for the advisor, whether it be the accountant or planner, and a better experience for the end user. Now, a really critical part of what we've invested in the last couple of years, and we continue to invest in, is around the mobile experience for end users. Interestingly, 70% of our logins, so end users doing stuff with their accountant or planner, 70% of that is on the mobile. 30% is on desktop. So in our view, if you... You know, it, it's gonna, a mobile app is gonna drive the future. Then how do we create an awesome mobile experience that reflects what the advisor, in this case, Jones Allen and Co, how, what they expect clients to see? So using our framework, and we believe this is really cool, and we've never actually seen anything like it in the market. Using our framework, this firm, Jones Allen, can build their own app. What it looks like, what the links are. So for example, if they're an accountant, and a big part of what they do is around documents, they can sort of feature that in-app because it makes sense. If they're financial planning, they're looking to promote more of that whole of wealth view, they can hero that within the app. They can then have links to their booking an appointment. They can contact us. We'll come to them. They can have link to their content, their blog articles, and all that sort of stuff. So, they can also have login links to other technology they use. So again, coming back to Jason's point, this is really critical. One login to go to multiple places, but just one way of doing things. So, as a firm, I can build my app. Our team helped do that, and when I hit Save Changes, when my clients log in, that's exactly what they're gonna see. I'm going to show you that in a moment... And a big investment that we've made over the last couple of years is the concept of what we call digital forms, right? So if we look at the financial services industry, typically, and still to this day, most people are filling in paper-based fact finds, right? So the financial planner sits down, writes, you know, "Tell us all about yourself," or emails it out, and the client has to print it, scan it, fill it in, or whatever, and send it back. So what we did was we built a, again, a framework to allow these custom digital forms to be built. And so, for example, for a planner, it could be, "I want to send out this fact find." It could be a pre-meeting fact find, it could be an annual review fact find, and it will then go through, and this is before it's sent to the client, they can view it. It's all branded to firm. It can have their content, their logos, and it will ask all those questions that a financial planner would need to gather in order to provide advice. Now, the other thing we wanted to do, and again, all wired up with integration, so, this feeds to and from, XPlan, brings in data from Xero Practice Manager, all that stuff, so it's really cool. So there's no need for the firm to always add new data because we're feeding it. The other thing we wanted to do was let's make it really cool and engaging 'cause we think we can do better than a paper form, right? So for example, here, you know, the client can put in their address. Let me just go back. So for example, this client lives in George Street, Balmain. Goes off live to CoreLogic, and it brings in the current estimate of their property value. So rather than just filling in, you know, pen and paper, they can just... It brings it all to life. And I'll show you some more stuff on client side as well. And again, if they've got portfolios in place, we bring through all that data from live feed, so they don't have to key in what their investment's worth. It all just feeds in and brings it all to life. So that's an example of a digital form. Client, the advisor can start it, you know, bring in all the data they've got and send it to the client, and I'm gonna move now to the client experience. Okay. So now these are the main things done. I need to send a document to a client. I need to request a signature from a client. I need them to fill in a form, and I'll show you a new feature we've got, Rooms, in a moment. So let's say I want to send a document. I'll just click on that, choose the client I want to send it to. I won't go through the signing part, but what I will do now is switch to the app. I'm sort of on my mobile now, so this will be the client experience. Hopefully. Yep. Okay. So I'm now in the custom Jones Allen & Company app. I'm a client, and they want me to do something, so now I'm focused on jobs to be done. Okay, so you want me to fill in a fact find. Okay. I can go through and do all that now, securely in-app. Right. So no more printing, scanning, whatever. I can do that. With all this data now feeding back to something like XPlan to provide the advice automatically. If I'm a client, you want a document from me, I can take a photo and upload a document. All the way through. Simple. And again, most people are doing this via paper-based forms. Now, this could be a fact find. This could be a company setup form. This could be an application. It could be a tax checklist. Matter of fact, I'll show you one of those now. So now it's time to do my tax with my accountant, and he's rather than send me out an email saying, "Hey, George," in this case, "Send me through your stuff," I can now do all that in-app. Easy, right? I can also add documents and all those sort of things. If we're talking about a self-managed fund trustee, Tim's business, and they need documents for audit to complete the self-managed fund return, everything can be done now by the client in-app and securely sent back. So no more PDFs, attachments to emails, and all that sort of stuff. Cool. So they're jobs to be done. And as a client, I can do this easily 24/7 on mobile. Then I come down to things that I wanna... That the advisor wants me to see, and this comes back to that single view of wealth that Jason was talking about earlier. So because I've added my stuff and I've got all these data feeds, here, for the first time, I believe, in my life, is as close to as possible as a real-time balance sheet. So we brought in that property feed from CoreLogic. We've got portfolio feeds coming through, so this could be my, for example, my Class portfolio, a self-managed fund. Could be my HUB range of platforms. We even have motor vehicle feeds coming through from CarSales, so the car brings in all that data as well. Yep, and with... If I want to, I can go through now via Open Banking and link all my bank accounts, credit cards, home loans, and get live balances updated every day. So in my view, or in our view, this is the closest thing to a single view of wealth that we've seen in the market, with the broadest range of data feeds and integrations. As a client, I've now got my financial world in my pocket. We have other features. I can store all my documents, et cetera, here as well. These are documents, my accountant or my advisor. I don't have to hunt through emails looking for my tax return. When did I get it? It's all stored in my Jones Allen app. So tax returns, advice, documents, investment reviews, all that sort of stuff's here. If I click Contact Us, I can contact my accountant. I can connect people. This is a really important part to connecting the household. So here, for example, is my team.... I've just got myself, my wife, my kids. I can give them access to some or all of the, or none. I can connect my professionals, my accountant, my advisor, my lawyer, my mortgage broker, and I can connect all my entities, companies, trusts, and all those sort of things. So, yeah, it really is just one platform for a household to manage their whole financial world. Cool. Now, I wanna show quickly just one last thing, a new feature around collaboration that we brought out called Rooms. So as an advisor, and this is where we're looking at jobs to collaborate on, so it could be doing tax, it could be onboarding a new client. It's where there's a lot of back and forth between the professional and the household. So you can create a room. You can call the room whatever you want. So in this case, I've got an investment review room. I'm catching up to an annual review, for example. I can... Let me go in here. First thing we're gonna do, this is from the advisor side. Let's get the right people in the room. I've got George, and I've got the advisor, Joan Down. Next thing I'm gonna do is get the people in the room, the right people in the room doing the right things. You can see here that I can drop in tasks. That could be sign a document, could be fill in a form, could be provide a copy of a document. I can just add a task here. I can say, "Client, do something, fill in this form, or sign a document." We can share documents securely in the room. As Jason mentioned, the biggest issue we get all the time now is cybersecurity, right? So sharing documents and information securely, and I can chat in-app. So no email. All done in-app. If I come to the client side, right, I've got this investment review room. And in this room, as a client, I know who's in the room. I know the jobs you want me to do. You want me to sign a document? I'll just sign that document. Done. Secure, simple, all now stored in my app, linked to that room. Then I might fill in a form, or I might provide a copy of a document, so I can take a photo of that and upload it. Everything can be done on desktop as well. I can see all the documents that have been shared in the room or signed, and I can message back. You get notified. This is just an awesome way to take things like doing your annual tax, doing an investment review, onboarding a client. This is just an awesome way to do it all in the palm of your hand. That's a quick overview of myprosperity. Thank you. Over to Tim. Thank you, Pete. It is so cool. If you go to myprosperity.com.au, you can sign up now, if need be. Special offer if act in the next 20 minutes. Look, my name is Tim Steele. It is my great pleasure to join you this afternoon. I lead Class and delighted to share some background on the business, as well as a little bit about the SMSF sector. I've been married for 22 years, and I have to say it's perhaps a bit of a declaration. I actually fall in love fast. And whilst I haven't been at Hub and Class for very long, I suspect it'll be evidence to all that I have fallen in love with this business and genuinely very excited about the collective opportunities we have across the group. As I hope to demonstrate from my presentation, we are playing in a visibly and increasingly attractive sector. We have a very clear strategic focus, building the future of the wealth accounting solutions. We're making real headway in winning the hearts and minds of our clients and the broader sector. We have tangible growth pathways, opportunities for us to disrupt and grow, and there are significant opportunities for us to collaborate across the group. And I should say, as a continued sort of advertorial for myprosperity, we have only just started to engage with a number of our, more significant administration clients. Many of whom, over the years, have invested in building their own portals because they felt that there wasn't a solution available. Having just had a taste of myprosperity, they are chomping at the bit to see how we can bring that together as a combined solution again across the business. I'm gonna start with some of the macro and sharing some insights from the SMSF industry. Class published its most recent annual benchmark in September, leveraging anonymized Class, ATO, and APRA data. This report is effectively sort of a contribution we seek to make to the industry. It's obviously sharing insights and observations based on our data and, more broadly, thought leadership and I hope really reinforces our commitment to the broader SMSF sector. I apologize that this may be difficult to read. There are a couple of points here that I wanted to sort of draw out from this data. The first is that net fund establishments have been consistently growing over the past five years. You can see on the chart here, this is sort of the net fund establishments that have continued to grow and really have returned to levels not seen prior, last seen prior to the super reforms in 2017. I should note, and you will be able to see in the materials, that we've actually that we're still waiting. We expect there will be an increase in wind-ups. So obviously, the net establishment is quite simply a result of those who establish or wind up an SMSF over the period. And typically, the wind-ups occur post-tax lodgment. So we do expect, obviously, as time goes on, both FY 2022 and FY 2023, we will see an increase in wind-ups. However, there is a noticeable and material continued growth through over those last five years. The other really interesting data point that came through some of the Class data set related to these increasing concessional and non-concessional contributions. So in FY 2022, the concessional contributions increased by 11.2%, to on average, AUD 22,000, and our average non-concessional contributions increased by 28%, to AUD 67,000 or just thereabout. So those two data points, when you combine the growth of net establishments, combined with people making a very deliberate choice to put more money into their SMSF, is really a sign, we think, of renewed confidence in the SMSF sector. The other I wanted to share was really around the age demographics, and this was touched on in some of Jason's presentation as well. We're looking at Gen X and Millennials as really driving the growth in net establishments. So in FY 2023, just over 76% of all SMSFs were established by the Gen X and Millennials. We know through the COVID days that there was a bit of a flight to sort of more, if you like, interesting asset classes, read crypto, and SMSFs, perhaps, a vehicle to help support that. We've seen that come off a little bit in recent years. But nonetheless, this is really being driven by those Gen X and Millennials, and SMSF access is perfectly aligned to that demographic shift that we're seeing. Really about aspirational investors who want the flexibility of an SMSF and gives them a cost-effective way to actually establish an SMSF and get into that structure. There are some macro tailwinds as well that we're seeing, which I think will be thematically consistent. The first is, we know that consumers have a bias for greater control, choice, and flexibility today. There is almost this sort of anti-institutional sort of sentiment that can exist at times, but certainly, people wanting control, choice, and flexibility obviously perfectly aligns to the structure of an SMSF. Last year, ASIC removed their AUD 500,000 reg guidance, which really determined, created a threshold for advisors, for which they would struggle based on compliance standards of their licensee, to justify transitioning someone into an SMSF if they had less than AUD 500,000 in their superannuation. That reg guidance has been adjusted, which we think is the right thing to do, and also obviously supportive strategically of what we're trying to achieve. We are seeing more low-cost SMSF offers in the market, including, obviously, SMSF access. There is, through this continuing challenge that we've seen with respect to supply of labor, and I'll touch on in more detail, a consolidation of administrators. Effectively, the larger players, our clients, are winning, and so we obviously benefit from that as well. We have a very clear strategic focus, and I'm gonna touch on in more detail, our lead, how we're leading today, how we're creating tomorrow, how we're building together. But Class is the premium and very privileged to be the premium, premium SMSF administration software solution focused on, as I said, larger accounting firms and scale administrators. Our software enables accountants to more efficiently administer SMSFs, trusts, and portfolios, which is even more valuable today, given that now well-promoted and publicized constraint for labor, and qualified accountants in Australia. And many of our clients, in fact, our clients are increasingly dependent on technology and outsourcing to create capacity and to drive productivity. The Class product suite is complemented by our NowInfinity solutions, which also enjoy a market-leading position and an enviable client base. In FY 23, more than 20% of companies and 25% of SMSFs established in Australia were done so utilizing the NowInfinity legal docs platform. We have a clear strategy to protect and grow our market share through innovation and product extension. Put simply, and we've been putting this to work, if we care for our clients, if we truly engage, listen, preempt, and respond to their needs, if we care for our people who care for our clients, and if we innovate and collaborate, we will win. When I think about leading today, I'm gonna proudly share, with some humility, I hope it's interpreted, some of our recent achievements, 'cause we've still got so much to do. But since acquisition in February last year, we've doubled down on clients and core, and sought to obviously take our team on the journey. Our leadership team was formed, and in fact, when I was fortunate to join the business on the first of August last year, and as Andrew not so subtly stole my thunder on, we set the aspiration. Thank you, Andrew. We set the aspiration at that time, knowing what our relative position was in the market, that we said by 30 June this year, we wanted our clients and the broader SMSF sector to genuinely say, "Class is back." And as I said, that was not any declaration of, of victory, but more reflective of what we hoped was a change in sentiment and a response to the hard work that had still been, that had been done. And look, I think part of the evidence for us in that, and as Andrew said, we, we don't seek out external validation or, or awards of what we're doing, but it is nice, and I have to say, it's lovely for the team to be able to validate that externally. We've had a 6-point shift in or lift in our NPS, based on some recently published Investment Trends research, which actually makes us the number one, equal number one in terms of customer satisfaction. A couple of weeks ago, we won the SMSF Advisor Award as the SMSF software provider of the year. Along the way, we've seen some pleasing growth across the portfolio. We've sought, as I said, to focus on our core, and again, a few evidence points of that are we reduced quite quickly, we identified that service and support wasn't where it needed to be, and we reduced our average speed to answer on Class support from what was over 5 minutes to 60 seconds. We've completed health checks, 321 health checks for our clients, and we know when people use our system well, they get great value from it, they extract greater efficiency from their administration team, and they are inherently more loyal. And so a big part of what we do is helping people understand how they're using our system, how they could use it better. And then, we ran 31 training sessions across the businesses to take those learnings back to our broader client base to help them leverage the insights we were picking up from all of those health checks across the business. And we've sought to very deliberately and quite strategically prioritize feature and functionality benefits based on what we believed and what our clients told us would create the greatest benefit for them. An example, a couple of examples I've put there, the tax lodgment for our trust product. We launched a new trustee, and not listed up there, actually, is our Scan and Save solution, which was to drive greater efficiency for those fees where we do not actually have, or institutions where we don't have a data feed. Look, focus on team, always an area we obviously very conscious of across the entire group, but certainly within Class, was something we made a very deliberate pivot towards over the past 12 months. Pleasingly, we've improved both retention and engagement by 5 and 9 points, respectively. Creating tomorrow. So Class, Class Super is our core product, and we have actually a common platform across Super, Trust, and Portfolio. But Super is our core product and is the focus of our ongoing investment, and, and it is the, the key solution for us. But there are, however, other products where we know there is great opportunity, in particular, product extension. Class Trust is probably the best example of that, investment and trust administration. This is a very attractive sector for us today. There are over 600,000, or about 600,000, investment trusts today. We expect that, particularly when you think about the, expected 3 million super cap to continue to grow and grow strongly, as obviously, individuals and their advisors look for alternative asset structures. And so we think this is an area that's absolutely worth pursuing, and we're building momentum today through engagement with a few of our marquee clients, including some of the, the Big Four. We've, again, based on their feedback, prioritized some integration with some practice management and tax lodgement solutions to help drive better efficiencies for them. Class Portfolio is our investment portfolio administration solution, and we believe that there's significant opportunity for us to create further enhancements to that. Our clients are actually telling us that if we could improve some of our non-custody portfolio reporting, it may in fact remove the need for them to have other solutions like Praemium. So we think there's a big opportunity for us to take on groups like Praemium in non-custody portfolio reporting. NowInfinity Corporate Messenger, this is our asset corporate compliance solution. It's been growing steadily, certainly over the last 12-18 months. MYOB recently announced their end of life of their corporate compliance product, and we've been working with them for some time on a strategic partnership, and this is in fact the first outcome and the first initiative as a result of that strategic partnership. We've entered into a revenue-sharing arrangement, and we expect that we will transition between 50 and 100 thousand additional companies to NowInfinity over the next nine months as a result of that partnership. We're working to set up, continue to build on that partnership with other integrations and opportunities with MYOB. Some of our enhanced solutions, and so we have what we call a SuperComply, which is a deed compliance solution today. We are relaunching that in the second half of next year and actually commercializing that beyond what we do today, which is effectively throw it in as part of our bundled solutions on the NowInfinity platform. And so we'll be relaunching that in the second half of next year. And then Data-as-a-Service, HUB24 has a really rich history, and in fact, data is in its DNA, and certainly through its acquisition of Agility, and Paul Biggs is going to talk more about some of our collective data capabilities across the group in a moment. But Class has brought additional data capability to the group, including 220+ direct data feeds, so direct from source data feeds. I.e., you should read as that, no screen scraping. So we go direct to the institutions and get the data feeds directly from them, and that additional data capability is now being leveraged as we commercialize that, combined with some additional investments we've made as a group, and I'll touch on in a moment, including our Data Authority Portal. We think there's enormous opportunity for us to engage with licensees, brokers, and fintechs. We recently signed sort of our first client on this new offering, and we're expecting to sign additional clients over the next few months. Perhaps two or three is our goal by the end of FY 2024. And look, our new solutions, as I said, we have to continue to innovate, to justify and continue to retain our very privileged position at the premium end of the market. What we're calling Compliance of the Future, which is really an enhancement to our existing functionality on Class Super, is the most significant development in Class for many years. Moving to the cloud was what really disrupted the market when Class launched, and while the business has done a great job continuing to make improvements over its life since it launched, we think this is probably the most significant enhancement we've made in many years, and we hope and expect that it will, quite frankly, be disruptive again, genuinely disruptive, and solidify our position in the marketplace. We are in the development phase of Compliance of the Future, building with input from a handful of our key clients and partners, and we expect to, in fact, deliver some of that new functionality this financial year, with further developments over the next two financial years. The feedback from our clients, and again, it's early days for us in building this out, but the initial feedback is really promising, and our clients' view is that this will make a step change in efficiency benefits for them. And then building together. We are making progress across the business, but there are still significant opportunities for us to do more as we collaborate and bring together the collective capabilities across HUB24. I mentioned the Data Authority Portal. This is an investment that, quite frankly, Class couldn't have justified, was actually contemplating for many years, but now as part of the HUB24 group, it makes sense for us collectively to build this secure and efficient portal that enables us to actually facilitate the approvals of data feeds. It's one of the more challenging elements of actually getting a client to establish data feeds, is just the high administrative burden that we impose on them to actually activate the data feeds. Our Data Authority Portal will enable us to do that in a far more efficient and secure way, and it'll include permissions across advisors, accountants, and the end investors. There's some capabilities we seek to leverage our buying power across the Group, and our billing platform is an example of that, where we're seeking to have one billing platform and solution that we can leverage as needed across the Group. And obviously, HUB24 SMSF Access is the best example we have to date of the combined capabilities across HUB24 and Class, and now Infinity, to actually bring a new solution to a new segment of the market. Class data feeds, in terms of our enhanced solutions, obviously supported by the Data Authority Portal, we believe have the power to actually help us turbocharge both MyProsperity and HUB24. You heard the guys talk about, I think it was Jase, talked about, obviously, HUB24 Present. We've got, I think Macquarie has one data feed in, is supporting that solution. We can, through APIs and our data as a service, actually continue to turbocharge that, bringing the 200 data feeds we have to that solution, and even broadening the capability and, I think, outcome from a client perspective. And then we're now treating APIs as a product, something we haven't done, I think, ever before. Really seeking out to build an ecosystem of partners to create an even greater pool for Class, make us easier to do business with, and integrate it, better integrated with the tech stack that our clients use day to day. In terms of new solutions, myprosperity will be the digital front end for Class. We're not investing further in building out our current client view app. We are seeking to work with Pete and his team to build the equivalent of that solution, myprosperity solution, for Class clients, and we will deliver both NowInfinity and Class solutions through myprosperity. So to quickly restate my key points, we're, we are playing in a very attractive sector. We have a clear strategic focus. We are making real headway. There's plenty more to do. We have tangible growth pathways, and there are significant opportunities for us to collaborate across the Group. Class is a, a strong business in its own right, but proudly, even stronger as part of the HUB24 group. It's now my pleasure to hand over to Shane Stafford, our Chief Growth Officer extraordinaire. Shane Stafford. Thank you, Shane. Hi, everybody. It's good to be here for the first time. I'm a recent, relatively recent joinee to HUB24. 15 months ago, I joined to lead the distribution and marketing teams, and it's actually quite a milestone for me to sit here today and actually be part of this session. I'm really proud to be able to share some of the observations and the confidence we really feel about how we're placed. I'm going to cover off a few things today. I'm going to reinforce our market position today and where we sit, and why we feel really confident about the growth ahead... I'm also going to share with you some of the changes we've brought to market in terms of our enhancements and the solutions we've delivered this year. And then also, cover off why we feel confident about the unique capabilities that we've combined to keep growing in the platform space. So, hopefully, it's informative for you. So look, just in terms of our current position, we feel very strongly and very confident about where we're placed. We've got a significant footprint with relationships with over 4,000 active advisors using the platform today, and that's growing every quarter and every year. And pleasingly, we've actually got access to a further 7,500 advisors with the agreements that we've got in place. So, you know, there's no shortage of opportunity or demand in our pipeline, and so we're very confident about continuing to grow those relationships and build on those. Importantly, though, as you grow and bring on more relationships, you've got to make sure that you can bring on flows and grow those relationships. So in FY 2023 there, you can see that we continued to spread our flows across not only existing relationships but also new relationships that we're forming, which is really, really important for our future, our future growth. Importantly, also, in the last 3 years, we've actually grown the penetration of each of those relationships. So if you consider that on average, an advisor has AUD 65 million of FUA in their book, we've grown the penetration over the last 3 years to AUD 16 million. So that's an 88% growth in the last 3 years. So with that, we've got lots of runway left in growing flows and, and increasing FUA per advisor over the next few years. So feeling very strongly about the, the pipeline and the growth. The third thing that's a real strength for us is actually our superannuation segment. So Andrew talked a little bit earlier today about that, but we're actually the third fastest growing superannuation fund in the country. So again, behind two very, very large industry funds. On a relative peer basis, we're number one in super flows in FY 23. So we are performing very strongly in the superannuation space, and with 50% of our FUA actually sitting in super, and if you think about 12% recurring contributions coming into those accounts over time, and also the rollovers that come with the new applications we're getting, of which 75% of our new applications are super, I think you can see that that's a really sustainable future flows outlook for the business. And in particular, that's not an accident, because our products have been strategically positioned in those segments to capture those flows over the last few years. So those few things make us feel very confident about where we're positioned. Sorry, just pick up my glasses. I might need those. So with our strong footprint, the ability to grow, flows from existing and new relationships and super as a real tailwind for the company, we're feeling very confident about the future momentum and how we continue to grow flows from our existing relationships and our existing products. But as you probably noticed about HUB24, we don't stand still. It's a good thing, actually, post-COVID, I'm not wearing heels as much because I need to keep running in this business to keep up. It's really one of the fantastic reasons, that I joined HUB24, and that's been a real pleasure, to see that come to life and be part of it. So what you can see here is that along that wealth life cycle of clients' needs, and Jason talked earlier about how those needs are growing and evolving with intergenerational wealth transfer, the rise of the millennials, who are going to be the major beneficiaries of that wealth transfer, but also the silver tsunami is coming. And for Jason and I, it's already here, as you can see, and Biggie and sorry, a few of you in the room as well. But the silver tsunami is coming with the age of aging population. And so for HUB24, we're really pleased to sit here today and say we've delivered recently solutions to cater for all of those changing needs. It puts us in a fantastic position to really not only leverage those opportunities in the market, but getting back to this issue that Jason talked about earlier around productivity for advisors. They're telling us that they want to be able to implement their advice more efficiently and more effectively. So, by bringing the solutions all in one place and being their preferred platform to manage all of the wealth needs of the client life cycle, of course, within a Best Interest Duty environment, we're really positioning ourselves to be that preferred platform by having this range of solutions in place. So let me just talk you through some of those solutions today. So, these are the four solutions that we've released this year. SMSF Access came to market in March this year and is growing steadily. Andrew talked a little bit about that. It is not so much a difficult product in that it is a shift in mindset and an advice experience for advisors. And so we've got to really help coach them to cross that chasm and start to open up those new markets. So it's building steadily and I think traveling well from an implementation point of view. Discover, Retire Plus, sorry, Agile, and these high-net-worth features are all released in the last week as part of our recent PDS roll. And one of the things that I really want to make note of is that all of these solutions have come directly from that ecosystem that you saw before. So when we talk about the ability to take the pieces of that ecosystem and bring them together into solutions, these are living examples of that. And the ability to do that has been done without having to build anything. So we've not had to invest in any technical build in order to deliver these solutions because we've just literally been pulled them together from within the ecosystem. And the second benefit for HUB24 in this is that because we own the core platform, the HUB24 platform, we have control and flexibility over what we do and when we build things into those platforms. So where we do need to make technical improvements, we've got that flexibility and control. So just walking, I don't have the time here today to walk through all of these solutions, but I did want to just do a bit of a deep dive on Discover, to share with you what that solution looks like. So this one's hot off the press, launched tenth of November. Lots of excitement in the market so far about it, in terms of the opportunities it's creating for both advisors to access new clients or serve their clients more efficiently by having that simpler product in market. Also benefits for fund managers who have now got opportunities to access new relationships that they didn't have access to before. HUB24, obviously, we get to deepen and extend our relationships as well. And obviously, for the end customer, we are offering them a really simplified product at a really great competitive cost. So, what the... What Discover is, is actually a new menu on our core platform. So it sits alongside Core and Choice, and is really there for customers with simpler advice and investment needs. So they could be early-stage accumulators. So if I just jump back to this slide here. So in that starting out early career, so early-stage accumulators, right through to late-stage deaccumulators who want a simpler investment option at that time in their life, or potentially anyone in between who actually just has got simpler needs and doesn't need that broader, more extensive, more sophisticated menu as you, as you jump up into Core and Choice. The other benefits of it is that it is providing access to 8 leading fund managers that they may not ordinarily have been able to get access to. So again, through leveraging the relationships of that ecosystem, those fund managers that we've built relationships with over time, we've been able to structure new arrangements with those fund managers to give those investors access to 35 options within the Discover menu. It's fully portable, so within platform, you can... With advice, the customer can move up to Core or Choice, and it doesn't disrupt really important things like tax and insurance, which are those really critical advice components. Jason talked before that it's not just about the assets, it's also about all those other elements of advice that are really important. And it's also portable across platforms. So should an advisor decide that this is not the right offer or the platform is not the right platform, you can in specie out as per normal. So you're actually getting all the amazing features of the platform, but in a narrowed investment menu with a simplified fee structure, which has got no admin fee and no accounting account keeping fee. So again, really trying to respond to clients' needs of wanting those simpler investment options. But again, if I sort of step back from that, all of those solutions have been brought to market at real speed without the need to invest in new builds because of that ecosystem that Jason and Andrew have already showcased today. Okay, so looking ahead, it's one thing to talk about our current footprint and growth in that, and also then to reflect on what are the new solutions we're bringing to market. But why do we think we can keep ahead of the market? Why do we think we have confidence in our ability to keep growing? And we think that it's a combination of these compelling ingredients that really set us apart. So I've talked about solutions. I've just showcased four of them that we've brought together in really quick time in this calendar year. And that's really driven from listening to our clients, but having that real flexibility over the choices we make, because we own the platform, and we've got that ecosystem. Our reputation. So, you know, we try very, very hard to spend time with our clients, listen to what they're saying, and respond to their needs. You know, you can see here for some of these metrics on the side here, that when an advisor chooses HUB24 as its primary platform, we have got the highest platform advocacy. And that is because we do listen, and we do deliver the solutions that they ask for. In terms of our relationships, we really focus on expertise and connections. Platform space is technical, and we invest very strongly in making sure that our people across not just distribution, but in Craig's world, in service, we've got the expertise in different roles to really respond to advisors' needs. I think, when you look at this statistic here that says, when we are their primary platform, they're less likely to switch. And yes, that's about the solution, but that's also a combination of the experience they get when they work with Hub. And which brings me to experience. We're really pleased to say that advisors think we're easy to deal with, and that's so critical, because when you think about efficiency and productivity, that's what they're looking for, as well as quality solutions. And then finally, technology. Technology is critical to ensuring that we've got the resources, the infrastructure, and the capability to underpin that continued innovation, which gives us, new solutions, new products, but also allows us to scale. So in closing, you know, as Jason said earlier, advice is a community good. We really believe in the value of advice. We know that demand is outstripping supply, and we know that there's big shifts in customer needs coming. Well, they're here. So our role is to really support them with a range of solutions that allow them to implement their advice effectively and in a productive way. And we're really aiming to position ourselves as that preferred platform for advisors to implement their advice across the client's wealth lifecycle. But critical to that is the ability to have great investment in technology and data. And so with that, I'm going to introduce Paul Biggs to take you through our capabilities there. Thank you, Shane. So just bear with me, guys. As the only tech guy in the room, I'm way out... Oh, I need that one. It wasn't a setup. It wasn't. I'm way outside my comfort zone, so just bear with me. Over the next few slides, I'm gonna be covering a really critical part of Hub's strategy. We're gonna focus on data and data innovation, and what Hub's doing to leverage both data and technology to drive greater insights and a step change in productivity. So notwithstanding our credentials as a platform provider, data has and always will be a key and significant driver in Hub's technology innovation. And at Hub, we have a long history and pedigree as the trusted custodian of our clients' critical information assets. As you can see by some of the numbers on this slide, we store and process and distribute a vast amount of information, not just for ourselves, but on behalf of our customers, our clients, and hundreds of third parties as well. And while Hub is a financial services business, Tim mentioned it before, technology is part of our DNA. We were born out of technology, and it's a major point of difference, and sets us apart from our competitors, and it's very, very difficult to replicate. Starting with the acquisition of Agility back in 2016-17, which is when I came to the group, and more recently, the integration of the Class business. As mentioned before, we've now got around 300 people working in technology, about one-third of all employees at Hub. They're all focused on ensuring the confidentiality, integrity, and availability of that data. And when we think about the data, we think about it in terms of the engine that powers our services. It's a significant source of value and an emerging commercial opportunity for the group. Over the last few years, HUB24 has made the single biggest investment in data infrastructure in the group's history, and with the sole focus of delivering more value to the clients more efficiently. Constant innovation, rapid growth, and acquisition creates challenges for data infrastructure, and as a consequence of leading today, as Andrew mentioned before, technology is continuously evolving. We're always thinking about what the future should look like in order to support our strategy of servicing more people, reducing that cost of advice, and importantly, delivering that single view of wealth. Significant investment over the last couple of years in that data infrastructure has delivered a simpler data architecture, and that's created an enhanced capability, including greater scale, greater flexibility, faster time to insights, and enhanced security and compliance, which is obviously important in today's world. Investing in a combination of robotic process automation, normal code, low code, and machine learning, we're, we've created an environment that's allowed us to develop faster, allows quicker time to market, the ability to adapt more effectively and efficiently to the changing needs and market demands. Working closely over the years with our clients and our partners, we identified unstructured data as a key input into solving that productivity issue. Since 2018, we've had a dedicated team focused on technology innovation, and they actually sit outside of the group technology function, and there's a reason for that. And unlike structured data, so for those in the room who aren't technology inclined, structured data is very organized, very easy to search. Unstructured data is highly disorganized. It's very difficult to collect, very difficult to process and analyze. And the innovation lab's focus over the years has been to drive research, design, and experimentation in technologies like machine learning and robotic process automation to solve that unstructured data problem. And over that time, we've built multiple machine learning models with several commercial products now in production, including compliance tools for mandate checking, transition processing, and the complete automation of Hub's physical mailbox service. And I have to say, whilst many businesses say they leverage machine learning, the technology still has to learn to be effective. One of the things that sets us apart from our competitors is not just our deep understanding of the data, but the relationship that data has with our clients. That understanding and collaboration with our customers creates a discipline and a focus on ensuring we're looking at the highest value problems and how to solve them. Combining the capability of the innovation lab, that deep understanding of the relationship that data has with our clients, and the power of machine learning, we've delivered several solutions that have helped to reduce the cost of advice, reduce risk and the burden of compliance, improve the quality of advice through greater insights, and provide enhanced data privacy measures. In addition to that, working with our clients, it was identified that access to clean, quality data was also a key driver in solving that productivity issue. Using a combination of automated operational workflows and machine learning models, we're now able to consume and classify documents and able to extract and cleanse that critical data that we need to drive that step change in productivity that Jason was talking about earlier. We've now delivered the capability to consume thousands of unstructured documents, sort them into 30 different document types, but more importantly, extract and cleanse critical unstructured data to deliver compliance tools and enhanced visualizations. So things like dashboards, reports, and alerts that provide advisors and licensees with those critical KRI insights they need to enable a more proactive compliance regime. We're also using machine learning to help protect our clients' most critical asset, which is information. Using machine learning to detect and hide critical data points, including personally identifiable information, to provide enhanced privacy and confidentiality. As always, the innovation lab and technology will continue to work with our clients and partners to prioritize and deliver solutions to that unstructured data problem that enable a more informed and proactive decision making, and again, try and further reduce that cost of advice. Further to the last slide, where I spoke about what we have delivered, I just want to touch briefly on some of the things the innovation lab is currently working on that we're going to bring to market later on this year and into next year. In the two use cases that I'm gonna cover on this slide, both are looking at how we can use what we call large language models. Anyone who's familiar with ChatGPT, that's a large language model. How we use that technology to create to reduce manual effort and provide enhanced compliance oversight. In use case one, we're looking at how we use a summarization model within a Large Language Model to consume audio and video text, to create written summaries off the back of it. So as a use case, for example, if someone's conducting an online Teams training session, we can use the Machine Learning model to consume that data, audio and video data, to create a written procedure off the back of that training session, so completely removing the need for someone to manually transcribe that training session. The other use case that we're looking into is how it relates to the considerable effort and the amount of paperwork that comes after an advisor meeting with a client. So things like summaries, file notes, actions, client communications. We're looking at how we can use, again, large language models and summarization to be able to consume all of that information, to create the summary, provide the file notes, and store them in the CRM. Being able to prepare client communications off the back of that, and the ability to do that in minutes and not hours, will again make a major contribution to solving that productivity issue. And as always, the innovation... Oh, sorry, I didn't mention use case two. So use case two is where we're looking at using that same data and the machine learning models to create 3D visualizations. The reason why we're using 3D visualizations is that sometimes in 2D representations, you can't always get the insights out of that 2D representation, so we're using 3D instead. In this particular use case, the bars and the purple cloud that you're looking at, that actually represents a mandate. So the assets and the weighting of those assets within a given mandate. And the red dots that you can see are actually client portfolios that deviate from that mandate. So what we're able to do using that visualization is allow the manager or the compliance team to see in what way those portfolios deviate. And the ability to deliver this kind of insight through dashboards and that kind of visualization will make a considerable difference in how the advisors and licensees can reduce that burden of compliance and enhance their risk management practices. And the innovation lab will continue to work with our clients to prioritize the investment in technologies like machine learning, to meet the emerging needs of the advice networks and financial professionals. Lastly, I want to talk about HUBconnect, which I know has been mentioned a couple of times today. HUBconnect is the solution that takes everything that I've spoken about today and delivers it through a single platform. It combines years of investment in data and data integrations, including broker back office, client advice, and market data, as well as third-party plugin integrations with things like Salesforce and IRIS, to create business analytics, account level dashboards, trend analysis, and workflow management. It leverages that deep investment we've made in robotic process automation and machine learning to provide the compliance tools, the practice insights, and the KRIs that we covered earlier. It will become the launchpad used to deliver an evolving and growing source of commercial opportunity for the group, that's central to our value proposition, our competitive advantage, and our core mission to service more people, continuously try and reduce that cost of advice, and deliver that single view of wealth that we've spoken about today. That's about it for me. I'm actually going to hand over to Katrina Shanahan now, our Chief Financial Officer, to talk about the outlook and business performance. Thanks, Kate. Thank you, Paul. Cool. Thanks, Paul. So yes, I'm gonna take you through how our strong competitive position and how the execution of our strategy has translated into our financial performance. I'm also gonna show you how strong conviction in our strategy and the ongoing momentum sets us up for giving you very strong custody forward guidance. So as the team has called out throughout this morning, HUB24's been very selective and very intentional in where we participate in the value chain, and we've particularly selected the higher value parts of the value chain that we see. Our approach to the customer life cycle and the continuing evolving needs of advisors underpins the quality and the footprint of our earnings. So here, on this first slide here, you can see, you can see here the funds under administration have a four-year CAGR of... What is that? 58%. So at full year 2023, we were AUD 80 billion in funds under administration, which was a combination of both custody and non-custody. That's grown from AUD 13 billion back in full year 2019. And then on the right-hand side here, you can see that the group revenue has a four-year CAGR of 46%, and the group underlying EBITDA over the same period is 61%. So the acquisition of Class back in full year 2022 is what's driving the yellow bar, with AUD 68 million of revenue in the tech solutions segment in full year 2023. So as the team were talking about, all the parts that we play in the various parts of the value chains of the business, is what's driving the quality of these earnings and the quality of these drivers. Moving on to this slide. So as you're aware, capital management has been a focus for HUB24 and remains a focus for HUB24. The earnings per share has a four-year CAGR of 42, 42%, and I think we were, earnings per share, what was that? About AUD 0.46 per share in full year 2023. Dividends have a full year CAGR of 63%, and dividends in full year 2023 was AUD 0.325, for the year. So again, really strong growth, and it's the quality of the earnings and the quality of the drivers that's delivering these returns for shareholders.... So when we did the year-end, we announced that we were gonna do an AUD 50 million buyback over a 12-month period from September 2023 to September 2024. We started that buyback in September, and to date, we've bought back 153,000 shares for a consideration of AUD 5 million. We'll put the buyback on hold when we're in the blackout period between January and February, but we'll pick it up again, and we're very committed to the buyback and intend to complete it before September 2024. Okay, so on this slide, there's a couple of things that I wanna call out. The first one being the custody flow guidance that we have there on the top left-hand side. So this is the guidance that we have out till 30th of June 2025, and it's a range of AUD 92 billion-AUD 100 billion. And so this is made up of roughly about AUD 10-12 billion per annum of organic net flows. And then you'll see, we've called out there that there's about AUD 6 billion of expected large migrations that will be coming through in the next sort of 18 months or so. And so we've announced previously, EQT, AUD 4 billion worth of a large migration. We've given you the phasing here. It is subject to change, but this is the best that we have to date with the planning that we've been doing. Second half 2024, there'll be about AUD 2.5-3.75 billion of flows coming in from EQT, and the remainder will finish in the first half of 2025. There's a bit of a typo there on the right-hand side. Obviously, if you get AUD 2.5 billion in second half 2024, it'll be AUD 1.5 billion in full year 2025. But if you get AUD 3.75 billion, then there'll be a small amount coming in in the first half of 2025. We do have another large institutional client that we've signed an agreement with, and we have done the planning, and we're underway with migrating, and that's expected to be done before Christmas this year. So very close to having AUD 1.5-2 billion migrated in the next, what, six weeks or so. There are gonna be costs associated with these migrations, and in normal half 2024, we're gonna put these below the line. It is an unusual year because AUD 6 billion is a significant large, you know, migration. We don't normally have AUD 6 billion coming in these types of chunks. It's about AUD 4.5 million. 2.5 million will be booked in the first half 2024, and then another 2.5 million is expected to be booked in the second half 2024. And then that should be it. We've called out the revenue drivers here, so the quality of the revenue drivers, we're really, really pleased with the strength of those. You've got the AUD 2.8 billion for the Q1. All these revenue drivers line up with our Q1, September, thirtieth of September, drivers that we gave you in the quarterly update. The one thing that's probably new there is the platform revenue margin. I've just reconfirmed. When we did the year end, the exit platform custody platform revenue revenue margin was 35 basis points. Up until the thirtieth of September, that's remained stable at 35 bps there, so we're really pleased with that. As Shane talked about a bit, we did do a disclosure role. We announced a few new products within that disclosure role. We also updated our rate cards. Now, I mentioned in the quarterly update, Q1 update, that the new rate cards, any revenue compression from that would be minimal because a lot of clients are already on bespoke rate cards, but any revenue compression coming through that will be absorbed in the normal half a bp to a bp of revenue compression that you see each year come through. And with that, I will do a very quick wrap-up. So the high-value client segments that we participate in and the high-value parts of the value chain is what delivers these strong revenue drivers, and we're really confident and comfortable with the momentum and the pipeline that we're seeing come through. So with that, I will hand over to Andrew to do a wrap-up and Q&A. Questions. Thank you, Katrina. Thank you, everyone. We've got 16 minutes or so. Happy to go a little bit longer if people want to. So I think I'm actually not gonna spend much time on this slide because it's a repeat of some of the things I've said earlier, other than, you know, it is about us transforming engagement and building the ecosystem and, you know, working together with the industry to create opportunities for customers, opportunities for advisors, and opportunities for shareholders and our team as well. So it's about the Powering Better Financial Futures, leading today, creating tomorrow, and building together across the industry with the capabilities we've got with key products, data, infrastructure, and our strategic thinking, and turning that into a greater outcome to continue to lead the industry. Given time, I'm gonna jump into questions. I don't know if there's questions from the floor. If you're online, please submit a question as well, and we'll take those. Sam Pierce will read that out to me on and off as we go through. But jumping into questions... Here we go. Anyone in the room would like to jump in? We've got a microphone coming over. Cheers. Thank you. Sorry, or shout. Hello. Thank you. Just on the migration you've got going, coming before Christmas, how do we think about the revenue margin profile on that first, on the EQT? I will hand over to the team if I need to, but for efficiency, you're happy for me to take it, Kit? The revenue margin for the migrations is institutional. So the revenue margin is lower than our normal retail revenue margin, but the EBITDA margin should be roughly similar 'cause the cost to serve is lower. So in terms of economic outcomes at a profit level, it's consistent, but the revenue margin will be lower. Thank you. Okay. Sorry, can I—I wanna follow on from those comments that Katrina just made. So you're noting that there's AUD 6 billion expected of large migration in the next 18 months, but you've called- Sure. -out those one-off costs for first half and second half 2024. So if some of that AUD 6 billion- ... is then the following first half? Yeah, there's only about AUD 500 million in the first half of 2025, which will have a small amount of costs, and it'll be largely over by then. So the bulk of it will be in- Bulk of that AUD 6 billion is- -FY. Yeah, that's right. It depends on, it does depend on EQT's own work plan as well as to how we do that. So they're, we're working to their plan with their other third parties, too. But about AUD 500 million is expected in Q1 2025, is it Shane? Yep. Yep. Okay. Terrific. No worries. Maybe just building on that question, those one-off costs, do they relate to temporary staff, or are they the kind of staff that are brought forward in terms of investment that maybe you'll absorb into your normal operating costs in FY 25? Kit, they're different staff. Do you want to come up and do that one? Yeah. I think it's IT and migration team and transition, Nick, primarily, and there'll be some other operational onboard, which would be absorbed, but yeah. Yeah, thanks. So yeah, some of it is we have hired new people. But like you say, some of it will be absorbed into above the line when you hit full year 2024. As people have sort of said, huh, we're constantly growing. There's always things to do. We have more ideas than we can actually execute. So absolutely, you know, anything that it does roll over will go into above underlying EBITDA. Cool. I thought I might ask a question as well, and then I'll pass over to Oliver. SMSF Access and HUBconnect, just early signs of commercialization there. You mentioned a few, I think it was 92 clients on HUBconnect, just the shape of them and what they look like. Sure. SMSF Access, how early doors are going in terms of adding accounts on that side? SMSF Access has... It doubles every month, so last month, the actual accounts opened were doubled than the month before. It's not a large amount at the moment. I think there's probably some AUD 50 million in there, roughly, but the momentum's there in terms of the... There's 100 or so practices that are accredited for it. It is a four-month sales process for them with clients. But we're seeing-- we know that there's more accounts open than money. In fact, I don't have those stats, but we know from Class's software how many accounts are open before the money migrates, because it takes time. So it's building momentum, Nick, and it was always supposed to be a different opportunity because most of the advisors who deal with Hub won't have many of those clients. It's also helping them create a new market for them. On the HUBconnect clients, there's a large amount of those clients are brokers from Agility, so it's Broker Connect. There are large, large national licensees there using HUBconnect, Diverger, Fortnum, and others, but it's, it's largely either data services or the Agility broker product. There is fees being paid for HUBconnect, and there's a lot to do to actually commercialize that further. And we're looking at that model in the context of myprosperity and feeding that together. But in terms of the payback for shareholders, it is yielding results. It's yielding higher flows than our competitors. It's helping us with transition of those flows. It's helping us think about: How do we build a better ecosystem? How do we help a licensee operate with certainty that their compliance is dealt with? Some of the things that Paul talked about, actually helping get flows into the platform from that adjacency. But there's more to do in terms of commercializing that. And, as always, we'll talk more about it down the track. Ollie, I think you had one, and then we'll go to online. Yep. Thanks, Andrew, for taking my questions. Just on, Class with, you know, the Compliance of the Future, I mean, it's not an area that has had much price rises for a number of years. Do you think that innovation is going to allow you to push price? And then, I guess the second question, which I'll throw in, myprosperity, how are you tracking versus those broad FY 24, 25 targets that you outlined when you purchased the business? I can answer that one quickly, or we can put Pete on the spot. We're a little bit behind, but the pipeline is really, really strong, and we're having discussions at enterprise level with licensees who are looking at taking large swathes of seats, so to speak, on that. So whilst we're a little bit behind the plan, the team are very motivated, and we're getting the traction and, and the interest, such that we've deviated from, the teaser simple portal being thrown out there for everyone to actually going enterprise version. Is that fair, Pete? I should let others up. I'll get Tim to talk about the Class one of them. We're not going to signal what we're doing with pricing Class. That's commercially sensitive, so, you know, it may allow that or it may not allow that, but it's about value proposition. Tim, do you want to talk about Compliance of the Future? Oh, look, I, I think for commercial sensitivities, in terms of the detail of what we included, that is be gradually released over the months ahead. In terms of pricing, we have in fact, we did the 5% price increase on the first of January this year. For many years, Class didn't, in fact, increase prices or did so very modestly. Our view is that Compliance of the Future will be effectively what cloud was for Class early days, and I know that's a potentially ambitious statement to make, but we do think it'll enable us to preserve our premium position in the marketplace. We are about a 30% premium in price today over our biggest competitor. That's a really privileged position, and so everything we're doing in relation to that is to how do we continue to grow our market share but preserve that very privileged position. So, we aren't, as Andrew said, flagging exactly what we're going to do with price, but we do hope and expect that this continued innovation and investment will enable us to solidify that position in the marketplace, including our premium pricing. And create more opportunities. And it's about value for us. I think the debate about pricing, platform, and Class, we steer it towards value and what you're getting, but that, that helps us actually pull those levers at the right time. Sam, we've got one online. You want to, a couple online? We'll deal with those. Thanks, Andrew. We've got a question from Suraj from Citigroup, and it's threefold, and it's in relation to Discover. Have you assumed much in terms of net flows from Discover in your FY 2026 and full year guidance? No, we haven't factored that into account. We've factored into the bottom-up build from our current advice, relationships, and pipeline. Hopefully, it actually increases that or underpins that. We haven't factored it into the guidance statements. ... It would also be great if you could talk to the mix of flows, looking ahead between Choice versus Core versus Discover? I must say hello, Suraj. He's doing this from India. He's got there early enough to dial into this with other commitments. Suraj is from Citigroup. Currently, we don't quite often talk about this. Currently, there's about 20% of our custodial through on the Hub platform in core. And so, you know, the flow pattern seems to match that. And so it is a choice, pardon the pun, we have the choice platform, but core is also another choice. Discover is actually aimed at a part of the market that we don't typically access. There's about AUD 300 billion-AUD 400 billion in products, which are baby wraps or smaller products or old master trust products, and we're targeting a subset of that. So at this point in time, hard to give you a mix, but hopefully it's additional to what we've already got. If the proxy is, if we've got 7% or 6% of the overall platform market, and that includes that Discover target area, why can't we get at least 7% of that over time or even more? And so it should be incremental. But in terms of the mix, early days, not thinking it will cannibalize current product choices, so to speak. One final one from Suraj on Discover. The economics of Discover seem to be driven by revenue share from the product manufacturers. Should we expect the revenue mix from product manufacturers to increase going forward? Okay, a couple of things, there. I'm gonna go back to my previous question in that, Discover's aimed at a part of the market, which is simpler, lower balance. And there are a lot of advisors who are using HUB24 for Choice or Core, who still have a book of clients who are less sophisticated, who are sitting there going, "I haven't got a modern platform solution with the right pricing that suits those clients." So part of the Discover piece is we've already got advisors or customers who've got access to those type of clients, and it's providing an opportunity there. So hence, we hope to pick up extra flow or actually get greater penetration of that advisor book. In terms of revenue share, technically, Discover is HUB24, acting as an investment manager and mandating investment managers to deliver a product to us, as opposed to a revenue share. It's a technical difference, but yes, we are looking at the value chain differently, and we're participating in it as the investment manager without making asset management decisions as such, but specifying it. So it does allow us to use partnership with managers and procurement and size and distribution to create a different product with a single fee set. And so that is the case, Suraj, you're quite correct, but we would word it very differently. Who knows what could happen in the future? We absolutely believe in partnering with the industry and the way that we've set up Discover, all parties are benefiting from that compared to other models in the marketplace. So, you know, if there are opportunities to work with partners at scale that shift the value chain, but everybody wins in partnership, then we're open to that. Discover does that in a certain way, for a simpler product set, and gives access to investment managers to a part of the market they may also struggle to reach. Yep, we... Floor, from the floor, questions on the floor? Yep. Thanks. Kieran Chitty, Jarden. Andrew, just a question on how you prioritize investment across the broader ecosystem. You know, we've heard around opportunities across a number of segments, myprosperity, Class, you know, the platform business. How are you thinking about the priority of that, of those opportunities, particularly within the overall context of the group, EBITDA margin? Jason, up, Kieran. Look, I think about it from the point of view of Katrina. I think about it, how do you preserve margin expansion? How do you get the accelerator and the brake right? And there are natural tolerances as to what you can do in a business. But, you know, this gentleman here is constantly challenging and suggesting other things. We try and get the balance right. And sometimes it's tactical, based in with strategic alignment. Do you want to pick up? Yeah, the way I'd answer it is, each of those segments is its own business, and so it's got its own resources, it's got its own clients, and it's delivering, you know, to those clients day to day. And so, self-contained, each business has its own resources and priorities it sets itself. Our job as the group and to bring that fantastic opportunity together, is to think across those businesses and how we might shift resources or resource up other teams that can drive at solutions that combine it together. And SMSF Access is an example of that. It's a whole new category. It's a bit of a slow burn, but we're really confident about it. We've got a great pipeline. It took NowInfinity and Class and HUB24 all to get together over and above their day job to build that solution, take it to market. And build, you know, in inverted commas, it was really just packaging, 'cause we had all of those pieces of the puzzle. And that's, I think, the secret sauce here. We've got such great components of the ecosystem. Shane mentioned this a lot. We can package together, Discover, literally no build. It was just new disclosure, you know, new marketing, whatever, no build. And that's, that's a fantastic position to be in, where you can bring in whole new products for different segments we're not targeting today, leveraging what we've got, and drive more flows and revenue. It's not easy doing the balance, though. There's more ideas than capability, and we do- Oh, yeah. We do have those arm wrestles at executive level about different client groups to get the best outcome across the board, whether it be meeting a current opportunity or strategic outcome. It's been a live debate we've had since I joined the business in 2013, about how do you deliver return? And, and it's something we're very good at, but it, it's a balancing act. I think what it also informs the priorities is the 3 pillars. You know, Lead Today is still the number 1 pillar. The vast bulk of the 900 people are in Lead Today. We get permission to do the whole futuristic stuff if we do a really good job today with our current clients, our current propositions, you know, build and deliver that call. That's the main thing. That drive does drive the priority set. Okay, thanks. And just a second quick follow-on question from the earlier question on the institutional margin. So this sort of, I guess, the question is specifically around that institutional segment. I think your margin's been sort of 14, 15 basis points, but with the AUD 6 billion coming in, where does that institutional average revenue margin go? You should probably stay up here, Kitrina. Thanks, Kieran. So, look, there are a couple of clients that are in that institutional segment. Some of them are, you know, single digits because they're high, you know, very high accounts, and some of them are, you know, double digits. Look, and the two that we've sort of called out are also very different. But look, the way to think about it is, I've given you the 35 basis points, which is the average, average custody, where we are at the 30th of September. The way to think about the institutional one that fits within that is that these migrations that are gonna come in will be around the... I know this is a wide range, but between 15 and 20, you know, 22 basis points is the way to think about it. All right. Thank you. We're gonna go back online in a sec, and I can see some of the crowd, so yep, that's cool. Yep. Sure. Go ahead. Yeah. Hi, Simon here from Jefferies. Just wanted to ask a little bit about myprosperity. It looks like the industry is going that way in terms of portals. Do you sort of see this as a, an application to attract FUA onto HUB24's traditional platform, or do you see yourself sort of charging for it on a continual basis? I guess I ask that question because your investment in it, it's not immaterial. Look, it currently has its own clients that aren't related to Hub, and it's generating fees there, and so that's a commercial model that you don't want to disrupt or taint. And so you need to be very careful about that. Absolutely, we see it as being an adjunct to the platform as well as standing on its own, which means it needs to be priced that way commercially to work. So, no, we're not planning on just giving it away. We're planning on having it pay its own way and deliver value. And value, you know, value gets the result from that perspective. Whilst we have large national relationships, and we'll always be commercial, that's not our intent to actually see it as a loss leader for the platform. The very fact that you can do things with it and put some of the workflows in it or consents and feed that through, and some of the things that Paul Biggs was talking about with what you can do with data, being able to deliver some of those things through myprosperity will create an end-to-end solution for HUB24 platform that's integrated with that tool. However, myprosperity will operate on its own, integrated with others as well. And so there's, you know, it'll be managed in that way. Yeah. It will retain its open architecture ethos, no doubt about it. But who will invest the hardest in integrating their platform with it? Like, we will. Mm. And so we'll have the most integrated experience. A lot of the platform touch points today, where we go out to clients and ask for consent or deliver reports, well, we'll do it through the portal, and so it'll be the default arrangement for HUB. For others, it'll be, you know, an add-on other platforms, an add-on where it's integrated, but it's, it won't be as deeply. So it will always work better, less friction, you know, more seamlessly with HUB24. And I think that that doesn't mean we're pushing people into the platform, but for advisors who want efficiency, productivity gains, et cetera, it just is easier. So that's the outcome we want. That's very clear. And then just secondly, on the below-the-line charges for FY24, you mentioned some of them, but just wondering if you could just remind us some guidance about what the first half, second half will look like and total below-the-line charges for FY24? Yes. So we've got the large migrations that we talked about, the four and a half. We, when we did the year end, we're finishing off the Explore integration as well, and we said that in totality, we'd spend about AUD 20 million on the Explore integration. We've got about AUD 5 million of that left to come through. They're the only things that we are currently predicting below the line, so the migrations and the Explore integration. Sam, do you have one from online? Yes. Rod Kibble from Tronsal. Hello, Rod. To what extent has the challenge of developing and building an overarching data model to encompass and access the overlap of each of the existing legacy product systems, businesses, clients been resolved? I think Rod's saying: How do you build a super set of data to fit across everything which is part of our HUBconnect infrastructure and tech? I don't know, Paul, if you want to talk about that, but that's what we do with Present. Our delivery of HUB24 Present is on that super set of data. Is it resolved? It's an ongoing journey, I think, but Paul, Yeah, it absolutely is an ongoing journey. I mean, that's when we spoke about that investment in the data infrastructure, a lot of that investment was on streamlining our ability to consume and consolidate that information so that we could more efficiently deliver it back out again, whether that's to our own products or to other third parties. So it's an ongoing challenge for us. Everybody brings their data to us in a slightly different way, different enough that it creates a problem, and that's part of the challenge that we're currently working on. But it's ongoing, and it will continue to be ongoing. But we have cracked the nut and resolved quite a bit of it, and there are some industry standards as well, aren't there, in terms of, or close to standards? Yeah. Yeah, there are. Again, I think that that's through Open Banking, that will get better. I think as far as the ability to standardize- Mm ... the way the data flows around the ecosystem, that will only improve over time. I think we're still coming out of some of the legacy, methods that people were using over the last few years, but, that's where a lot of that investment is gonna play out. But it's getting better, Rod. Thank you for the question. Ollie. Sorry. Olivia Ferrum, Evans and Partners. ... Yeah, sorry, just with the, I guess, reaggregation of the industry, I mean, obviously, you've still got fragmentation, you know, being driven by IFL as they make their changes to advice. Against that, a lot of licensee kind of consolidation, which you're obviously playing a part in with Diverger. You know, how do you think about the, I guess, opportunity of a lot of advisors potentially moving licensees and becoming available versus the threat of maybe some, you know, increased back book on a revenue margin compression, and some of these larger entities go back to you for synergies? I think where—again, well, when it comes to price, it comes down to value. We've won awards for value, and so, you know, we're not actually about cutting price to get volume, given where we're getting volume from and the value there. So I don't... And the industry is pretty much understanding that. They want sustainable innovation. If it's solving a problem and helping an advice practice and dealing with stuff, the price debate is not there because those with different solutions are not cutting it, so to speak. Hopefully, that answers that. So we're not seeing that pressure, and that's not what we're about. We're about actually continuing to invest, delivering utility and value, and not concerned about back book repricing, if anything. Some of the rough stuff we've done recently, Katrina would have talked about it, it might be 0.5-1 BP in terms of revenue margin-ish, where we've tweaked stuff. In terms of the opportunity set, it's really exciting. You think about all these bastions of product manufacturing that had aligned advice and the fact that the shifts have gone from, "Let's leave aligned advice to go to the new world," and now that new world is starting to aggregate and change in itself. So you get larger opportunities, you get concentrated opportunities with those that aggregating, which lowers our cost to serve or opens us up to greater solution sets or greater opportunities. So I think any disruption and any fragmentation is very, very good if you have the leading product and you've got a sustainable business model. So all those things create opportunity. And if people are looking at shifting homes or shifting licenses or looking at shifting platforms, obviously on their list is going to be HUB24 as one of the solutions. So we benefit from that activity, and we absolutely sponsor and help with that as well. We have an amazing relationship, led by some of Shane's team across the board with all sorts of licensees. We had 10-15 of the licensee CEOs with us a couple of weeks ago, all together in the one room, even though they compete, talking about strategy in the industry and so forth. And so, you know, I see that as a huge opportunity, and it's where we're winning, quite frankly. At the moment, we have to work hard to keep winning, but it's an opportunity. Can I just pick that up? Yep. It's a fantastic outcome, the reemergence, you know, the emergence of these- Mm. New groups. What, the conversations we're having are not about, you know, the back book and can I squeeze a bit more lifeblood out of you, you fees? They're about their business value. Now, these groups are coming together with a really big aim of having a step change in their own valuations as they gather, get the benefit of scale and drive really different financial outcomes for themselves. And so that's where the conversation is, and what that is about is the tech they need to underpin that massive change in their business to get that scale benefit, and that's exactly what we're talking about. So they're on board with the ecosystem. They want it because that's gonna drive really different business outcomes for them. We're just not talking about fees in those conversations. Just not, not on the agenda. You get prevention versus detection with compliance issues. You speed stuff up. You get to engage with your client better. You get to speed up that process. When you're engaging with your client, you don't have to take six weeks to gather the data because they can put it in myprosperity and share it with the client. In fact, it might already be there, so you've got vaults. So all those things are making the advice process far easier, even though our history is about being advice, execution, and platform. We're pushing back into that advice process with these tools. Any more online, Sam? And we-- Oh, Scott's here. Sorry, Scott. Yep. Might be one for you, Jason. Just as you think about the needs of the market over the next 4-5 years, do you have all the capabilities that you need to meet those needs, or you need to invest more? She's got the checkbook. No pressure. What would you need to add to the capabilities there? Oh, look, there's lots of opportunities. You know, you can imagine the fintech universe at the moment is capital constrained, and so, you know, every week there's something across the desk saying: Can you guys think about putting money in it? We obviously reject most things, but, so it's absolutely not a no. We have, though, pretty well, you know, filled that ecosystem, and a lot of those groups we don't have to acquire. We can partner with certain capabilities. But I'm sure there's things that will pop up where we go, "That's a really high-value part of that, you know, that whole quadrant or the whole ecosystem," and certain segments we'll play because it's just so high value. It's a really critical piece. myprosperity is a great example of that. It was just such a critical piece, the infrastructure, we just had to have it. So yeah, someone's saying no, but we're currently very happy with the ecosystem as it is. Thanks. I know there's a question online I saw it before about incremental versus massive rebuild from Siraj again. So Sam, to save you time, and we'll put Mr. Biggs on the spot here. The question is about given scale and growth. Tell me if I get it wrong, Sam. You know, does our incremental investment allow us to build a platform, or is there a large step change or investment required to re-platform? And, you know, that's typically also the other stuff in the market is, gee, it's gonna be really hard when you get above AUD 100 billion. That seems to be a magic number for a platform. How do you do that? And my answer would be, well, it was really hard to get to AUD 1 billion, AUD 2 billion, AUD 5 billion, AUD 10 billion, AUD 20 billion, and we continually reinvent ourselves and build scale. Did you wanna add? ... Only to reinforce that message, that we certainly don't think about it in terms of there's going to be a need for a massive investment to re-platform the environment in one big hit. For us, we'll do what we've always done over the last five or six years, which is a constant reinvestment in that technology stack, and that's got to be fit for purpose. So we certainly don't think about it as part of a big bang migration. An example: the data infrastructure we've got, Paul. We are running our reporting off that now, as opposed to off the main platform database. Yes. Which takes pressure off that technology, that stack, and allows you to use replicated data to do that. And there's more of that kind of thing happening. That's one example of how that investment over time creates capability. Yeah. And again, we're leveraging through the acquisitions that we've made over the last few years. Each of those acquisitions have brought a different capability to the group. So the important thing is that we're not reinventing the wheel here. We need to leverage that capability that the acquisitions have brought and make sure that we tie all that together. And again, it's a constant process of evolution as to how we approach it. So not expecting a big, large step change in cost? No. Kitrina's got the checkbook. All right, any more from the floor? A couple more online. Oh, Sam has one online. Let's go, Sam, then we'll go to James Bisinella, my partner in crime. Okay, there's one here from Brendan, from Macquarie. "Are all of the 7,500 advisors covered by Hub licensee agreements but not yet using Hub attainable? Will you be doing anything differently to onboard these, and do you expect to be growing advisors at a similar rate to history? Shane, go for it. Shane or Stan, up to you. Just might have to repeat all parts of that question, Sam, but the first one around the 7,500, 7,500, look, they're probably not all our ideal client. There's many different business models out there, and so... But they- we, we run a deep segmentation across the whole advisor network, and so we profile those clients and see which are the ones that are best fit for the platform and so on. So, you know, we've certainly got a long runway in that 7,500, but I wouldn't say we would kind of- Every year, those stats you put up earlier, there, there was a stat there of those that were part of that, that group- Yep that we've picked up this year and last year. Yep. We've got a track record of it, but not all necessarily, but yeah. Yeah. So in terms of inflows? Inflows. Oh, yeah, we had success- Yeah of picking up advisors in existing relationships that haven't used us. Yes, that's right. There's still a lot, lot of runway there to get that. Yeah. Yep. Yep. Yep. Yep, and will you be doing anything differently to onboard those advisors? Look, all the time, I'm thinking about how we scale distribution. It's, it's hasn't changed much in the many, many years of operating in financial services, but, you know, I've got a few ideas that I'm bouncing around to think about how we scale that. I think we do that with key accounts, though, with those groups. Yeah, that- Taking some of these things out to create a new conversation helps you. Yeah, absolutely. But in terms of being able to, you know, make a step change in how many advisors you go on board- Yeah Quarter-over-quarter, thinking about how we use technology to do that better and digitizing things and data, it's all comes back to data and tech, my friend, and the checkbook. So I stand here pleading, no. But, yeah, we're thinking about those things. Yeah. And the last part? The, uh- Aren't there three bits? The last part was- Yeah ... do you expect to be growing advisors at a similar rate to history? I think so. I don't see any reason why we don't continue to grow at the rate we have, if nothing changes in terms of scaling that distribution, for sure. With 4,000, Westpac or BT had 7,500-8,000 advisors at their peak. So, you know, that's a proxy for where we might be able to get to, before you, you know. So it'll bounce around, but absolutely there's the runway there to do that. Definitely. Yep. Definitely. There's another question from William at Schroders. Mm-hmm. Yeah, go for it. Okay. Can you run us quickly through the migration and why there needs to be new people hired to help the migration? Which steps require additional staff? Which parts are automated? The migration itself is a massive data mapping exercise, where you're taking data and history of accounts and parcels and tax bases into the system, and you're taking from a different data source, and you've got to reconcile that. You've actually got to move the assets as well. So the assets may be moving from a custodian to ourselves. In most cases, they'll be coming in as assets. So the money comes in as assets rather than the money. You want the continuity there where you can. In superannuation, it's different. If it's an SFT, it comes in that way. So there's a lot to do in terms of reconciling assets and liabilities per member, picking up history, tax bases and transaction history, which is a huge IT and business analyst and technical job. Yep. In terms of other people, it's resources to take on the growth. Yeah, absolutely. So just to add to it, I mean, AUD 6 billion is a huge project. So we... Some of the temporary costs would be that you've got project migration, and so oversight of, to just coordinating all of the tasks. Like Andrew said, you've got additional people supporting. We do have a full-time reconciliation team and transition team, but you've got additional people coming in to support those recs. You've also got a surge in the operations area because you've got multiple, new accounts coming on board, multiple new, calls coming through. So, there, there is this sort of surge in activity- Training and onboarding advisors, teaching them how to use the platform, but you're almost learning your current sales process. Across the business, it's a massive change management exercise. Hopefully, when you move the money on, you've got access to advisors who weren't using Hub before and a relationship there that creates more flows. So that's the nature of the expenses. Yep. Sorry, we had one... Yeah, go for it. Maybe just on the- Thank you for wearing a tie. Thank you. The team were reviewing me off for doing it before. Who wore it better? That's the question. Uh, well... Maybe just one on the net flow environment, obviously exiting pretty strongly from September. Just wondering, sort of six, seven weeks in, how that environment's looking? ... It's pretty stable. I think you'd normally have in quarter two, you normally have a drop-off as you get towards the end of year, which is normal seasonally. So, you know, it's not back at where it was, second half, 2023. So we're comfortable that the sentiment seems to be better. It bounces around. And we talk about, "Hey, look at the long-term trend or the quarterly trend," because you have things like school holidays, Spring Carnival, things like that, that do give you bumps in that. We have really strong days, and we have interesting days, but it's holding up. Kim? Absolutely. I'd say, when you look at quarter one and how quarter one performed compared to PCP, quarter two is probably very similar. It's a way to think about it. Yep. Thanks. And maybe also just on the pipeline for larger opportunities, just noting you've got the one coming in December, have you got a further pipeline potentially for larger deals over time? We're always working on larger deals. We talk about them if and when we can. So we've got a team in Shane's world that actually looks at those large opportunities, works with others in the business. So we've got the two large ones at the moment. It's more than we've had on the go before. They sometimes take 12-24 months to get there, so, you know, as and when we can, we're actively farming that area. At the same time, we're actively farming the organic opportunities. So, but, you know, they're sensitive. Clients don't want to talk about them till they're there. In fact, you know, one of our clients today said, "Please don't mention my name." And so, you know, we need to be commercially sensitive to that, too. But we're absolutely looking for them all the time. I think we're done for time, unless there's any other questions. Are we online? Are we okay? Yep. All right. I think we'll call time. Thank you so much, and we've gone over. Thank you very much for your interest and support of HUB24. You know, as I said earlier, we couldn't do it without shareholders and the broader market researching us and, and analysts and so forth. So to everyone in the room, if you're a shareholder or analyst, thank you for taking the time. I hope you've got something out of this in the deeper dive, and we look forward to seeing you around the traps again shortly. Cheers!