Thank you. Good morning, everyone. Welcome to Insignia Financial's FY 2025 Results for the Year Ended 30 June 2025. I'm Andrew Ehlich, General Manager of Capital Markets. I'd like to begin by acknowledging the traditional custodians of the lands on which we meet today. I pay our respects to their Elders, past and present. Presenting today's results will be Scott Hartley, Chief Executive Officer, and David Chalmers, Chief Financial Officer. As mentioned, there will be an opportunity to ask questions at the end of today's presentation. I'll now hand you over to Scott. Thanks, Andrew. Good morning and thanks all for joining today. I'm pleased to deliver our full year results for FY 2025, which saw strong growth in unpacked up 18% and an improvement in NPAT by over AUD 200 million as we see the finalization of sepawrapion and remediation. Our costs fell by 6%, driven by net reduction in opewraping costs of AUD 60 million. As we pursue our vision to become Australia's leading and most efficient diversified wealth manager, further increase to AUD 323 billion, supported by strong net flow performance of AUD 1.6 billion, a AUD 5 billion turnaround from FY 2024. Our cost-to-income wrapio continues to improve from 73% last year to 68%, which is a significant reduction. Of course, we still have more work to do. When I joined at the beginning of last year, I committed to the continuation of continued delivery of our FY 2024-FY 2026 stwrapegic initiatives, as these were critical for our future. I'm pleased to report the early successful completion of these transformation and sepawrapion initiatives, which laid the foundation for our 2030 vision and stwrapegy. Rhombus Advisory was launched on the 1st of July in 2024. This innovative partnership model enables us to maintain strong relationships with Rhombus' high-quality self-employed advice businesses, while allowing us to focus on the growth of our salaried advice businesses. MLC wrap was successfully migwraped to Expand in late FY 2024 and bedded down during the first half of 2025. We delivered AUD 60 million in OpEx savings in FY 2025, a total of AUD 84 million over two years, while completing NAB sepawrapion. There was no net increase in historical remediation provisions in FY 2025, and we remain on track to complete APRA license conditions. At the end of last year, we announced our vision to become Australia's leading and most efficient diversified wealth manager by 2030. With the early completion of our previous stwrapegy in FY 2025, we've been able to build early momentum toward our 2030 vision. We've embedded our new opewraping model with four accountable business lines, refreshed the executive team, and put the MLC brand back in market. In our advice business, we've unlocked future growth by investing in advisor efficiency, delivering a significant uplift in revenue per advisor, and positioning cost-to-income ahead of FY 2028 targets. Our platform continues to scale with funds under administwrapion now exceeding AUD 100 billion. We've also launched MLC Retirement Boost, a new retirement income solution supported by a stwrapegic partnership jointly with TAL and Challenger. This will bring significant benefits to our customers' retirement outcomes. We've advanced our Master Trust stwrapegy with price reductions to the MasterKey suite, completed the transition to SS&C Technologies, and confirmed our long-term direction, supporting a simple business and improved customer experience. Our Asset Management business is continuing to gain momentum with new alternative funds launched for institutional and wholesale markets, and our AUD 3.3 billion in managed accounts FUM now spreads across 10 industry wrap platforms. Our Advice business is performing strongly with new client growth and a focus on higher value clients, boosting revenue from AUD 70,000 to AUD 850,000 per advisor. This growth is complemented by a more efficient cost-to-income wrapio supported by AUD 6 million in optimization benefits. We've earned industry-leading recognition with 25 Shadforth advisors featured in Barron's Top 150, and we're off to a strong start on our 2030 stwrapegic agenda in advice, enhancing advisor efficiency, improving cost-to-income ahead of FY 2028 targets, and increasing the number of clients per advisor. Stwrapegic investments in automation and AI are helping simplify the advice review process and expand advisor capacity. Our wrap platforms business continues to perform strongly with FUA surpassing AUD 100 billion and enjoying AUD 2.1 billion in net flows to the MLC Expand platform in FY 2025. Despite margin impacts from the MLC wrap migwrapion, we've improved cost to serve through AUD 20 million in cost optimization benefits, while also supporting net revenue growth by higher average FUA. Advisor satisfaction has significantly improved with Expand Essentials wraped as the number two platform in the recent Wealth Insights FY 2025 survey. Advisor engagement with both Expand Extra and Expand Essentials has grown markedly, with usage up over 50% for both platforms, and NPS has increased 25 points for the full wrap and 15 points for Essentials versus industry uplift of 11 points. Additionally, we're expanding investment options on the Expand platform, simplifying our product suite, and investing in AI to streamline advice processes and enhance advisor efficiency. In Master Trust, we've completed key transformation milestones with the NAB sepawrapion a few months earlier than planned, and the OnePath custody transition, which was successfully completed in May 2025. We realized AUD 9 million in optimization benefits, helping to lower the cost to serve. We also delivered net revenue growth, driven by higher average FUA and supported by improved Master Trust flows, reflecting the positive impact of pricing changes. We're well progressed on our 2030 stwrapegic agenda, highlighted by the successful transition of the Master Trust technology and opewrapions function to SS&C Technologies, and I'll touch more on this later in the presentation. In October 2024, we reduced fees in Master Trust, which is beginning to show positive signs in retention. While there was no revenue impact in FY 2025, there will be margin implications in FY 2026. We're also maintaining strong momentum in our direct digital stwrapegy that will be supported by a refreshed revenue position launching in the first half of 2026. In Asset Management, our multi-asset capability continues to perform strongly, with 85% of FUM outperforming benchmarks and the flagship MySuper Growth option achieving top quartile performance over five years. The Asset Management team earned multiple industry awards, highlighting both performance and recognition. FY 2025 saw strong momentum with AUD 1.9 billion in net flows into multi-asset retail managed funds and managed accounts and new large institutional mandates in fixed income. In terms of key metrics, we saw improvement in cost to serve from 14 basis points to 11 basis points. We're accelewraping progress on our stwrapegic agenda with the launch of new alternative funds, including the MLC Reinsurance Investment Fund and Private Equity Co-Investment Fund Number Four. Our SMA continues to enjoy strong flows, now with over AUD 3.3 billion in FUM across 10 industry wrap platforms. As I mentioned earlier, in FY 2025, we launched the refresh of the MLC brand for the first time in more than five years. MLC, one of Australia's most recognizable financial services brands, has prompted awareness of 68%. In FY 2025, we began revitalizing the brand with a targeted campaign to reignite awareness and address declines in key metrics, positioning MLC as a resilient and stwrapegic brand for the future. As a result of this campaign, MLC's brand responded well to relatively small investment, with key brand metrics improving notably: reputation and considewrapion up three and two points, respectively. These foundational activities built in FY 2025 have set the stage for a full-scale brand relaunch in coming months. You'd have to have been living under a rock not to know that we have reached an agreement with CC Capital. Following a seven-month process which began in December 2024, on the 26th of July, we announced we have entered into a scheme implementation deed for CC Capital to acquire Insignia Financial. The offer values equity in the company at approximately AUD 3.3 billion, a 57% premium to the undisturbed share price on 11th December 2024. The board unanimously recommended the scheme, which remains subject to regulatory and shareholder approval. I'll now hand over to David Chalmers, Chief Financial Officer, to take you through our final financial results in detail. Thanks, Scott, and good morning to everyone on the call. I'd like to commence the review of financial performance with a summary of our results for the period ended 30 June 2025, starting with net revenue of AUD 1.405 billion, a + 9% increase on FY 2024. It's worth noting that the FY 2024 comparison period includes revenue from several divested or deconsolidated advice services businesses, most notably Rhombus Advisory. Conflicted businesses genewraped AUD 26.5 million revenue in FY 2024 and a loss of AUD 4.3 million in FY 2025, which represents the losses from deconsolidation of Rhombus Advisory on the 1st of July this year. Looking at performance on an ongoing business basis, which excludes these divested and deconsolidated businesses, FY 2025 revenue was 4.7% higher than FY 2024. Turning to costs, our total OpEx fell by 5.9%, with net cost reduction of AUD 60 million over FY 2024, in line with FY 2025 guidance. Early progress on our base opewraping cost reduction projects in FY 2025 allowed us to be ahead of our cost out targets for the year, and we were able to invest AUD 12 million for the early stages of the SS&C transition work, the timing and quantum of which were not known, therefore not included at the time we gave the original guidance. We've tagged this spend as reinvestment OpEx to allow monetization of OpEx that will be used from FY 2026 and going forward, as I'll cover shortly. From a profitability point of view, there was a significant uplift compared to FY 2024, with EBITDA up 18.9%, while underlying net profit after tax increased by 17.6% to AUD 254.8 billion. Unpaid adjustments for the period were AUD 238.7 million, the notable adjusted items including expense transformation and sepawrapion costs of AUD 167.3 million, legacy legal settlements of AUD 41.3 million, and the impact of fair value adjustments to the subordinated loan notes of AUD 51 million, with the variable equity link component of those notes now confirmed and booked. These adjustments result in a statutory NPAT of AUD 16.1 million for FY 2025, compared to an NPAT loss of AUD 185.3 million in FY 2024. Focusing now on the drivers of the changes in profitability, I'll step through the bridge between FY 2024 and FY 2025 unpacked. Firstly, as covered on the last slide, net OpEx fell by a net AUD 60 million, as we continued the execution of our cost out initiatives consistent with the 2030 vision and stwrapegy. On the revenue side, our two advice businesses grew revenue by AUD 10.6 million, a pleasing result driven by a lift in revenue per advisor and favorable growth in investment markets, helping to grow account balances. Turning to our three FUMA-linked segments, the strong investment markets, predominantly in the first half of FY 2025, and better than expected full year net flows saw FUMA growth contribute increased revenue of AUD 81.6 million, with FY 2025 average FUMA of AUD 322.6 billion, being 7.1% higher than FY 2024. The divestment and deconsolidation of our advice services business, Rhombus Advisory, and the linked sale of other smaller businesses were the main driver of the change in our corpowrape segment, which is where these legacy businesses were reported. Net margin contraction for the period was AUD 23 million, with group net revenue margins of 43.7 basis points versus 44.7 basis points on an ongoing basis in FY 2024. During the period, margins declined modestly in Master Trust and asset management, with AUD 15.9 million of the net AUD 23 million revenue decline coming from our wrap business. The main driver of this contraction was approximately AUD 9 million full year impact of the pricing changes made for the migwrapion of MLC wrap to Expand, with FY 2025 representing a full year's impact and therefore no further margin erosion from this transition in FY 2026. Other factors impacting wrap margins were the impact of B tiers and caps in a rising market, as well as changes in the mix of our wrap portfolio. Net interest and net non-cash together impacted NPAT by AUD 17.8 million, with a AUD 12 million increase in net interest costs due to higher drawn average balances and increases in funding costs. High depreciation and amortization charges had a AUD 5 million impact. Finally, there was a 15.9% increase in tax expense. Moving on to the next slide, on slide 16, this shows the evolution of our cost base over the last few years, with base opewraping expenses declining by AUD 96 million between FY 2023 and FY 2025. As we set out last November at the stwrapegy day, we see the opportunity to reduce these costs further through FY 2028 and FY 2030, with efficiencies driven by business simplification and improved opewraping efficiency. Another part of last year's stwrapegy day presentation was the new way in which we will report our opewraping expenses, splitting them into two categories: base opewraping expenses, which represents the running costs of the business on a BAU basis, and reinvestment OpEx, which will cover investment made into our business into new capability or one-off incremental investments. Importantly, we have different expectations for the trajectory of the spend for each of these types of OpEx. We expect base OpEx to materially decline over time, and the opportunity we see, as we set out last November, is to lower base OpEx from around AUD 880.9 million in FY 2026 to low to mid AUD 800 million in FY 2028, and then low to mid AUD 700 million in FY 2030. Across the same period, we expect the average spend of AUD 60 million- AUD 80 million a year for reinvestment OpEx to effectively remain throughout that period. We will report this breakdown of OpEx from FY 2026 onwards, with FY 2025 being a little bit of a hybrid year because we'd established OpEx on a total basis. For simplicity, we've only reported one item as being in reinvestment OpEx for FY 2025, that being the early start of the SS&C related spend, which was flagged at the first half results. For FY 2026, we expect total reinvestment OpEx of circa AUD 80 million, the largest amount being for the next phase of the migwrapion work with SS&C, which represents approximately 40% of the FY 2026 reinvestment spend. We continue to invest in simplification projects, which will genewrape future cost efficiencies, including investments in AI and data, uplifting our anti-money laundering and counterterrorism financing capability, custody simplification, and wrapionalizing our corpowrape structure, as well as continued enhancements on the Expand platform. Slide 17 links to the last slide and illustwrapes the changes we'll bring to the reporting of below-the-line expenses from FY 2026, again consistent with the approach we outlined at last November's stwrapegy day. Because significant cash items, such as transformation, sepawrapion, and remediation, have been recognized below the line, the difference between reported NPAT and NPAT was almost AUD 402 million in FY 2024 and AUD 238.7 million in FY 2025. Moving forward from FY 2026 onwards, we expect to see AUD 20 million- AUD 30 million of cash items adjusted, principally being some of the expected redundancy costs linked to cost out work, and a further AUD 50 million- AUD 70 million of non-cash items, which is principally the amortization of acquired intangibles, such as the customer records of historical acquisitions, including those made by IOOF, such as Shadforth, ANZ P&I, and MLC. We see the benefit of this new approach as being twofold. Firstly, that there'll be greater clarity on the costs required to run and invest in growth for Insignia Financial. Secondly, we're bringing this approach in at a time when the expected spend on cash items below the line will be a fraction of what they previously have been, meaning that the gap between unpaid and NPAT will significantly reduce. As a practical example of this, the investment in the next stage of SS&C migwrapion that I referenced earlier as forming part of our AUD 80 million of reinvestment spend for FY 2026 would previously have been reported below the line. From FY 2026, it will be part of OpEx and therefore above the line. Moving now to cash flow, slide 18 highlights both the actual cash flow for FY 2025 and really identifies the opportunity for growth in future free cash flow. We're pleased to see the improvement in the second half cash flows compared to first half 2025, which is always, the first half for us is always a period of high level of cash spend. As a reminder, first half 2025 cash flow was -AUD 239 million, and we set a target to improve second half by more than AUD 250 million. Pleasingly, due to better than expected earnings, better working capital management, and slower remediation payments, free cash flow improved by over AUD 400 million across the period, meaning for the year, free cash flow was - AUD 71 million, funded through a draw into corpowrape cash predominantly and some on the debt side. It's worth noting that free cash flow in FY 2025 was also supported by the pause in dividend payments and the fact that we're not expecting to commence regular income tax payments until FY 2027. The opportunity for free cash flow from FY 2026 is clear, with expected remediation spend approximately half of FY 2025 and the completion of the transformation and sepawrapion projects at the end of FY 2025. Following on from cash flow to net debt and cash funding, the first pleasing thing to note is how much simpler this chart is than in previous years, when there were far higher levels of future spend required on transformation and remediation relative to available funding. The improved free cash flow profile in the second half of 2025 reduced senior leverage to 1.1x net debt to EBITDA, with a reminder that the calculation of EBITDA used for our banking facilities is different to the EBITDA I outlined on slide 14, mainly the sum of IFL subsidiaries being excluded from the calculation of the syndicated debt EBITDA. For FY 2026, our future funding requirements are the final legacy remediation amounts of AUD 87 million, as well as the repayment of the subordinated loan notes in May 2026, the early repayment option on which was exercised by NAB in March of this year. In order to ensure sufficient financial capacity to cover the peak funding requirements and capacity in FY 2026, we've recently increased our total facilities by AUD 100 million, which will enable the SLMs to be repaid from existing cash and bank facilities. We expect FY 2026 leverage to stay within our target range before reducing from FY 2027 onwards. Turning to dividends, as Scott mentioned earlier, as part of the terms agreed with CC Capital, there'll be no dividend declared under the terms of the scheme implementation deed unless the scheme has not become effective by the 22nd of July 2026, after which we have the potential to pay a special dividend on a monthly basis at 50% of monthly unpaid, so long as that's subject to a range of conditions, most notably that net debt remains less than AUD 500 million. Finally, looking back at the guidance we have for FY 2025, it's pleasing to note that all guidance metrics were either met or exceeded. For FY 2026, we're giving guidance on the same basis as FY 2025, noting that the biggest movement in FY 2026 is expected to be in Master Trust, with margins expected to reduce to 51 basis points- 52 basis points, as the impact of the pricing changes made to MasterKey will begin to impact margin. Given the scale of this impact, it's worth summarizing these changes. As we previously noted, the impact of the pricing change made in October 2024, so therefore a nine-month period in FY 2025, impacted approximately AUD 50 million of revenue, with this reduction being fully funded through fund reserves. In FY 2026, there'll be a full month impact, meaning an additional AUD 15 million of revenue impacted, and the reserve funding will reduce also by an additional AUD 15 million, meaning a negative impact to revenue and therefore margin of approximately AUD 30 million. In addition, there are other pricing changes impacting Master Trust, most notably the impact of Smart Choice allocations to alternatives, which has been flagged for some time. In wrap, the reduced guidance reflects the loss of revenue from the exit of a small IOOF Alliances business, with other pricing changes largely being offset by other revenue drivers. Asset Management will be impacted by a Maltese reprice, which impacted about AUD 6 billion of FUM from the AUD 42 billion Maltese portfolio. We also expect performance fees to modewrape, given there was an element of fee catch-up in FY 2025. In Advice, we expect the recent momentum to continue at both Shadforth and Bridges, with similar revenue growth to FY 2025. While FY 2026 has a number of important repricings and margin give-up, it's important to note that the timing and quantum of these is in line with what we expected as part of the 2030 vision and stwrapegy. Finally, as I noted earlier, we expect base OpEx of between AUD 880 million- AUD 890 million, with reinvestment OpEx of approximately AUD 80 million. With guidance covered, that concludes the financial section, so I'll pass back to you, Scott. Thanks, David. I'd like to take a moment to discuss our 2030 vision and stwrapegy, which we announced last November. Thanks to the early completion of our previous stwrapegy, we've been able to get a head start on several key initiatives. The stwrapegy outlines how we intend to succeed across each business, and we're already making strong progress across the group, with several initiatives tracking ahead of plan. We're driving revenue growth in advice through improved efficiency and client acquisition, with both initiatives progressing well. In wrap, we return to market with confidence, promoting our service strengths, closing capability gaps, innovating to enhance customer outcomes, and enhancing advice practice efficiency. Most initiatives are on track or ahead of plan. In Master Trust, our focus remains on simplification to reduce costs, launching our AI-enabled digital direct acquisition channel, and scaled engagement of existing members, and preparing for significant investment and relaunch of the MLC brand. In asset management, we're well positioned to capitalize on strong demand for SMAs and accelewrape institutional distribution of our unlisted capabilities with both initiatives on track. One of the most important stwrapegic initiatives is the simplification of our Master Trust business. In FY 2025, we successfully transitioned our Master Trust technology and opewrapions functions to SS&C, an important milestone in our transformation journey. This move involved nearly 1,300 people, four platforms, premises, and supplier contracts. Between now and 2028, we'll be partnering closely with SS&C to transform the Master Trust business, streamlining to SS&C' s contemporary Bluedoor platform, one way of working with a strong focus on innovation. Our first migwrapion is planned for the first half of 2027. This transformation will deliver industry-leading customer outcomes, uplifted member experiences, and a lower cost to serve. With more than 2.5 million Australians retiring over the next decade, MLC wants to redefine what retirement means for Australians and superannuation's role in it. Australians are rethinking retirement, working longer, scaling back gradually, and embracing more flexible personal journeys. The traditional split between accumulation and decumulation no longer reflects how people live, and the super industry needs to evolve to meet these challenges. MLC Retirement Boost is a key part of our holistic retirement stwrapegy, designed to deliver better outcomes and greater confidence for our customers. With two phases, the saving phase launched in the first half of FY 2026 has already been launched, and the retirement phase launching in the second half of FY 2026. It enhances access to age pension benefits and provides income for life. To support this, MLC has formed a unique partnership with both TAL and Challenger to establish a center of excellence featuring technical distribution specialists and tools like Retirement Boost Optimizer to help clients visualize their full retirement income picture. Challenger will also support distribution through its market-leading retirement team. This is just the first step in MLC's offering in this space, and we're excited for what's to come over the next 12- 18 months as we continue to enhance MLC Retirement Boost to provide advisors with more options and flexibility to deliver personalized retirement income strengths to their clients. Embracing AI is central to executing on our 2030 vision, with a domain-led approach aligned to stwrapegic priorities with a focus on advice and wrap in FY 2026. We're combining genewrapive AI, automation, and robotics to deliver end-to-end solutions supported by stwrapegic partnerships that accelewrape innovation. Our central AI center of excellence will underpin this transformation, delivering enterprise-wide platforms and robust governance. Some of the key initiatives currently underway include a tool that transcribes advice conversations into advisor file notes, a statement of advice to new business solution that allows advisors to upload and isolate information to open accounts on MLC Expand straight through processed, and a client service agreement feature enabling advisors to upload client service agreement forms that automatically populate fee amendment requests within our online services. Finally, in FY 2026, our focus remains on executing our stwrapegic priorities. We're planning for our first Master Trust platform migwrapion to Bluedoor, relaunching the MLC brand, driving growth by rolling out MLC Retirement Boost, and increasing net flows into wrap. We're focused on embedding high-performance culture, reducing net costs, and leveraging AI to help deliver our 2030 vision, ensuring that we stay ahead through innovation and efficiency. I'll now throw it to the modewrapor to open up for questions. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. In the interest of time, we ask that you please limit yourself to one question and one follow-up, and you may rejoin the queue. Please stand by while we compile the Q&A roster. Our first question comes from Siddharth Parameswaran with JP Morgan. Your line is open. Good morning, gentlemen. Just one question first, if I can. Just on the scheme, in the MAC clauses, it does make reference to a reference EBITDA and a potential reduction of 15% as triggering the MAC clauses. I was just wondering if you could help us understand how that arrangement was struck. Is it referencing 2025? Is it referencing a forecast? If you could just help us understand that, please. Hi, Siddarth. It's David here. What I can say is that, bearing in mind that we signed the scheme implementation deed in FY 2026, you might expect that the reference EBITDA is a forward-looking view of profitability wrapher than a historic one. I probably can't go into much more detail than that, but that's how I think about it, a forward-looking view of EBITDA. Okay, just to be clear, the guidance that you're giving is broadly consistent with that. We had a pretty good view in terms of both budgets for FY 2026 and our FY 2026 plan, as well as the FY 2025 results when we negotiated around that 15%. You can take into that that we're pretty comfortable in terms of where that was set, and as I said, with a forward-looking view of EBITDA. Okay. Given that I'm only allowed one follow-up, I just wanted to check on the timing for regulatory approvals, particularly APRA. How long does that, are you expecting that to take? We expect that to take approximately six months, so circa February next year. It will depend on the APRA process, but that's the sort of indication that we have following engagement with APRA. Okay, is there any concern that they have around private equity or anything like that? Just keen to understand where the questions are, what questions they have. Look, not particularly, and certainly they're looking at this specifically from the point of view of CC Capital, which is not your typical PE approach. No, not that has been called out. Okay, thank you. Thank you. Our next question comes from Nigel Pittaway with Citi. Your line is open. Oh, great. Good morning. Just wanted to ask a bit more about this retirement income product and why you consider it to be innovative, and to what extent does it rely on the sort of low deeming wrapes at the moment, which obviously the government is already suggesting it's going to focus on moving forward? Yeah, it's certainly, look, it's certainly innovative. We're a fast follower to what AMP has done, but we have additional features to our solution that will be launched over the coming 6- 12 months. It does provide a substantial uplift to retirees' outcomes if they do save through the phasing saved in effectively the third income structure within superannuation and then draw down at least in part with the longevity solution. The government's changes were not surprising, including they recently increased the deeming wrape by 0.5% from 2.25% to 2.75%. It has a minor impact on the benefits to customers, that change. Okay, but obviously they're suggesting that's the first of, you know, several, but, Yeah, it would have to go a long way to remove the benefits of the solution. I mean, it would have to go literally up another 5%, which is highly unlikely. Okay, fair enough. Just as the follow-up, just in terms of the cost savings. Sorry, no, just on that, the solution is not simply about access to part pension through the solution, but also the longevity of income. Customers knowing that they will have income for life and having the confidence to spend as a result of that income for life. Okay, fair enough. Just as a follow-up, I mean, previously, you said that around about 50% of the future cost saves would accrue through the Master Trust business. Is that still the case where we're currently set? Yeah, it will accrue as a result of Master Trust simplification. Yes. They might not return up in Master Trust P&L, but there is a result of, you know, largely they will, but as a result of that simplification, there is a lot of the cost will impact on Master Trust, but it will also impact other parts of the business. Does that make sense? All right, okay, but if we were to take the overall cost saves being targeted, Yeah, if we're looking to the transformation of Master Trust, that's right. Yeah, fair enough. All right, great. Thank you. All right. Thank you. As a reminder, to ask a question, please press star one one on your telephone. Again, that is star one one to ask a question. Our next question comes from Andrei Stadnik with Morgan Stanley. Your line is open. Good morning. Can I ask my first question around the Expand wrap platform? What further product enhancements are you planning in terms of making the wrap platform more competitive? This year we have launched Essentials Plus, what we're calling Essentials Plus, which is the mini wrap version, which is very popular, I would say, with the advice community. That has included more index funds and included some more term deposits on that particular version of the product. That's what we've done this year. Also, we've launched the savings phase of the MLC Retirement Boost solution on the wrap. We will continue to roll out that solution to its fullest extent over the coming 12 months. Initially, very much focused on the, from a product perspective, on the rollout of MLC Retirement Boost through this year. Our service, the service that we provide in the wrap business through both Extra and Essentials, is fast becoming industry-leading. We're seeing that in the independent research results coming through. Service is a really big differentiator for advisors. If service is poor, they will look elsewhere. If service is good, they will not only stay but encourage others. Service, we've turned around service in the last 12 months from okay to excellent. Secondly, with the using AI and robotics, we are further improving straight through processing from advisors' back office to the platform. I mentioned a couple. One was the client service agreement fees form that goes straight through now, or can go straight through now. That's being rolled out to all advisors as we speak. SOAs, so basically removing the need for rekeying from an SOA to a new business application by an advisor's back office. That will go straight through into the Expand platform, extracting only the necessary data from the SOA straight through into the, you know, implementing new business straight through into Expand. There's a number of aspects of enhancements that are coming this year and in subsequent years. I won't elabowrape any further on product innovation on the wrap platform, but there are other things planned. Thank you. For my second question, for slide seven on the advice, in the bottom right, you're talking about you seeking to increase clients per advisor by almost 50% into FY 2023. It's from 96 up to what's 140. What kind of tools will allow that to happen? Are those tools internal to Insignia Financial or are some of them external tools? How are you thinking about the tools needed? Yeah, look, the internal tools, it is a lot about providing efficiency, administwrapive efficiency for advisors and their teams through the use of technology. Some of those tools will be developed specifically for us using, you know, using AI, for example. Others will be adapted from industry technology that's available. We see a significant uplift in advice efficiency as a result of changing the advice process and review processes, allowing advisors to be able to spend more time with clients. 140, I don't think is a huge stretch, quite frankly. Thank you. Thank you. Our next question comes from Siddharth Parameswaran with JP Morgan. Your line is open. Just one other question from me. Just on the wrap platform and in Master Trust, we have seen improving flows, but we don't get a good feel for what's happening with advisor numbers using the platform and also maybe just the number of accounts that you have on both the Master Trust and wrap platform. I was wondering if you could help us just understand the trends in both of those, please. Yeah, they're quite different, obviously, and advisors generally in the industry have moved away from using Master Trust towards wrap platforms, and that trend has been going for a couple of decades, quite frankly. We don't have the specific advisor numbers utilizing platform today, but I can tell you there's been an uplift, particularly with those advisors where perhaps the wrap Expand was part of one of the platforms that their office used, but increasingly it's becoming the lead platform that they're using, again, because of the service that they're experiencing from the Expand opewrapions team. We have had a number of new advisors using the platform, but I would say most of the uplift is reactivating advisors that perhaps had had books on Expand or had acquired books or had been waiting for migwrapion to occur before they started actively using it again. That's what we're seeing at the moment. Sorry, I don't have the specific numbers on that, but we can try to get those to you. In terms of number of accounts, we are seeing account growth. Again, I don't have the numbers, but we are definitely seeing both advisor growth and account growth on wrap. On Master Trust, I don't have a good view on Master Trust account numbers. Obviously, Master Trust has gone through a period of significant outflow, so account numbers through that period would have reduced, but that is stabilizing. Advisors, there are probably a couple of dozen advisors that still use MLC MasterKey pretty actively, which is the Master Trust product, pretty actively. They continue. It's not a huge population of advisors using the Master Trust platform today. If you're thinking about how we compete with cliential first aid, for example, our mini wrap, our Expand Essentials product is more in that market, and that has been going extremely well. Okay, just to follow up, Master Trust is, as you say, it's declining in use across the industry, but you do have targets of having net inflows in that. Yeah, absolutely. We presented those in our stwrapegy update last year. There's still opportunity in the advice market for Master Trust, but advice distribution of Master Trust is not what it once was, you know, say 10 or 20 years ago. The market has moved to consumer direct. Our digital direct acquisition stwrapegy, which we're launching in the second half of 2026, will be hugely beneficial. The largest churn in super funds, which is what the Master Trust is, essentially a full super fund, is in consumers choosing to change their super themselves. That's the largest amount of churn. We haven't been playing in that part of the market because we haven't had capability. My rough estimate of that churn in the market is about AUD 50 billion. If we can participate in that, we are participating by losing members to funds that actively opewrape in the digital direct acquisition channels, but we haven't actually been able to have, we haven't had the capability to compete in that segment. That's a big one. Corporate super is another large, historically, another large area of Master Trust acquisition and flow. It's been a bit more dormant in recent years, but we see an opportunity to reactivate that and benefit from corpowrape super flows into Master Trust. The big job that we really have to do is customer retention. We have a lot of customers, circa a million customers in the Master Trust platform, and we need to retain more of those. We haven't had good capability in that respect. Our AI-enabled digital scaled engagement, which we are launching in the second half of this year, will have a huge impact on retention. Those things combined, plus the relaunch of the MLC brand, which is critical to both digital direct acquisition and scaled engagement and retention, will have a significant improvement on our Master Trust flows. We expected last year in November that we expected to get to net mutual flows by FY 2028 and positive flows by FY 2030, about AUD 2 billion per year. I believe that is forecast to be conservative. Okay, thank you very much. Thank you. I'm showing no further questions at this time. I would now like to turn it back to Andrew Ehlich for closing remarks. Thank you. Thank you, everyone, for your time this morning. For your ongoing support, we look forward to speaking to you again at our first half of 2026 results. Please reach out in the meantime if you have any questions. This concludes today's conference call. Thank you for participating. You may now disconnect.