Thank you very much and good morning, everyone. Thank you for joining this call at relatively late notice, following our announcement of the acquisition of Paradino this morning. We're obviously extremely excited about this acquisition, and I think in many ways it builds on the conversations that we've been having with many of you over the last 6- 12 months about our desire to continue to move into more and more of an adviser's workflow. Paradino is an Australian business, and has incredible technology as it relates to AI-powered advice automation and advice production. It's a really important strategic acquisition for Netwealth. Whilst we will come to the commercial terms in a moment, I propose today just to spend a bit more time on the strategy and a little bit more about Paradino, given that they're probably relatively unknown to many of you on the call. If we move to page eight, I believe it is. The problem that we're trying to solve here, and the problem that we've spoken to you about historically, is that advice and the supply and demand of advice in Australia is incredibly challenged. Over the next 5- 10 years, we expect somewhere in the vicinity of 3.5 million Australians to be seeking complex advice, and yet only 10,000- 12,000 advisers available to actually provide that advice. The math is pretty simple. There is not enough advisers to meet the demand that is going to be coming. With Paradino, we're looking to solve and unlock a huge amount of the capacity and a lot of the issues that currently sit within an advice firm. When you look at the advice process, it's long and it's difficult, and there's a lot of parts of it that are incredibly time-consuming. Netwealth historically, up until today, has been very much focused on the implementation, the execution, reporting, and review part of the advice process. However, when you look at what an adviser and an adviser practice needs to do on a daily basis, there's many more steps, ranging from fact-finding, client onboarding, advice production, SOA and ROA, through to client communication. With the acquisition of Paradino and the integration that we will be starting to roll out in the coming months, Netwealth can now start to unlock serious capacity for advice firms. It is the first time in Australia that there' s been an AI-powered productivity platform overlaid on top of a wealth management platform, and something we are extremely excited about. The huge benefits we see in the short term, AI file noting. Whilst probably a simple technology to many, this has the capacity to unlock around three hours per meeting for an adviser. What' s really interesting about that initial meeting, whether it is a first time the client and the adviser meet or a subsequent review meeting, is that the conversations that happen within those meetings, and the information that is shared, can then convert unstructured data into structured data, which then allows automated file notes to be created, which will then allow a record of advice to be created, potentially a statement of advice to be created. Also, given that that data will then be captured, will allow us to do things such as open accounts, create transactions, or pull together review documents with strategic advice that's being provided. There are so many opportunities for us now to seriously link workflows across an advice firm and to participate in more than 50% of their daily activities. As I said, this is a first in Australia and something that we're really excited, and the feedback to date has been absolutely fantastic. Given that Paradino is a small company, and relatively unknown, we might just jump to Paradino on a page, which is on page 13, before we walk through, and then hand over to Q&A. Paradino is a business that's been known to us for some time. It was started by Alex and Josh, who have got long histories, circa 15 - 20-year careers in financial services. They've been advisers, they've run large paraplanning services. And Josh was also the senior technologist at Midwinter, where he was heavily involved in the development of the Midwinter financial planning product. He also spent time in New York, where he's working with MSCI on a number of very large data analytic projects. Over the last couple of years, as I said, they've built an incredible business that actually spans a very broad range of advice productivity areas. The SOA and the ROA is probably the best understood, but as I mentioned, file notes. And also their recently released tasks and activity workflow allows advisers to set up workflows, automatically trigger agents to then go off and do particular tasks that would normally take people in their office potentially hours to do. The stat that we particularly like is one that you will see up on the page, which is for advisers looking to produce SOAs. The average time is about 8.8 hours using traditional software. Where the information is available, they can get that down under 10 minutes. From that stat alone, you can see the productivity benefits that we're going to be able to deliver, particularly as we start to integrate it into our workflows, account opening, and transactional services. To date, Paradino has an ARR of AUD 1.6 million. They have 535 subscribers, 336 businesses, as in advice practices, which continues to grow rapidly. And impressively, despite their rapid growth, which you'll see on the charts on the following page, their monthly churn rate is less than 1%. What this clearly indicates is that their customers are very happy, and are extending the services that they use with Paradino. They have a huge amount of advice, as I mentioned. The product is already fit for purpose and has great market fit, and will continue to be accelerated with the additional investment that we're going to be making. If we look at their current growth rates, on the next slide, on slide 15, you will see just how quickly they are in fact growing. One stat that I particularly like, which you will have seen on page 14, is that out of all of the AI tools that are currently available in Australia, many of which are only focused on file noting, Paradino already has the largest market share, with over 30% of users interviewed using Paradino and looking to extend services with Paradino. On slide 15, however, you can see what that actually translates to in growth. And the monthly ARR, as I mentioned, is growing exponentially, as is the advisers, which is largely word-of-mouth driven. They've spent a lot of time ensuring that advisers can not only onboard and test the services for free, but also on the go-to-market strategy and the ability for advisers to be trained up and to get active and using the product very quickly. Moving to slide 16, I'll just stop for a moment and hand over to Hayden, that can talk to some of the financial benefits and also the productivity benefits that we believe will be achievable in the current system, but also moving forward as we integrate it more deeply into the Netwealth ecosystem. Over to you, Hayden. Yeah. Thanks, Matt. As you would've seen on, I think, that first slide that Matt referenced, slide eight, we've done the calculations whereby we have seen our ability to expand into the workflows of the adviser customer base going from about 10%- 50% of advisers' times. What that means is that we're moving out of purely one of the core workflows, being the platform implementation, into three additional ones. As Matt has said, it's the SOA/ROA production. There's also the meeting prep and fact-finding portion. And then at the back end of the workflows, when it comes to reviewing and servicing and the admin around that. When you look across those workflows, those three workflows are very high consumers of advisers' time, and the estimate is that the Paradino product would, on a typical basis, save around about nine hours. What that means is that the tasks that would typically take around about 33 hours now take 24, and that nine-hour saving translates into a 38% increase in the productivity of the adviser base. If you then take that 38% and you apply that across what a typical adviser looks like today, on slide 16, if they have circa 120 clients, you can see that growing to over 165. From a F UA perspective, if they average managing or administering AUD 87 million worth of FUA, you can see that growing to about AUD 120 million. And then, if you think about the fees that an individual adviser can generate today, of about AUD 560,000, this productivity tool should enable them to drive that also 38% higher, close to AUD 800,000, s o, a very, very meaningful economic benefit from an adviser's perspective. And hence, some of Matt's comments as well about how prospective this is as a tool to the clients. Now, obviously on the back of that, if our advisers and our clients are successful, then we would hopefully look to share in some of that success. And on the right-hand side of this slide here, you've seen the equivalent calculations as well. Now, that's not to say that this will happen overnight, but it gives you an idea of the envelope of the potential of the Paradino acquisition for us as we stand today. This does not take into account, however, the natural tailwinds and growth that we would be experiencing, of which this would become a multiplier effect as well. Whilst we've been clearly working on this for some time, some of you would be familiar with what's happened in the U.S. recently with Altruist, which is a fast-growing custodial platform in America, very much replicating what Netwealth is doing, and their announcement of buying Hazel, which is an AI-powered advice productivity tool. It's been incredibly successful over in the U.S. and actually resulted in a very significant purchase by Vanguard off the back of the combined offering and the feedback that the market has been providing. We're certainly not the first to do it, although I'd like to say they copied us. They did get to market first. But we really do think this is a watershed moment for Netwealth and for the industry, as we put together the two aspects of an adviser's office into something that is going to deliver very significant value for advisers. Importantly, having just come through our full-year results, this also underpins a lot of our strategy, when it talks to creating capacity for advisers, but also accelerating our share of retail, where it's all about efficiency, and also the benefits that we're going to be able to deliver to our high-net-worth private wealth and also broking firms. It is a unique offering in the market. It is very differentiated in the market. And because of the outcomes we know we're going to be able to deliver, we know that the market response and market fit is excellent. Importantly, if we turn to the transaction terms on page 17, we've deliberately tried to keep this very simple. As you'll see on the slide, we are paying the founders and shareholders AUD 15 million in cash up front. There is AUD 5 million in Netwealth equity that will be granted and will be escrowed and t here' s up to AUD 9 million that is available for an earnout over the next four years. That earnout, again, has been deliberately structured to make sure that we are very aligned to the outcomes with the Paradino team, and is largely based on achievement of integration and milestones, as well as subscriber growth and cross-sell opportunities and growth. Again, I think that the structure, while simple, totally aligns us to the outcomes that we need and want to deliver. The maximum consideration for it is AUD 29 million, if the full earnout's achieved. In addition to that, to ensure that we can really accelerate the benefits to advisers and to our customers, we will be investing a further AUD 10 million over two years to make sure that their current roadmap is in market as quickly as possible, and gives us not only a competitive advantage overall of our peers, but also that we can deliver that value that we've talked about for the last minutes. On that, we might hand over to Q&A. Thank you very much for listening. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question today comes from Nick McGarrigle with Barrenjoey. Please go ahead. Good day. Thanks for taking questions. I was just curious what underlying models Paradino is using and how they currently integrate with some of the other third parties in the market that are required to get the workflows from start to finish. Yeah, absolutely. So good question, and yeah, clearly there was another announcement from Claude this morning. I guess the benefit of Paradino is that the technology and the way that it has been architected, whilst it currently sits with Google, does allow for multi-model applications. So over time, as different LLMs or different models provide different capabilities, we will be able to leverage them and ensure that we've got the right model for the right job. That includes making sure that we can use cheaper models, as an example, for less AI intensive tasks, and new frontier models where appropriate for some of the newer activities that we will be rolling out. That technology is incredibly flexible, and that was a key part of our due diligence process to make sure that we weren't locked in to a single provider, which I think is a big risk for any advice practice moving forward. Importantly, because we will own that interface with the adviser, the interface and the way that they interact with the different tools and with the agents, and also set up their agentic workflows, becomes very specific and unique to Netwealth. It is not something that can be easily disrupted by one of the LLM models individually. So, really flexible architecture, and as I said, allows multiple models in the future for ensuring that we have got the right models for the right jobs. Can you talk about the token usage, I suppose. Claude's launch of the adviser product today is going to be obviously driven all around their models, which can be quite token consumptive. Whereas, I guess in your instance, if you're saying there's pretty simple processes, you don't need to run leading edge models to get a cost-effective outcome. Then I guess the follow on question from that is, how does the token usage cost of goods sold work in terms of who pays for what in the kind of current revenue model? Yeah, definitely. Paradino is a subscription model. So there is different subscription packages that you can subscribe to from the starter pack, which gives you a range of advice efficiency tools such as file noting, all the way through to their Pro model, which gives you full ROA, SOA workflow capability, and that sits at around AUD 300 per month for a practice. Something that they don't teach you at university is that Hayden and I are now experts on token economics. I will hand over to Hayden to talk you through how that actually applies to Paradino. Something, again, we're very focused on during the day-to-day process. Yeah, absolutely. So with the 500, 600 odd customers that Paradino has today, and two years worth of runway of customer usage, we've actually got a reasonably large data set to run our unit economic analysis over. Suffice to say that the economics for a standard user are extremely attractive. I think very much in line, you know, their contribution margin is very much in line with what our contribution margin would be. Then we've tested it at the edges of the envelope as well. When you think of a hyper user under the current pricing structure, the contribution margin would still be positively incremental to our EBITDA margin. So the unit economics stack up very, very favorably. Now we did touch on pricing there as well. That's one of the things that we will actually be looking at, is how we actually grow usage over time, grow stickiness, grow greater eyeball usage and workflow capture. As we do that, we'll obviously be very conscious of any change in the unit economics, and be adjusting accordingly. But the economics today are very good. Absolutely. I think one of the clear trends at the moment in SaaS businesses is that ability in the future, if you do have power users or hyper users, that you can cap out token usage and charge for additional usage over and above what might be expected of a standard user. Again, an area that we're very focused on. I think it's also important to understand, and this again, from a go-to market strategy, is that the starter subscription pack, we are looking to actually provide that for free to Netwealth users. We think that that's going to not only drive very, very significant adoption given the range of tools that they'll be able to access as an integrated part of the Netwealth offering, but also over time attract a lot more advisers to at least have a look at Netwealth and understand what our combined offering's going to be. This provides a very significant marketing and sales channel as well as obviously adviser efficiency for our existing customers. Cool. Maybe just a comment on third-party connectivity and maybe how is it going to remain connected into third-party platforms? Yeah. Paradino currently integrates with a number of different providers. One of the key ones, which actually allows it to do a lot of the work that it does, is its deep integration with Microsoft 365, where it learns and reads client emails and adviser emails, as well as calendar and a range of other services from the Microsoft ecosystem. Also connects into RetireMap, ProductRex, intelliflo, and not surprisingly, in the future, Netwealth. A key part of the Paradino architecture, though, moving forward and product ecosystem, is going to be that Unify really does sit at the core of all of our offerings. Unify will be the data spine or the data solution that connects Paradino to Netwealth to a range of other solutions and will really supercharge the output from Paradino, which will have access to a huge range of information that is not currently available to Paradino users or users more generally in the market. We are very conscious as well, though, that we do not want to be a walled garden. We are an open architecture play, and Paradino will be able to be used by advisers to recommend advice that might suggest other platforms, as unlikely as it is, might be more appropriate for a customer than Netwealth. We want to make sure that it is very much a tool that they want to use for their whole practice, and that it is not just restricted to Netwealth users, and it will be sort of built in architecture like that in the future. The way that we see it playing out in the months ahead is that there will be a Netwealth version of Paradino, which will be available via single sign-on to Netwealth users, and that will have deeper and tighter integration, and there will also be a mass market solution for non-Netwealth users, which will have similar capability, but obviously not give that huge efficiency through the combined workflows and implementations that will be built out. Thank you. As a reminder, we ask today that you please limit yourself to two questions per person. Your next question comes from Laf itani Sotiriou with MST Financial. Please go ahead. Good morning. Can I ask what is on the current roadmap for your funding that they anticipate rolling out over the next year or so? How does it fit together with existing initiatives that you are working on, other acquisitions? Do you now have to pivot or recast what you're working on or what the priorities are? Thank you. Yeah. Great question, Laf. As part of the acquisition and part of the strategy, we were very clear that this needs to be run as a separate company, but with deep workflows between the two businesses to deliver on those integrations. More importantly, with the additional AUD 10 million that we've committed to invest into Paradino, that ensures that our current roadmap, which is very much locked in and moving forward, isn't impacted at all. There's a whole range of things that we are working on and will continue to invest into from a platform perspective, and I think we've articulated those pretty well over the last 12 months or so. That is business as usual and continuing on the same direction. The additional capital being invested into Paradino will allow them to continue to build out more and more of that advice offering and the integrated agentic workflows. More importantly, from a Netwealth and Paradino integration perspective, the first few items, horizon zero or horizon one, if you like, will be single sign-on type data integration so that Netwealth data is available through the Paradino system for advice production and client profiles. We're also looking at onboarding. So going from a client meeting, as I mentioned before, to file notes, to SOA, to account opening without having to rekey any data, and then we'll keep building it out from there based on customer feedback. There's a fantastic opportunity for us to really bring the two together, leveraging our mobile capability, leveraging some of the new chat and messenger capability that we've launched, as well as our customer reporting to start to bring those key advice processes, which we've detailed on page eight and which are currently creating a huge bottleneck for advice delivery in Australia. You got it, Matt. Just the other question I had was, I think it's one of the founders, as you alluded to, I think it was Josh, has a background in Midwinter. You can see that there are technology integrations with ProductRex and RetireMap. Are you looking to move more? This almost puts you on to Paradino's sort of providing a lot of what, I guess, Xplan provides. Is that a fair view on that? Then, secondly, this looks like it's not a wrapper and Paradino has its own agent. How does it solve for potential hallucinations? Thanks. Yes. I won't necessarily comment on Xplan and Iress other than to say there is a lot of crossover, and the roadmap would certainly solve for a number of issues that clients are currently expressing to us. It's approaching it in a very different way to some of the legacy financial planning softwares. We're seeing even on the weekly, fortnightly releases that Paradino is making, that they're making huge inroads into that enterprise sort of level service. Watch this space, but there's certainly a lot of capability that is available today that will allow advisers to run their practices far more efficiently than they are currently. In relation to the hallucinations, again, a key area of day-to-day for us during the last sort of four to six weeks. Literally last week, they just rolled out additional safeguards and guardrails and now have adversarial agents working across their document production. Every document basically goes through four different adversarial agents, from sort of the compliance manager to the para planner to the ultimate checker. We're very confident that whilst there might be the occasional hallucination, that we are really able to contain those and make sure that the documents are compliant, which is important given it's a compliance tool at the end of the day. Adversarial agents, evaluation testing, and monitoring it for all of those things is absolutely key and foundational to the service. Thank you. Your next question. If you are interested, I was going to say, Laf, if you are interested, there is a fantastic paper that they actually sent out late last week, which we can send to you, on exactly how that's managed. Your next question comes from James Bales with Morgan Stanley. Please go ahead. Hi, guys. Firstly, you bought an Australian AI business. Can you explain maybe the localization benefit that you get from that? I am assuming it is not a coincidence. It's definitely not a coincidence. As many of you would be aware, Netwealth has no aspirations to go overseas. We are very much an Australian company focused on Australian problems and the Australian wealth management industry. When we were looking at the various providers in the market, what we particularly liked about Paradino is that they are very much an Australian-founded, Australian-led business, and they have no aspirations either of going offshore. So everything that they have been building, everything that they are building, and everything that we are going to build is hyper-localized for the Australian market. Some of the other providers are looking at world domination and have already moved into different continents. I know how much work goes into localizing a product and making sure that it is fit for purpose for what we do, and Australia is a very complex market. We think that is actually a key advantage to the Paradino business and what they're doing. I would almost draw some parallels here, too. Matt and I have spoken a lot about the prospects of AI and having ownership of our own tech stack. We have a number of competitors in the platform space who don't have that privilege. Therefore, if they're tied in with an FNZ or an Avaloq, there is just less agility in being able to get product to market and to get that hyper-localization. The same logic plays out exactly here. Interestingly, Paradino has actually seen some success in off-boarding customers from some of their competitors who do not have that hyper-localization. That' s obviously another very strong proof point for us, too. Then I guess if this transaction proves really highly synergistic, how should we think about that manifesting? Is that leveraging the Netwealth installed base for Paradino adoption, or is it greater monetization of the base within Netwealth's own standalone metrics? All of the above. Really the key driver and the strategic rationale behind this transaction is that, as I mentioned right at the start, there is a huge supply and demand issue in Australia, and there is no way that the current advice force is going to be able to deliver to the advice needs of Australia. We believe, and we hear it from our customers every day, that there are core parts of what they do that need to be more efficient, and that includes things that we have already touched on, such as the ROA, SOA, file noting, but more importantly, execution and implementation. Having all of the data sitting in our ecosystem, when we can then overlay and leverage the AI capability and AI workflows, provides not only a very compelling story to customers that might be looking at changing platform, which we know many are, but also a very compelling story for our current clients to actually leverage the tools and drive significant efficiency within their businesses. We' re not suggesting that everyone is going to want to go from 100- 200 clients. Some will want to drive bigger margins or higher profit margins. Some will want to go and play golf for a couple of days a week. What we do know is that through the combination of these two businesses, being Netwealth and Paradino, we can unlock and release significant amounts of capacity, which will deliver, we think, benefits to our customers and certainly benefits to us as able to manage and onboard new clients. Yeah, maybe just to overlay that, too. Obviously, with our existing customer base, we know them extremely well. They have been a very strong source of continued net flows and growth for us, and we would expect that this would just continue that trend. That obviously comes with the benefit of a CAC of zero dollars, given that the customers have already been acquired. In terms of other priorities for us as well, you will see out of the 500 and 600 customers that Paradino has today, there's actually very little overlap. It is circa 100 customers between the two. So there is 400+ customers there or circa 10% of customer growth straight off the bat for us. Now, we don't have platform relationships with those customers today, but there is obviously a very warm introduction there. And then there's a lot of word of mouth that happens in the industry. The tertiary sort of goal for us is customers beyond both those envelopes. Yeah. As you will see from the subscriber numbers, there is 100 mutual clients and 450 or so that don't currently use the Netwealth platform. Certainly, we will be talking to them about the benefits of an integrated offering. But equally, you should expect that that growth rate is continuing. Great. Thanks, guys. Your next question comes from Andrei Stadnik with RBC. Please go ahead. Good morning. Can I ask just in terms of how you're thinking about the revenue side and the breakeven side of Paradino? It seems like it is providing potentially very good value today below AUD 5,000 per annum per user. Is it something you think you have the ability to raise over time? Then, how would you think about the breakeven? Yeah, certainly. You can do the economics. It's not too hard when you multiply a product that costs somewhere between AUD 150 and AUD 350 a month over the adviser base than even when you actually expand that out across capturing a very large portion of the adviser market. The fact that the payback period for an adviser of less than one month means that it's clearly a very, very compelling product. As you would expect with any early-stage business such as them, the value capture, value creation equation probably hasn't fully matured. Matt spoke to a lot of what the product roadmap would be, not only Paradino, but of us combined. And we believe that there is pricing opportunities as that also grows, b ut still making sure that the economics from an adviser's perspective are extremely attractive, yet growing for us. Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Anthony Hoo with Ord Minnett. Please go ahead. Morning. Thank you. Can I ask a question, just following up on the earlier one around breakeven? Can you talk about a timeframe when you expect this business to get to breakeven and, how many users do you think you need to get to in order to get there? Look, we haven't guided to that, Anthony. As I said, you can do some of the economics pretty easily on the revenue side. Certainly, from our perspective, if you have a look at what the economics of a Paradino customer looks like compared to a Netwealth customer, the economics are very heavily skewed towards the platform revenues as opposed to the SaaS subscription revenues. So whilst we're looking at a very modest EBITDA loss for Paradino today, we'd expect that to close in a reasonably shortish time, a few years perhaps, maybe not quite that long. The economics of this do not rely on that. They're heavily reliant on the platform economics. Okay. No, that's great. Thank you. In terms of how the product ties in with Netwealth, from a cross-sell perspective, you've talked a little bit, I think you mentioned that you're offering a free subscription to Netwealth customers. Beyond that, are you able to talk more about specifically how the Paradino product, how you expect it to improve the Netwealth platform economics? Yeah. The first thing is just on, I guess, the freemium or free offering for Netwealth users. That is just the starter pack. That currently retails in the market for AUD 134 if you prepay for the year a month, sorry. That really then allows advisers to test out the system. They get three months to trial the ROAs and the SOAs. But moving forward, they'll still be able to access, I guess, the core capability being AI file notes and some of the more sort of basic workflow items. We're pretty confident, though, that once they try the sort of base level capability, that they will want to, and fairly quickly, upgrade to the Pro and the Pro Max pack, which is where they can really leverage all of the Paradino and Athena AI capabilities to kick off automated workflows, as well as ROAs, SOAs, and a range of other advice activities. So, in many ways, with our 2,500 current customers or advisers, there is no reason that a reasonably, if not high percentage of those should adopt the Paradino platform for some or all of their advice processes. Clearly, that's really important from a cross-sell perspective. That's not about giving away for free. It's about making sure that we can deliver our value to our customers. But equally, that where they see value, that they're also happy to pay for that value. As long as the ARR and obviously the user growth keeps continuing in the current direction, it becomes a good contributor to Netwealth in the future. The big opportunity, though, is really releasing that capacity for our customers and allowing them to go from 123 customers to 200 if that's what they desire. Also attracting new advisers to the platform because they understand and can see that working with Netwealth is the most efficient way in the industry to deliver value. This is a way of really growing new customers as well as generating a lot more business from existing and ultimately delivering more advice to more Australians. I won't necessarily go back over all of the workflows that I've talked about and where that's integrating, but it's fair to say that a lot of the workflows that currently require chair swiveling and data entry disappear. As I mentioned, all of the information that you actually need to complete a lot of the advice process, including things like account opening transactions, can be generated off the back of a single client meeting and conversation. It's about taking all of that really rich data, combining it into very comprehensive client profiles, and combining structured data with the unstructured data that advisers then create from meeting notes, emails, and everything else that they connect and put into the client's knowledge base. All of this is something that we'll need to probably demo in a bit more detail. There's a lot of information on the website, and I suggest that you go and have a look if you're interested, but it really does show you how it all sort of hangs together and the range of services and offering, an offer. But yeah, we'll definitely look to organize a demo day or an investor day and show the full capability in the not-too-distant future. Okay. That's great. Thank you. Your next question comes from Jeff Cai with Citi. Please go ahead. Hi. Good morning. Thanks for taking my question. Just thinking about the timing of the rollout. Just roughly when do you think all of Netwealth advisers will get the basic or the free version of Paradino? I guess two or three years out, if all goes well, I guess, what percentage do you expect the advisers will take up the premium pack versus the free pack? Thank you. Yes. It is available today, which is very exciting. Now that we have announced it, advisers can go on to the Paradino website. They can sign up for their free trial, and over the course of the next three months, which is the length of the free trial, we will be looking at integrating from a single sign-on perspective and ensuring that those active advisers will continue accessing the Paradino platform on the starter pack, or hopefully even by then have subscribed to the Pro and the Max subscription. Literally as of today, they can get on there and start driving efficiency for their practices. As far as the conversion— Yeah, the conversion was actually a really positive experience when we were looking at the data, doing our due diligence. Not only is the churn very low, as Matt pointed out, but the upsell between the three packages that Paradino has, the trend around that has been very, very strong. There has been a growing skew towards the premium packages that Paradino has, and we would expect that to continue. Yeah. I think one of the interesting stats as well to look at, is that the cost of Paradino, even if you are paying for the top level of subscription at circa AUD 300 a month, when you look at the productivity benefits it can deliver, the payback to a firm is actually less than a month. You can literally get the benefit that pays back having a single customer. So it is not a big impost and significantly cheaper than a lot of the legacy softwares that are available today. Got it. And just to follow up, from a user perspective, what key difference will they see on the Paradino Pro pack if they were a Netwealth adviser versus a non-Netwealth adviser? Yeah. Initially it'll sort of look a lot more like the Netwealth platform. We'll be working with them to obviously overlay some of our user experience and design. More importantly, it'll be totally infused with Netwealth data, and also connectivity. Again, these are all things that we're working through now, but when you generate a Statement of Advice, you would then be able to click a button that effectively says, "Open Netwealth account." It would pre-populate all of the account opening forms for you for electronic signatures with your customers. Reducing that time to deliver advice, and really closing the gap as far as conversation, advice, and implementation. That literally gets compressed into hours as opposed to many, many, many hours or even minutes in some cases. Yeah. Today, as a customer of an adviser, you'd have to go through an onboarding process with the adviser and then you have to go through an onboarding process with the platform. It's really taking out a lot of that duplication, but also bringing it forward as well. Then using the AI tools, as Matt has said, pre-populating, coming from things like the automated file notes that have been taken at the very start. Like any of these things, whilst we've got a great visibility, which I'm not going to totally disclose today, on what horizon zero, one, two, and three looks like, and we've sort of touched on some of those key items. There' s a huge amount of additional integration that we can start to populate throughout the Netwealth site as well, which again, I think just provides a very, very rich, AI-powered experience for advisers, including access to information that they haven't been able to previously get. Not going to give away everything, but these things are iterative and really pleased with the current roadmap, plus where I'm sure we'll get feedback on where we can go. Got it. Thank you. There are no further questions at this time. I will now hand back to Matt Heine for closing remarks. Thanks very much, and thanks again everyone for joining the call this morning. We are really excited about this strategic acquisition and the opportunities that it presents for us moving forward. It strongly differentiates our product into the market, gives us a huge competitive edge with existing customers, as well as for those that we are talking to in the market that are looking at shifting a platform. As I mentioned, this is the first time in Australia that we have combined an AI-powered advice automation platform with a wealth management platform. There is success already overseas, and we see huge opportunity moving forward. Thanks everyone for dialing in.