Welcome everyone to the Praemium 4th quarterly financial 2025 update. It's good to see so many people on the call, so many people registered, and now a lot having joined the call. Thank you very much for your interest. I'm joined today by Simon Moore, the Interim CFO at Praemium. We'll be taking you through the slide deck, which has been published on the ASX already. We will begin by acknowledging the traditional custodians of country and pay our respects to their elders, past and present. Before we start, just draw your attention to the usual disclaimer about the material that we're presenting. As I said, I'm joined by Simon, as we often do, we'll talk about strategy. We'll then get into the detail on the FUA and the flows, including the detailed tables. There'll be plenty of time for questions for those who haven't joined before or even those who have. Just a reminder that you can type your questions into the Q&A section and we will answer all the questions that come in, except where there's multiple questions on the same topic or the same basic theme, and we'll curate those ones on the strategy. You've all seen this slide before. What I want to do, first of all, is just a reminder that this is what we focus on. I have said for those people tuning in, particularly shareholders who are most of the audience, if you think that we're missing something in the strategy, you're more than welcome to reach out and say, I see your strategy, I see the progress you're making on it, but I think the business would be in better shape if this was a particular area of focus. We're always open, we have very good conversations with shareholders, and it may be that you see some opportunities that we're missing. That's the first thing to say about the slide. Second thing is we have made two very subtle changes. The first is we've talked about inorganic in the fifth column, but now we're just talking about growth because our strategic focus is actually growth. More of our growth is coming organically than inorganically at the moment and probably for the foreseeable future. Growth is the objective rather than necessarily acquisitions, although we don't rule out acquisitions, and we continue to have some files open. The second thing is service. We've just simplified. We used to say customer service. We're just calling it service just for ease of the look of the slide. The service is to our clients, who are financial advisors, and to their clients, the investors. Those are the five areas that we feel if we get those right, the business will produce good results. Both growth, which we talk about four times a year, including today, and then financially, which we talk about twice a year at half year and full year results. These are the levers we've got to work on that we believe will deliver results that ultimately lead to appropriate shareholder returns. The biggest area that we've focused on over the last year or two has been on the product side. We've said in the five areas or the five levers that we've got, the gap that we've got, the most glaring gap has been product. The launch of Spectrum was our attempt to close what we saw as a glaring gap in our business model. With Spectrum now launched, we turn our attention to fine tuning the product suite for the time being. That consists of work that we're doing on the two interfaces that our clients have with us, which is Investor Portal, which the end investors use, and Advisor Portal. The other thing is our technology works very well with other technology that's available to advisers, but the thing that makes it work well is the integration. We continue to do what I believe is very good work on the integration suite or the API suite and integrating to more and more software. Each time we win a new client, it introduces new integrations that they would like because they have a different desktop than other clients. There's been a bit of work on some of our wins to develop new integrations. We do a lot of work on that and we score number one on integrations in the Investment Trends server. We think we're doing a good job. As I often say, we don't want to be complacent because how well your technology interfaces with the other technology that advisers use is a critical point of difference in the market. I finished by saying, as I said at the start, we regard it more as fine tuning on the product side than wholesale new development, which is good because it gives us time to focus on the other four areas which are also just as important in terms of what we're doing strategically in operations, which includes not just administration staff and operational people, but includes our technology. You'll see that a lot of the issue now is around how we're integrating AI and the early developments we're doing there. We are very pleased with the initial progress that we're seeing there, as well as continuing our Lean Six Sigma program, which has been going for a while now. It has developed some outstanding wins within our business driving. These things are usually driven by two high priorities. One is productivity improvement or efficiency gains, and the second is improved quality of what we do. The third area is service, and this is now a major area of focus for us. We've said that we're going to improve our service. We are not happy with where we are on service. We think we're satisfactory on service, but satisfactory is not good enough for what we want to do because we appeal to the high net worth market, and the high net worth market expects that we will deliver a very high level of service, a level of service that they're used to in the other products and services that they use as high net worth advisors and high net worth people. We've talked a bit there about what we're doing on service, and as I said earlier, AI or the advancements that we've seen recently in technology don't just drive productivity gains for us, but they drive service improvements. On superannuation, we've continued to say superannuation is the vehicle the large amount of the wealth industry uses to accumulate their wealth. We benefit from the fact that our high net worth cohort often have self managed super funds. We're confident that we can deliver a substantial improvement in our retail super offering. At the moment, we've got about 20% of our portfolio held in retail superannuation, and for the platform market as a whole, it's much higher. We feel that even as we grow our platform offering and the amount of FUA on the platform, we can grow the superannuation even faster, and it can become a greater share. To do that, we're making those improvements, and again, we're very confident. We've had a provider develop some new technology capability for us that's been delivered, and we're just going through final UAT on that. When we launch that into the market, that will be a substantial improvement in the functionality of our retail superannuation offering. Finally, on growth, which is critical to what we're trying to achieve, we do continue to grow. The inorganic growth was of course OneVue and that transition is now well underway, with a substantial part of the Funds on the OneVue technology and product suite now transitioned to the Praemium technology and product suite, which is tremendous. We've had some major client partnerships I talk a lot about. The pipeline is full of big opportunities, middle size opportunities, and smaller opportunities. They're all important. Advisors are spread across firms in all three categories. Obviously, it's the bigger ones that people say, oh well, if you win a big financial advice group, that's a good sign about the merits of what you've got to offer. The encouraging thing is that some of our recent major wins, including Euroz Hartleys, Bell Potter, and Morgans, are spread across the offering that we've got: Spectrum, Scope+, and the SMA product. When we talk to advisors now, we're definitely in the position where we can say we need to understand your business. We obviously understand quite a lot about how financial advice works in Australia, but we want to understand the unique capabilities and features that you bring to your client base. We will inevitably have a product in our suite now that will meet your needs probably better than anyone else in the market can meet. That shows itself in success across all of the product offerings that we've got in the major client segment, as well as in the middle size and smaller segment. That's what drives the results. Now I'm going to hand over to Simon and he's going to talk about the quarterly flows and FUA in a bit more detail. Over to you, Simon. Great, thanks. We'll move to the next slide. Our headline FUA, as you know, finished at $64.3 billion for the year, so up 12% for the year. Breaking that down, this slide deals with the platform core, which finished at $30.7 billion, which is up $2.6 billion or 9% on the year. Net funds inflow in the quarter excluding OneVue, so keeping that focus on the organic growth, was net inflows of $152 million. The first call out is Spectrum, which is our key front book platform product. Spectrum ended at $2.4 billion FUA at 30 June. In that number is net inflows for the quarter of $339 million, which is on top of the $440 million in the March quarter. The $2.4 billion also includes a $1.5 billion transfer which has come in from OneVue on the integration. Internal transfers are excluded from the inflow statistics for Spectrum and outflow statistics for OneVue to ensure that reported movements that we put in these figures are purely external, although I should note that the $1.5 billion comes from internal transfers that only come about because the customers of OneVue have elected to go to Spectrum. They had other choices. Understandably, we get a lot of questions from people. We're trying to calibrate the future take up of this new product Spectrum and it's an important part of our future. I can understand the interest. We were happy picking up close to $800 million in the last two quarters. In the next half, we'll be focusing on onboarding Euroz Hartleys, as Anthony mentioned, which will help build that momentum. That said, we think it'll probably take a couple more quarters under the belt to get a better sense of the longer term growth trajectory and be able to calibrate that growth. Powerwrap finished at $13.4 billion, up 6% for the year, 1% for the quarter. The June quarter had net outflows of $251 million, which was disappointing. The frustration is that the flows do not relate to customer satisfaction or the strength of the proposition. We will look carefully at the outflows. We understand that the outflows are associated with the departed advisors and other changes that are Escala and we are hoping that with the ownership of Escala resolved, this becomes more settled in the future. That said, we expect that Powerwrap will be impacted by the fact that our primary RAP product is now Spectrum and we expect IDP growth to be more focused in Spectrum, which sounds a bit of an oxymoron to focus in a Spectrum, but anyway, there we go putting this together. Once OneVue is complete, it will make more sense to simply report the investment platform flows in the aggregate as our competitors do. I think this was signaled by Anthony. In the last March quarter, OneVue had net outflows of $189 million, which is a result of an acquired business undergoing business change. From our perspective, we are keeping good clients for the right reasons, which was always our objective. As Anthony noted, we are well progressed on the integration. Finally, the SMA product ended 14% up for the year, 5% for the quarter, at $12.9 billion. Net flows of $64 million in part reflect elevated outflows that occur in the June quarter, which is a function of tax planning and pension payments. At the year end, the SMA is a good product with strong future potential. Anthony has referred to the recent signup of Morgans for the SMA product. The onboarding of Morgans will be our key priority for the first half of 2024. Now move to the next slide. On the non-custodial side, our FUA was up 4% for the quarter or 15% for the year, ending at $33.6 billion. This is a key strength of Praemium and it's a strength that's particularly relevant to the high net worth segment and the broker network for which we are focused on. Our recent announcement of the Bell Potter win will add a further 2,220 accounts and $6 billion of FUA in first half of 2026, creating a good step up for the business. On top of the five new advice groups that we added last quarter, I move to the detonation slides and rather than read a telephone book to you, we'll leave that open for questions and leave that in public domain. To set the expectations for the future discussions consistent with our peers, I expect that we'll be providing our custodial and non-custodial split of funds flows and we'll be reporting platform in the aggregate in the future once we're through the OneVue transition. Although we can still talk in the narrative about what are the movements within Powerwrap and OneVue. So Anthony, if we move to the questions. Great. Thanks, Simon. Now bear with me because we've had a lot of questions come in, so I'm going to group them in the sort of categories they come. The first one is Powerwrap outflows. Can we get a bit more color about that and do you think it is coming to an end? The reality is yes, we can see that it's coming to an end. There's been a dramatic drop off in the outflows, which doesn't automatically appear when you say, oh, but the previous quarter it was $88 million, I think. I can't get the slides to move, but here we go. Yeah, so when people see that, I get the confusion because the outflows, $188 million outflow from departed advisor in the previous quarter, we had, from memory, it was about $88 million, but what we see behind the scenes, and we're not going to give away client confidentiality, but more than half of that outflow was a single client and it was related to the changes that Focus Group made in the ownership of the business. It's not a usual, it's money that was probably going to stay until the changes. I won't say any more about it. It wouldn't be fair for me to say more, but what it does mean is that we are very confident that we've seen a tailing off of the flows and it's consistent with our expectation that about this time, two years down the track, that would be about it. The last two quarters give us high confidence, so we're tailing off before you know that the outflows in FY2025 are significantly lower than 2024, and the last two quarters have really tailed off a lot to give us some confidence that that's coming to an end. The thing I would encourage people to do, as we said in the note, a lot of people when they go into the details, say, look, we look at your gross inflows, we look at your outflows, and we know the difference between the two gives net inflows. We just want to understand if these outflows are coming to an end and whether the outflows are elevated forever. If you just, we've talked about, if OneVue, there's some unusual behavior because we just bought it and you lose some clients. We expected to lose some clients. Then we had the departed advice and all that. If you say that's about $2 billion over the last two years and you add that back, our gross outflows are not dissimilar from the market as a whole. That's what we expect in the long run. We don't expect our outflows to be significantly higher than the market as a whole. The lever that we've got to pull is the inflows. The inflows are picking up, albeit early shoots or early green shoots, but they're picking up. Spectrum's been the key thing. Our other products were declining in terms of gross inflows, and Spectrum is closing the gap and now getting us to a positive gross inflow story. We're very confident, as we say, in our growth trajectory and our growth outlook. I have had some questions about OneVue. There's been two types of questions about OneVue in the questions. One is, are we surprised at the rate of outflow from Spectrum? No, it's consistent with the business case when we bought that business. You don't expect to keep all of the money. You expect you'll keep most of the money. We're not uncomfortable with the amount of outflow and the rate of transition. The second question is, are we comfortable with the rate of transition from OneVue to Spectrum and the other products, which we've gone into a bit detail about which products it's switching to in this release, which I think is transparent and good information about where the OneVue money is transitioning to within our business and it's transitioning to our growth products, the products that we're actively promoting, and we're very happy with the rate and we're confident about the trajectory of the transition onto the Praemium tech. I have had a question around the cash holdings. It's still early days for Spectrum, and the cash holdings were higher than the other products. We do earn that same sort of margin on cash in Spectrum as we do on the other products. That was part of the question. Where it lands, as we've said for a while, you've got to give Spectrum two or three years to really understand where it finishes up in terms of cash holdings, in terms of the asset allocation, the investors in there, in terms of what the consistent rate, greater FUA will be. We would expect that to even out over time and see where that goes when it's a more mature product. The early days of the product are the early adopters, if you like, and not necessarily representative of where the product lands in the long run. Clearly, we think we've hit the market with Spectrum and we're very happy with that, how it's going on all fronts, asset allocation, rate of growth and the like. There have been a couple of questions about Bell Potter. We sort of said what we would say about Bell Potter, but obviously people want to know what sort of revenue we get out of the business. I've seen speculation in the market. All we've said is that it was priced competitively and consistent with the balance of our Scope+ clientele. A very good win for us. Congratulations to many of the distribution team who are on the call, who have worked tirelessly to build out our sales pipeline and seeing some fruits of that. Thank you to them. The question around will we expect to see some churn in Scope? We have got at least one big account in Scope that will transition off Scope in the not too distant future, which I think is in the public domain. We'll let that business talk more about their opportunities out of respect for them. We're very confident that on balance the revenue and opportunity in Scope and Scope+ business is more of a tailwind than a headwind for us. We're very confident about it and continue to invest. A lot of that development and CapEx that you see in our business is to develop that, keeping Scope as a leading proposition in that market. As you all know, sometimes your investment is in catching up where you're behind and that's what Spectrum was all about. Some of your investment is in staying ahead of the game and that's what a lot of our investment in Scope and Scope+ is all about. I think that having covered Powerwrap Advisors, OneVue, Bell Potter, the onboarding. There's a couple of questions about onboarding. That's a very good question. One of the things about having got to the tail end of the Spectrum and OneVue transitions, which were two of the big investments on that strategy slide, they were two of the big things that we were investing a lot in. Having launched Spectrum and now fine tuning it rather than building any new functionality and having basically migrated most of the OneVue business onto Praemium tech, that allows us to focus on those other areas and the two areas that make the most difference to the pace of onboarding and what we do on the operations and the service. There's a little bit of the investment in product is about saying, okay, whenever you win a new client, they say, we want this. As I said earlier, there's a fair bit of stuff in the API. Every client that you win has got their own CRM that they use and got their own advice software that they're using and want a seamless experience for their advisors and their clients. You invest a bit more in the API. Because we've finished the two big initiatives, or largely finished the two big initiatives, that's giving us plenty of time to invest our time in building out the API that our new clients want. We're very happy with that. Question. I've had some questions in the past as well about, you know, we know that you won Morgans. There hasn't been an ASX release about it. There was an ASX release about Potter. That goes to the fact Bell is an existing book and Morgans are building their book. Bell, we expect that transition will take place over the next six months. As Simon said, first half of FY2025. Euroz, we expect that, as we've said before, probably 18 month to two year transition when it really gets going in earnest, and we're confident that that's all on track. As I say, some of the development work we've got time to do now is building out what they would like. Morgans are building a new business within Morgans and we're working with them on that. We don't know how long that will take, but we've had the experience of doing that with other clients and again, I don't really want to talk about our other clients on a public ASX. Cool. We've had some experience of helping advice firms build out their SMA product offering and we're very confident that that's a good initiative with Morgans. We're in their hands. It's their business, it's their product. We think it'll be a dynamic and great product for them and we'll do whatever we can to make that work. Should that be successful, it will be a very significant win, but not because it's starting from scratch. It's not an ASX announcement. The OneVue transition that's happened, what we've announced today is what has transitioned before the 30th of June. There's been some additional funds of transition since the 30th of June, which we haven't put in this announcement, but that's what that is. I think the questions are around the rate of onboarding. Look, I get there's quite a few questions about the rate of onboarding now that we've got these big wins like Euroz, Morgans, they'll put up. We've said what we can about it. We know some of the questions are just curious, you know, we'd just love to know. We've got to put it in a model, how quick it'll happen. It's hard, you know, you just don't know exactly. We've said Bell Potter, we think around a six month journey, Euroz, 18 months to two years. Morgans just builds over time. That's what we know. Some of the questions about how you're doing all you can and that's my answer, if you ask me. What was the number one priority? Twelve months ago it was launching Spectrum. What was the number one priority? Six months ago it was transitioning OneVue. What's the number one priority now is onboarding these big wins and giving them an experience to remember as part of their onboarding experience. I think there are some more questions. Some of them are touching a bit about what we've already covered. I'm going to close it there because I could wait a long time and we're all busy and got things to do and I know I'll have the opportunity of talking to people over the next little while at various forums and the like. We've got the financial results coming out in about a month's time. Thank you very much for the interest. If there are things that, you know, we haven't dealt with, you've got my number and Simon's number, so feel free to reach out. I think that's probably a good place to bring it to an end. Once again, it's good to have so many people on the call and really appreciate your interest, and thank you in particular to all the shareholders on the call for the support that you give us. Enjoy the rest of the day. Thank you.