CFS benchmarking data reveals key trends shaping advice practices

New data from Colonial First State (CFS) reveals the key shifts shaping Australia's financial advice industry, from the evolving demographics of advised clients to Australians' changing investment preferences.

The findings draw on data from CFS's 10x program, which partners with advisers to help them identify opportunities to improve performance, drive growth and better meet evolving client needs. As part of the program, advisers can receive access to exclusive data to benchmark their business against comparable firms.

Changing trends throughout the 2020s

One significant shift since 2020 has been the increasing share of funds under advice held by older Australians. Clients aged 75 and over now account for 22 per cent of funds under advice, up from 15 per cent in 2020. This reflects both the impact of an ageing population moving through retirement and the increasingly important role advice plays in helping Australians manage their wealth later in life.

"These trends reinforce the important role advisers play in helping Australians manage their wealth through retirement. As Australians seek greater confidence and certainty in retirement, advice businesses are adapting to meet their changing needs," said Bryce Quirk, Colonial First State's Group Executive for Distribution.   

Another clear trend since 2020 has been the growing influence of high-net-worth clients. Their share of funds under advice has increased from 9 per cent to 14 per cent. The shift sits alongside changing client demographics, as more Australians move into retirement with unique and complex financial needs.

Investor appetites have also shifted markedly over the past six years. CFS clients across the board are allocating a greater share of their portfolios to growth assets, with equities increasing from 52.7 per cent to 61.1 per cent of total holdings. The strongest growth came from international shares, which overtook Australian shares as the largest asset class held by CFS clients, while allocations to cash and fixed interest declined. The trend was evident across all age groups, including retirees, reflecting a broad-based shift towards growth-oriented investment strategies.

What the top 20 per cent of advice firms are doing differently in 2026 

The top 20 per cent of advice firms are demonstrating that scale and client service go hand in hand. Data from 2026 shows the top 20 per cent of advice firms serve an average of approximately 190 clients per adviser, compared with a national average of 136¹.  

"The result suggests that firms embracing efficient operating models and technology are better positioned to meet growing demand for advice and extend their reach to more Australians seeking financial guidance," said Mr Quirk.

Clients of the top 20 per cent of advice firms are more likely to make voluntary contributions to their super. Regular voluntary contributions are made by 20 per cent of clients, compared with 12 per cent at the average firm, while 14 per cent of clients make one-off or other voluntary contributions, compared with 7 per cent at the average firm.

"Super remains one of the most effective ways Australians can build wealth for retirement, and these findings suggest firms are helping clients make the most of the opportunities available to strengthen their long-term financial outcomes," said Mr Quirk.  

Investing in insights 

As part of CFS's ongoing investment in the 10x program, the benchmarking data has been recently enhanced to provide deeper diagnostics, richer insights and greater clarity around client behaviour, digital engagement and the factors driving practice performance.

The enhancements follow strong adviser feedback on the value of benchmarking insights when it comes to both running their firm and understanding their market position. 

"Understanding how we rank against the top performers in our industry is extremely important to us, it ensures our service offering remains competitive and that we're optimising our enterprise value. The data takes the guesswork out of running the practice,” said Nick Reilly, Chief Executive Officer of financial planning and mortgage broking firm Inovayt. 

“Rather than relying on assumptions, we can see exactly how we're tracking against comparable firms and use those insights to get the best ROI on our time, making targeted changes that improve efficiency, client engagement and overall business performance,” he said. 

Editors' note

Analysis is based on aggregated CFS data spanning 30 June 2020 to 30 June 2026 and the 2025-26 financial year. The top 20 per cent of advice firms are measured by funds under advice.