‍

In this week’s What We Are Working On video we wrap up the recent H&B NSW 2025 Wealth Symposium which we thought was one of the best of H&B’s generally very high quality conferences. While polemic and debate is always fun at a conference, this year's symposium struck a notably pragmatic tone where discussions settled into a "constructive middle ground" where advisers could take away practical, implementable ideas without feeling pressured to completely overhaul their approaches. This resonates in an environment where responsible entities and regulators are making everyone aware of their responsibility in managing tracking error while also serving clients best interest from an absolute risk perspective. As Vikram from H&B noted, the conversation was "anti-polemic" focused on what actually works rather than theoretical ideals.

The fact that minds appeared to be focused on understudying investment drivers rather picking products may have something to do with perhaps the most striking statistic from the conference: 80% of advisers in attendance now use Separately Managed Accounts (SMAs), up from just 50% two years ago and 65% last year. While implementation remains complex – involving SOAs, ROAs, and considerable friction in the transition process – the trend is unmistakable. However, as Vikram cautioned, while 80% may be using SMAs, this doesn't mean 80% of their clients have transitioned. His view is that new clients are increasingly being onboarded directly to SMAs, while existing clients are transitioning more gradually. As Paul Chapman, H&B's moderator  (and a former adviser himself) noted, fund managers now face tougher questions than they did even a few years ago. This has created better conversations and deeper understanding across the board.

Five years ago, advisers might have heard about an investment opportunity and immediately thought about implementation. Today, they're asking critical questions about how it serves their clients' best interests and would fit in portfolios. 

The conference's format – 10-minute presentations followed by robust Q&A sessions – proved particularly effective. Chapman noted that the atmosphere encouraged advisers to ask questions without fear of appearing uninformed, creating genuine learning opportunities.

Looking ahead to the Queensland conference in February, H&B plans to amplify adviser voices further by featuring practitioners on stage discussing their real concerns about clients, business challenges, and market conditions. The message is clear: advisers want to hear from their peers as much as from fund managers and consultants.

For those who missed the Hunter Valley symposium, the February event in Noosa presents another opportunity to engage with these evolving conversations shaping the future of financial advice. In the meantime we are working on a more comprehensive session by session review which Trellia Wealth Partners clients will be able to see on the Portal by the end of the week. The sessions included:

- Building Bridges: Infrastructure's evolution from defensive to growth assets

- Winning by Not Losing: The power of quality investing and avoiding mistakes

- Brick by Brick: Uncovering value in real estate markets

- Rethinking Returns: Blending public and private fixed income

- Fundamental Meets Systematic: Navigating concentrated global equity markets

- Power Play: Geopolitical shifts and the new world order

- Navigating Uncertainty: Mental health and resilience strategies

- The Great Escape: Private equity secondaries and new exit opportunities

- Quality Control: Building enduring portfolios

- Technology & Business Scaling: AI adoption and practice growth strategies

Sign into the portal here: https://portal.trelliawealth.com.au/login