Being boutique: it’s a culture, not a head count

OPINION

The founder and managing director of boutique licensee, Australian Mortgage and Financial Advisers, Keith Marshall argues that being a boutique is about more than just adviser head-count.

Wealth Data recently defined a boutique licensee as one with fewer than 20 advisers, it offered a useful statistical benchmark. But numbers alone can’t capture what it is that actually helps shape boutiques.

If it’s just about size, then any small licensee would fit the bill. But those of us who work in the profession know it doesn’t. Being boutique isn’t about how many advisers a licensee has, it’s about how it operates, what it values and how it makes people feel. We believe being boutique is about culture, a way of operating that prioritises connection, access and shared purpose.

No ivory towers

Leaders within boutiques are usually more present, visible and approachable than in non-boutique networks. In other words, no ivory towers. As a result, advisers often feel more empowered and more confident that their ideas can turn into action quickly.

Boutiques are also often privately owned, which means their clients are their advisers. Systems, processes and conversations are therefore actually built around helping advisers succeed. It’s the kind of alignment that keeps boutiques grounded and accountable to the people who matter most.

They can also deliver value through simplicity and transparency, rather than relying on scale. This enables clear, competitive pricing and flexible models for advisers that make sense to them at every stage of their journey. It’s about value advisers can both see and understand.

Relationship-driven

Boutiques are often founded by people who have worked in financial advice, some as advisers themselves. This means they not only genuinely understand the realities of an advice business, they also share a similar history. This intimate understanding means they can support their networks in really practical ways.

This often translates to being very close to their advice businesses, even those located outside major centres, or ‘in the middle of nowhere’. It’s a relationship-driven model that inspires trust, strengthens connection and encourages long-term commitment.

Motivated by progress

Agility is another defining characteristic. By their very nature, boutique licensees are able to listen, adapt and act quickly. Engaging regularly with advisers means solutions to technological and operational issues can be explored together. Ongoing collaboration helps refine systems and strengthen practices leading to sensible solutions. It’s what it means to be solutions-focused, not bound by process but motivated by progress.

We believe advisers want support that meets them where they are, as hands-on or hands-off as their business requires. Boutique licensees are built for that flexibility, offering guidance that sits alongside the practice, not above it. It’s not about imposing business development but providing business support that fosters a genuine sense of partnership.

Compliance in context

Larger institutions often talk about compliance oversight in abstract ways. Because boutiques are closer to their advisers, they can deliver it in more practical, useful ways. As relationships are personal, compliance guidance can be tailored to fit each adviser’s business, clients and style of advice. It’s compliance in context, and we believe that’s what genuine support looks like.

Culture you can’t measure

Data can show how many advisers are in a licensee or how market share has shifted, but it can’t measure culture. It can’t measure the trust, accessibility and sense of belonging that define strong advice communities.

Being boutique isn’t about being small, it’s about being close. It’s about leaders who listen, systems that serve and values that connect. Boutiques build partnerships with their advisers, partnerships grounded in mutual respect, a shared sense of purpose and a culture of community.