Self-licensed advice model ‘coming of age’: MDS

Yasmine Raso

Senior Journalist

1 April 2026

The ongoing fall-out of the Shield and First Guardian Master Fund collapses has driven a surge in both awareness and popularity of the self-licensed advice model, as financial advisers look to shed any risk of liability associated with the dealer group model.

According to self-licensing specialist, My Dealer Services (MDS), the growth in the number of advisers taking up the self-licensing model – now at 30 per cent – can be attributed to a combination of organic growth and those looking to avoid potential susceptibility to regulatory action from the Australian Securities and Investments Commission (ASIC), such as that currently faced by Interprac Financial Planning.

MDS Managing Director and Founder, Alexander Euvrard – who recently appeared at Financial Newswire’s own Advice, Wealth and Super: Rewired 2026 conference – said more financial advisers were looking to “take control of their businesses” in the wake of recent licensee failures.

“[They have] come to understand the potential shared risk of working under large licensees and the potential repercussions of licensee failure extending to the individual advisers and practices. In doing so they are realising that a lot of the arguments against self-licensing are misrepresented,” he said.

“Perhaps the biggest one is that it costs a lot more to be self-licensed than being an Authorised Representative of a larger dealer group. The truth is that with careful cost management and the use of efficient external support services, many self-licensed advisers find they can achieve cost parity with what they were paying in dealer group fees.

“The big difference and benefit is that they gain control of how they deliver advice and administer compliance and build to align with what works for them as a business and their clients.

“The second myth is that getting an AFSL is only for large, established advice practices. The real truth is selflicensing is a viable option and can be a source of competitive advantage for boutique firms and solo advisers who possess strong business management skills, have stable revenue, and a commitment to maintaining high ethical and compliance standards.

“Importantly, self-licensees get to build and promote their own brand without the constraints of being part of a larger group. The key is having the right support network and business structure, not necessarily to be a large size.”

Euvrard represented the self-licensed community on a panel at this publication’s Advice, Wealth and Super: Rewired 2026 conference last week, and is already looking ahead to hosting MDS’ own ‘industry-first’ Self-Licensing Summit on Thursday 28 May in Sydney.

“A fantastic lineup of presenters at the inaugural SLS 2026 will address all facets of being self-licensed, from Practice Management, Compliance, Technology, Business Growth, Branding, Productivity to Investments,” Head of Strategy at MDS, Ashley Mahadeea, said.

“Each session has been curated to deliver practical insights and actionable takeaways relevant to today’s evolving environment. All self-licensed advisers from across the industry are invited.”