How can advice firms strengthen professional relationships across the industry?

1. Strong professional networks create opportunities to learn

No advice business has all the answers. Many firms are working through similar questions about capacity, service delivery, technology and team development.

Australian research illustrates the pressure. The 2025 Advice Practice Profitability Report, commissioned by Colonial First State and conducted by Empower Business Advisory, found that 42% of advisers identified their own capacity or their client service team’s capacity as a barrier to serving more clients, up from 35% in 2024. The broader research drew on responses from more than 500 advisers and support staff. Source: CFS, 2025

For a firm facing these challenges, conversations with peers can provide a useful starting point. How has another business improved onboarding? What did it learn from introducing new technology? Which changes helped its team manage workloads more effectively?

These discussions do not need to involve confidential client information or commercially sensitive details. Sharing general approaches and lessons learned can help firms identify ideas worth investigating in their own business.

What firms can do now: Identify one operational challenge and seek out a peer with relevant experience. Use the conversation to explore what worked, what did not and what might apply to your circumstances.

2. Collaboration can strengthen the service clients receive

Financial advice often intersects with accounting, taxation, lending, estate planning, legal matters and business succession.

Strong relationships with appropriately qualified specialists can help advisers coordinate these needs more effectively.

For example, a business owner preparing for succession may need input from their financial adviser, accountant and legal adviser. When those professionals understand their respective responsibilities and communicate effectively, they can help the client navigate the process with greater clarity.

The value extends beyond having someone to refer a client to. It comes from understanding each professional’s expertise, recognising when their input is needed and agreeing on how to work together.

Client consent, privacy and clear professional boundaries remain central to that coordination.

These relationships also require ongoing attention. An introduction alone does not establish shared expectations about communication, responsibilities or the next step.



What firms can do now: Review the professional disciplines that most often intersect with your clients’ needs. Discuss how introductions, communication and follow-up will work with trusted specialists in those areas.

3, Knowledge sharing supports profesisonal development

Professional learning happens through formal education, but also through everyday work and conversations with others.

Making time for professional development can be challenging. The Australian Bureau of Statistics’ 2024–25 Work-Related Training and Adult Learning survey found that, among people who faced barriers to work-related training, 44% identified too much work or not enough time as their main barrier. This covers the broader Australian population rather than financial advisers specifically. Source: ABS, released April 2026

For advice firms, this highlights the importance of setting aside time for learning, including opportunities to discuss and apply new knowledge with colleagues.

For advice firms, this offers a useful reminder to make space for learning beyond scheduled training.

A technical session may introduce a concept. A discussion afterwards can help the team consider where it applies, what questions remain and whether further guidance is needed.

Similarly, an industry conversation may reveal a different approach to a familiar process. Sharing that insight internally gives others an opportunity to assess its relevance.

These exchanges can complement formal professional development and help turn learning into practical action.

What firms can do now: Ask team members to share one useful insight after an event or learning session. Discuss whether it warrants further investigation, a small trial or simply keeping it in mind.

4. Meaningful partnerships are built through genuine involvement

Professional relationships can also contribute to business development, although their value should extend beyond an expectation of referrals.

For advice firms, professional partnerships are worth developing around shared client needs. An accountant may identify a client who needs retirement planning support, while an adviser may recognise when a client needs specialist tax or legal input. Understanding each other’s expertise helps make those introductions relevant and purposeful.

Developing those connections takes more than exchanging contact details. It involves understanding another professional’s clients, expertise and service approach, while helping them understand yours.

Regular conversations, useful introductions and following through on commitments give both parties opportunities to assess whether a working relationship makes sense.

Being selective matters too. A small number of well-maintained relationships may be more useful than a large network with little ongoing contact.

What firms can do now: Choose a few professional relationships to develop more deliberately. Start with shared client needs and complementary expertise, then agree on a practical way to stay connected.

5. Stronger connections can support the next generation of advisers.

Relationships across different career stages give emerging professionals opportunities to learn beyond their immediate role.

An experienced adviser can offer perspective on client conversations, professional judgement and the realities of building a career. An emerging adviser may bring fresh questions, different experiences and new approaches to familiar processes.

For advice businesses, supporting these exchanges can broaden the learning available to employees and give them opportunities to build confidence.

Mentoring does not always require a formal program. Regular conversations, introductions to trusted peers and opportunities to participate in industry discussions can provide a starting point.

Clear expectations help make the relationship useful. Agreeing on the purpose, frequency and focus of conversations gives both people a practical foundation.



What firms can do now: Create an opportunity for an emerging team member to connect with an experienced professional. Start with a clear learning goal and review how the conversations are helping.

Stronger relationships contribute to a stronger profession

Professional relationships serve different purposes. Some create opportunities to learn, others help coordinate specialist support, and some develop into lasting business partnerships.



The starting point is to understand where outside perspectives could help, identify people with complementary experience and make time to stay connected.