Basis Points

Advisers’ entire tech stack will collapse in the next two years; that is the bold prediction of Paradino AI Co-Founder and CEO Alex Gassner.

He sees the glaring gap between the 15,000 financial advisers in Australia and those 16 million Australian’s who need advice, as being closed in one way only- by purpose-built AI tools.

Courtenay Fox, Co-Founder of Fox & Hare Financial, knows this firsthand.

After testing around 10 AI tools before narrowing it down, her firm now runs AI across everything from file notes and paraplanning to document review and client comm...

The Hall of Fame fund manager and IML founder, Anton Tagliaferro, has seen enough cycles to know we’re nearing the top.

He is convinced we are in a "speculative frenzy" of a bubble.

In this episode, he provides his outlook on markets and where he’s seeing value.

Chapters:

00:00 Introduction

01:22 AI Bubble or Déjà Vu?

03:54 Why AI May Disappoint

07:40 Is Value Investing Dead?

10:17 How Anton Invests Personally

15:15 Back Into Fund Management

16:56 Small Caps and New Fund<...

Do you understand what you're investing in within private credit?

Frank Danieli, Managing Director and Head of Global Credit Solutions at MA Financial explains why that is so important.

From funds providing better disclosures, to advisers having a clearer understanding of what classifies as “private credit”- Danieli talks through the road ahead for the asset class.

Plus, Ally asks for his take on whether we’re in a private credit reckoning.

Chapters:

00:00 Introduction

01:34 Defining Private Credit

04:17 Diversification Beats Specialisation

07:4...

What will be the biggest risks and opportunities in markets over the next decade?

While nobody has a crystal ball, Capital Group’s Investment Director Matt Reynolds joins the show to discuss the four structural shifts he believes will have the biggest impact on the decade to come.

Plus, he explains the biggest mistake advisers are making with “diversified” portfolios.

Chapters:

00:00 Introduction

01:40 Shift One AI Opportunity

05:13 AI Bubble Or Earnings Boom

08:52 Shift Two Rewiring Globalization

10:23 Industrial Winners Emerging

13:59 Shift...

What if the strategy that built your clients' wealth is the same one quietly destroying it in retirement?

A new report from Milford; When Timing Becomes the Biggest Risk in Retirement, suggests that retirement fundamentally changes the maths of investing- including Dollar Cost Averaging.

Ally sits down with Regan van Berlo, Australian Country Manager at Milford, to hear how the report affects the way advisers prepare their clients for retirement.

Chapters:

00:00:00 Why Retirement Changes Portfolio Construction

03:38 Advising Clients 15 to 20 Years Earlier

00:07:04 Managing Sequencing...

The same portfolio mistakes keep showing up across adviser practices, and Jacqueline Fernley, Founder and OCIO of Arcpoint, has seen them all.

When it comes to public markets, the mistakes look different but are just as costly. In this episode, we explore how you can avoid them.

Plus how can advisers locate long term out-performers amongst the huge dispersion of performance in the asset class.

Chapters:

00:00:00 Introduction

00:01:36 Advice Industry Trends

00:06:30 Building An OCIO Business

00:08:05 Market Noise And Staying Invested

00:09:42...

Welcome to 2026, where bonds no longer diversify stocks, volatility remains elevated and inflation isn't going anywhere.

So how should advisers and their client portfolio’s respond?

Morgan Stanley Wealth Management Australia Head of Investment Strategy and Solutions, Alexandre Ventelon, believes in this new market regime, advisers must brace for more volatility and “diversify their diversifiers”.

Captured at the annual Morgan Stanley Australia summit last week, this conversation covers:

These 10 charts will challenge your thinking on AI and economic growth.

Acclaimed macro strategist and Australia’s “king of charts”, Gerard Minack from Minack Advisors joins Ally in the studio bringing his analysis of 10 different charts - each of which will reshape how you think about markets.

From AI to global equities to the war in Iran, these charts will disrupt what you thought was the status quo.

This episode was recorded on 26th May 2026

Chapters:

00:00:00 Introduction & 10 Charts

00:02:01 AI Earnings Bubble

00:06:22 The AI...

Want to learn how to sniff out red flags and greenwashing from a mile away? Australian Ethical’s Chief Impact & Ethics Officer Alison George has spent 20 years crafting her nose for it.

In this episode she shares her Green and Red flags for choosing ESG funds plus the questions advisers can ask to cut through the greenwashing spin.

She also tackles why the ethical investment industry needs to communicate better with investors - and whether you'll get better bang for your buck backing a transitioning fossil fuel giant over a tiny wind farm.

Is the 60/40 portfolio dead? What do Big Macs and Negronis have in common? Do bonds still diversify stocks?

In this episode Andrew Norelli Managing Director at J.P. Morgan Asset Management, unpacks the macro forces driving markets and some of the "big bad risks" investors need to be aware of.

Andrew was brutally honest about the world's economic future. Host Ally left this conversation reeling from his fresh takes- you won't want to miss this one.

Chapters:

00:00:00 Episode Introduction

00:01:33 The Negroni Dollar Index

00:05:32 Fed...

While the world fixates on geopolitical headlines, there is one risk today’s guest believes investors have become complacent about. One that isn’t making headlines.

There are significant levels of debt in the financial system, whether that’s at the consumer level, corporate level, or within governments.

Chad Padowitz, the Co-Chief Investment Officer at Talaria Capital, believes ballooning global debt has massive implications for inflation, interest rates, and how we invest.

In this episode:

00:00 Market Outlook And Key Risks

02:11 Debt Pressures Reshaping Markets

04:07 Inflat...

Few Australians can say they were mentored by the late David Swensen - the legendary former Chief Investment Officer of the Yale Endowment Fund with one of the greatest long-term track records in history. Today’s guest is one of them.

Anacacia Capital’s Jeremy Samuel, shares the lessons that shaped his approach across two decades of managing private and public markets.

Chapters:

00:00 Introduction

01:22 Lessons from Yale Model

04:38 Equity Market Trends

08:58 IPOs & Liquidity Shifts

12:45 Boring but Beautiful Businesses

18:00 Active vs Activist Appr...

Today’s guest interviewed 800 financial advisers across the world, over the past 2 years. They all described experiencing the same problem; 80% of their time is spent on admin, just 20% talking to clients.

It’s an advice efficiency problem. One that our guest is endeavouring solve with AI. Shak Lala is the co-founder of Marloo, an AI powered tech platform built for financial advisers.

In this episode

00:00:00 Adviser Crisis And AI Opportunity

00:02:00 AI Trends And Adviser Impact

00:06:30 Structural Problems In Advice

00:11:00 Building Marloo And Key Pain Points

What if your ethics CPD this year actually made you a better advisor? Dr. Katherine Hunt, PhD-qualified financial planner and internationally recognised speaker on ethical growth, joins Basis Points to reveal how advisors can use client psychology and AI to scale trust, deepen relationships, and build a practice that compounds over generations.

In this episode:

00:00 AI Era Client Experience

00:30 Ethics and Adviser Mindset

03:00 Ego and Ethical Growth

06:02 Scaling Trust and Connection

09:56 AI, Trust, and Systems

14:34 The Human Code Framework

16:35 What Clients Truly...

Markets shrugged off a US-Iran conflict and rallied, but should they have?

Canaccord CIO David Cassidy breaks down why a lot of good news is already priced in before a deal has even been reached.

In this episode:

00:00 Market Setup And War Impact

04:40 RBA Risks And Aussie Outlook

08:05 Volatility Strategy And Corrections

12:05 Fixed Income And Private Markets

15:04 Rare Earths And ASX Opportunities

20:25 Diversification And Tech Outlook

📈 Stocks and ETFs Mentioned:

Commonwealth Bank of Australia (ASX: CBA...

What can a Navy officer teach you about financial advice?

Jason Petersen, Managing Partner at Five Financial, shares how military discipline shapes his approach to advice, leadership, and client relationships.

He explains why his firm has gone all-in on a market beta investment strategy, arguing that consistent returns, tax efficiency, and low turnover matter more than chasing outperformance.

Beyond investing, he highlights where advisers should really focus their time and why most clients care far less about performance than you think.

He also makes a strong case...

If you've ever wondered how the pros really pick fund managers, this episode is for you.

This week, we’re joined by Jo Cornwell, the Head of Manager Research at $34.5 billion managed account provider Evidentia Group.

Plus, we discuss the red flags advisers should look out for when backing funds.

In this episode:

00:00 SMA Boom Explained

03:23 Assessing Fund Managers

09:02 Local vs Offshore Debate

11:58 Culture Drives Performance

13:56 Portfolio Construction Strategies

18:42 Navigating Market Volatility

22:38 Alignment and Growth Challenges

$3.5 to $5 trillion is set to change hands in Australia by 2034.

For advisers, this is a once-in-a-generation client acquisition opportunity.

In this episode, Ally Selby sits down with Candice Bourke, Senior Investment Adviser at Shaw & Partners, who has built a $600 million advice business alongside Felicity Thomas. Candice how advisers can position themselves to capture intergenerational wealth- particularly as more women take an active role in their financial future.

She also unpacks how she’s guiding clients through today’s market volatility, including her “traffic light” framework for decision-making, and why communication, not port...

What does it take to deploy $15 billion into the industries that will define Australia's economic future? This week’s guest is uniquely placed to answer that.

Mary Manning is the inaugural Chief Investment Officer of the Albanese government's National Reconstruction Fund. In this episode we discuss the seven key sectors identified as “engines of growth” for the Australian economy over the next 20 years, and how advisers (and their clients) can get exposure.

In this episode:

00:00 Introduction & Career Journey

02:11 NRF Purpose Explained 04:39 Investment Process Breakdown

07:42 Strategy & Deal Flexibility

1...

In this episode, we're joined by Paul Burgon, the Managing Partner and CIO of Lipman Burgon & Partners, who ranked #4 in the 2025 Barron's Top Adviser List.

Burgon argues the biggest concern facing his clients is the “third-generation curse” - and he may just have the cure advisers are looking for.

In this episode:

00:00 Introduction

01:05 Paul’s Career Journey

03:38 Growing to $3B AUM

06:40 Trust and Succession Model

08:23 Deep Client Relationships

09:38 Scaling Without Sacrificing Quality

12:23 Engaging Next Generation Clients

15:09 Real Client...

For years, cryptocurrencies had been cast aside as the speculative Wild West of the investment world.

But something has quietly shifted in the last two years.

That’s according to Global X ETFs Investment Strategist Justin Lin, who argues that the asset class has moved away from its retail-driven origins to become an increasingly institutionalised asset class.

While our host, Ally Selby, has long been a sceptic, somehow, Lin convinced her that cryptocurrencies should no longer be seen as the playground for scammers and fraudsters, but a regulated ecosystem with as...

Kerr Neilson, the legendary contrarian investor behind Platinum, lays out a bold case for why the next decade may belong not to AI darlings.

He argues markets are entering a period of profound disruption, pointing to geopolitical fragmentation, war in the Middle East, and fragile global oil supply as long-term threats- warning these forces are reshaping markets.

Beyond the macro themes, he offers practical insights for advisers: the dangers of crowded trades, the inefficiencies created by passive investing, and the importance of contrarian thinking in an ETF-dominated world.

His message...

We have an exciting announcement- meet the new host of Basis Points; Ally Selby.

It’s been one year of Basis Points, and what a year it’s been! We reflect on some of the highlights so far and usher in a new (and we think improved) era of the show.

A new host, even bigger guests, weekly episodes and live events to look forward to.

Links Mentioned:

🎧 Listen to the Magunthan Siva episode here

🎟️ Join us at the Basis Points Boat Party, get your tickets here.

...

Crypto. Rates. AI debt. Green bonds.

In this episode, Chris Joye, CIO of Coolabah Capital, lays out a macro view that cuts against consensus.

He calls Bitcoin “pure Ponzi”, makes the case for re dollarisation not de dollarisation, and warns AI driven CapEx could be understated as hyperscalers ramp up debt issuance.

We also unpack Coolabah’s active bond trading model and the Global Carbon Leaders Fund, which targets green bond mispricings with floating rate exposure and enhanced yield.

In this episode:

00:0...

Commodity markets are back in focus.

Gold has more than doubled in recent years. Lithium has flipped from surplus to deficit and iron ore continues to quietly underpin the Australian economy.

So, is this the start of something bigger, like a commodity super-cycle?

In this episode, we’re joined by Greg Cassidy, Senior Analyst at Milford, to unpack the forces driving the global resource rally and what it means for adviser portfolios.

We cover:

2025 saw global markets outside the US outperform and Betashares’ Cameron Gleeson believes that trend is far from over.

We sat down with Cam, Senior Investment Strategist at Betashares, to unpack the macro and market forces that could see Europe, Japan, and emerging markets lead the charge in 2026.

You’ll learn:

Chapters:

00:00:00 The Case For Looking Beyond The US

”Conventional wisdom will tell you that the lowest risk portfolio you can have is to have 70% of your assets in one country…that's a violation of common sense.”

Ben Preston Portfolio Manager at Orbis Investments, warns that in markets dominated by a handful of mega-caps, portfolios that look diversified on the surface- may be carrying far more risk than advisors realise. 

We sat down with Ben to unpack where diversification breaks down and find out how advisors can better identify this hidden concentration risk. 

In this episode, you’ll learn:

What if the most reliable out-performers in the Australian market aren’t the blue chips, but the companies graduating quietly through the mid-cap ranks?

Advisors often focus on small-cap potential or large-cap stability. But Jovana Gagic, Portfolio Manager and Analyst at Paradise Investment Management believes Australia’s mid-caps are where earnings growth, diversification and structural tailwinds collide.

Ren sat down with Jovana to unpack the signals that can help advisors distinguish graduates from gambles in today’s market.

In this episode:

“No client wants to be scaled.”

So how do you grow an advice business without making clients feel that they’re just a number? In this episode, we explore how Evalesco balances efficiency, scale, and deep personalisation to serve their “millionaire next door” client base.

Ren sat down with Jeff Thurecht (CEO) and Marshall Brentnall (CIO) to hear how they scaled an advice business with a strong client-care philosophy, team culture, and high-quality practice management systems.

We cover:

Australia's corporate bond market has quietly become the third largest in the world, and signs point towards more growth to come.  

With offshore giants tapping local liquidity and the AI infrastructure boom demanding trillions in new capital globally, Australia's fixed income market is no longer a niche corner of the capital market- it’s globally relevant.

So what kind of opportunities can these shifts in fixed income create for advisors and their clients’ portfolios?

Alec sat down with Anthony Ip, Fixed Income Portfolio Manager, Milford Corporate Bond Plus Fund to find o...

Today’s guest believes investors should rethink risk, and be wary of confusing calm waters with safety.

In this episode, we speak to founder and CIO at Auscap Asset Management, Tim Carleton- and he does not hold back.

He unpacks the flaws he sees in how private markets are valued, questions the sustainability of private credit and declares that three out of the four Big Banks in Australia have lost their competitive advantage. 

Also in this episode:

Is the next decades biggest growth story hiding in plain sight?

Bryce and Ren sit down with Vern du Preez, Investment Specialist at Orbis Investments, to explore the new face of emerging markets and why it’s time to challenge old assumptions.

They discuss:

•Where to find real opportunity as China cools.

•Using the active edge in emerging markets. 

•How to capture Emerging market upside while limiting risk. 

•How advisors can position clients ahead of the curve.

———

CPD Points: This episode is acc...

AI and digital media are reshaping financial advice. Advisors now need to offer transparency, harness technology, and engage with clients in new ways or risk losing out on a new generation of clients.

In this episode, we speak with Owen Raszkiewicz, founder of the Rask Group, who is leveraging these shifts to build a practice that leans into the future of financial advice. It’s a practical look at how to adapt and thrive in a changing industry.

We cover:

Beating the market doesn’t always mean chasing growth. Sometimes, it means means falling less when markets turn. Defensive equities aim to capture 80% of the upside, but only 50% of the downside- a profile designed to compound steadily and keep clients invested through volatility. Bryce and Ren speak with Hamish Fitzsimons, CIO of Australian Equities at AllianceBernstein, about how advisors can use this approach to build more resilient client portfolios.

We cover:

For the first time, Australia’s largest family offices now hold more in private markets than in public equities. 

It’s a shift that’s reshaping portfolio construction. So how can advisors respond? 

In this episode, Bryce is joined by Jordan Ryan, Private Wealth Advisor at Koda Capital, to discuss the role private assets should play in client portfolios and the realities of educating clients on this often opaque asset class.

We cover:

Investors are facing a hole in their portfolio. Bank hybrids have been a popular product for retail investors, with 40% of the $40 billion market taken up by everyday Australians. 

Now with APRA phasing out bank hybrids, advisers face a $16 billion hole to fill in client portfolios. 

In this episode, we ask Helen Mason, Portfolio Manager at Schroders, where advisors can look to fill it? 

We cover: 

•⁠ ⁠The hybrid phase-out explained: why it matters now, not 2032.

•⁠ ⁠What makes Australian credit an institutional investor's best kept secret.

•⁠ ⁠Differences between publi...

Banks, miners and franking credits. Australian investors summed up in five words.

But as the first 6 months of 2025 come to an end, the top of the ASX during this time has been characterised by a struggling resources sector and a strong rotation into banks. Is this the start of a longer term shift? Or is it just a blip?

In this episode, we're joined by Will Curtayne, Portfolio Manager of the Milford Australian Absolute Growth Funds and the Milford Dynamic Funds, to unpack these movements

We discuss:

What makes a good fund manager? That is one of the hardest questions to answer in finance. Today's guest is as well placed as any to help us work through it.

Chris Cuffe AO is the founding director and portfolio manager of Third Link. Chris was formerly CEO of investment managers Colonial First State and Challenger Financial Services Group. He was also previously the Chairman of UniSuper.

Basically, Chris has assessed a few fund manager in his time. And today we wanted to understand how he approaches that task today. We unpack:

After more than 30 years experience in financial markets, Ben Griffiths, has learned a thing or two. As investing fads come and go, and different industries rise and fall, we wanted to unpack the lessons and techniques that have stood the test of time.

Ben Griffiths, Managing Director at Eley Griffiths Group, is a well-known small cap investor in Australia. His flagship fund has averaged more than 4% outperformance a year for 20 years.

Today, we wanted to understand how he approaches markets, manages the noise and finds winning companies. We unpack:

"In hindsight it will be clear that this was an opportunity"

That is a quote from today's interview with Simon Skinner, Head of the Global Investment Team at Orbis Investments.

Investors have notoriously short memories, always chasing the last bull market and learning lessons from recent history. In today's episode, Simon wants us to take a step back and look at the lessons from the longer arc of stock market history.

We speak to Simon about: