#48 Michael Campbell | The Great Adviser Shortage & How Growth Advisers Are Building Firms Through Acquisition
From The Rate Of Change by Murdoch Gatti
March 10, 2026 · 1h 10m · Season 1 · Episode 48
About this episode
Murdoch Gatti interviews Michael Campbell about the changes in the Australian financial advice profession and the rise of growth advisers building firms through acquisition.
In this episode of The Rate of Change, Murdoch Gatti sits down with Michael Campbell, Principal of McAlistair Capital, to discuss the structural changes reshaping the Australian financial advice profession. If you are interested in the future of financial advice, the economics of advisory firms, and how growth advisers are building larger businesses through acquisition, then you will enjoy this conversation. Over the past decade, adviser numbers have fallen dramatically as regulation, education requirements and compliance standards reshaped the industry. While the profession has become smaller, it has also become more professionalised — increasingly resembling other trusted professions such as law and medicine. At the same time, a new group of growth advisers is emerging. Rather than operating small lifestyle practices, these advisers are building scalable advisory firms through acquisitions, infrastructure and strategic capital. Campbell works directly with advisers navigating this transition, helping them source deals, structure transactions and grow their firms through mergers and acquisitions in the wealth management sector. In this conversation Murdoch and Michael discuss: •…
People in this episode
Host: Murdoch Gatti
Guest: Michael Campbell
Topics covered
- financial advice
- adviser shortage
- business acquisition
- wealth management
- professionalization of advisory firms
Keywords
- financial advice
- adviser numbers
- growth advisers
- business acquisition
- valuation multiples
- wealth management
Mentioned in this episode
Organizations: McAlistair Capital
Places: Australia
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