Ep 101: Supercharging self-licensed firms - Kon Costas

Between Meetings with Matt Heine

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2M ago 37:15

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Matt Heine welcomes Kon Costas, Managing Director of The Principals' Community, for a wide-ranging chat on the future of financial advice. With decades of leadership experience across Westpac, BT and now a national self-licensed adviser network, Kon offers powerful insights on what makes businesses grow, merge successfully, and remain resilient. They discuss trusted leadership, why self-licensing is rising, and how cultural alignment is key to any successful M&A deal. Kon also shares how his team supports 135 advice firms and 1,300+ advisers through governance, CPD and peer-driven growth. A must-listen for anyone navigating change or thinking about the next evolution of advice.

00:01:12 – Entering financial services

Kon Costas shares how his career began in banking with Westpac in 1989, eventually transitioning into financial advice and later leadership and licensee roles.

00:03:13 – Reflecting on industry change

Kon discusses the evolution of financial planning, the Royal Commission, and the ongoing challenge of adviser shortages despite increased professionalism.

00:05:07 – Lessons in change management

Kon reflects on his experience navigating industry change, emphasising transparency, trust, and leading from the front during both tough and growth periods.

00:07:06 – The Principals' Community

Now Managing Director of The Principals' Community, Kon explains its mission to support successful self-licensed practices through governance, education, and scale.

00:11:38 – The rise of self-licensing

Kon explores trends in self-licensing, highlighting flexibility, control, and the importance of capability—while cautioning that cost should not be the primary driver.

00:21:45 – Business performance and growth

He shares key data points from member firms, such as average client load (105 per adviser), profitability benchmarks, and the push for greater efficiency and organic growth.

00:23:47 – M&A trends and traps

Kon unpacks the current M&A landscape, warning against rushed deals and stressing the need for cultural alignment, thorough due diligence, and clear expectations.

00:32:38 – Building the future of advice

He calls for industry-wide collaboration to attract and train the next generation of advisers, boost the profession’s reputation, and increase the reach of quality advice.

00:36:24 – Looking ahead

Kon closes with optimism, encouraging advisers to embrace the abundant opportunities ahead, especially with technology enabling broader client reach.

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