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FPRJ Vol 12, Issue 1 Editorial

Mark Brimble & Michelle Cull

Financial Planning Research Journal2026https://doi.org/10.2478/fprj-2026-0004article
ABDC C
Weight
0.50

What the paper says

And then it was 2026 it is hard to comprehend how quickly time is moving in this fast-paced AI-infused world.And while many things feel different, many things remain the same.In Australia, the practicing adviser education requirement deadline passed after seven years with several hundred advisers reported as having not met the standard and accordingly will come off the register.This is far less than the 'cliff' predicted by some commentators, who suggested that up to 4,000 advisers would leave the industry (Ford, 2025).That good news continues to be overshadowed by the ongoing First Guardian and Shield crisis, which has placed the entire advice ecosystem under due scrutiny.With echoes of the past in mind, we find ourselves again looking at investor losses in the billions.In December 2025, it was reported that, for First Guardian alone, of an estimated $450 million invested in the collapsed fund by 6,000 investors, only $1.6 million had been recovered.Around $350,000 of this was recovered from the sale of a Lamborghini, allegedly purchased with investor money.To their credit, Macquarie Group moved quickly and agreed to provide $321 million to about 3,000 Shield investors who accessed this product via its platform.At the end of 2025, the platform and investment technology company Netwealth, after sustained pressure, announced it would provide $100 million to around 1,000 retirement savers who invested in First Guardian through its services as part of a settlement with the corporate regulator (Khadem, 2025).Time will tell what the longer-term ramifications are of this collapse, but anecdotally, this appears to have at least slowed down reform efforts and may derail attempts to water down entry standards to the profession.

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https://doi.org/https://doi.org/10.2478/fprj-2026-0004

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@article{mark2026,
  title        = {{FPRJ Vol 12, Issue 1 Editorial}},
  author       = {Mark Brimble & Michelle Cull},
  journal      = {Financial Planning Research Journal},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.2478/fprj-2026-0004},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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