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Labor weighs ban on smart glasses in federal buildings. Legal Trouble Netwealth faces potential class action over First Guardian fallout. 3:58pm yesterday The news: Investment platform Netwealth is reviewing a potential class action lawsuit in relation to its offering and monitoring of certain First Guardian investment options. The context: Netwealth said it has received a letter from solicitors acting for a proposed representative plaintiff, together with draft court documents, alleging breaches of duties in connection with the First Guardian investment options. The options were available through Netwealth's superannuation master fund. The proposed claims relate to matters previously addressed through Netwealth's court-enforceable undertaking with ASIC and a compensation program completed in January. Netwealth agreed to pay over $100 million in compensation to more than 1,000 Australians who invested their superannuation in the collapsed First Guardian master fund. The company admitted it failed to obtain, and did not assess, sufficient information about First Guardian, or make sufficient independent enquiries to understand or evaluate the investment risk. No proceeding has been filed yet. Netwealth said it is reviewing the proposed claim. The source: ASX Let me know about Capital Brief updates and subscription offers. "I was born in China. I cannot change that fact," Zhang said in a letter to a US congressman after he accused rivals of "unhinged conspiratorial rants" about his background. Rose Mackenzie · 2:33am today Commonwealth Bank says its Discover card will bring greater competition. But some question whether the move is really aimed at swaying the RBA. Rose Mackenzie · 9:05pm yesterday The AI-native bank founded by two former Westpac executives, which has raised $140 million, has now fully migrated its first customer. But that's just the start of its ambitions. Rose Mackenzie · 19 September 2026 More in Law

Netwealth snaps up AI-powered advice platform Paradino in a deal worth up to $39 million. 15 September 2026 Wealth management platform Netwealth Group (ASX: NWL) has agreed to acquire Paradino, an Australian AI-enabled adviser workflow automation platform, in a deal worth up to $39 million as it pushes to become what it calls the country's leading AI-powered wealth management platform. Australia Business Directory The acquisition, which comprises a $20 million upfront payment, supports Netwealth's Dx30 ambition of doubling its funds under administration over four years by embedding AI-driven productivity tools directly into its platform. The platform developed by Paradino, which was founded in 2024 by Alex Gassner and Josh Ratnarajah, automates time-intensive advice workflows, from file notes and client communications to compliance documentation, claiming to save financial advisers more than nine hours per week or a 38 per cent efficiency gain. The deal will see Netwealth pay $15 million in cash and $5 million in escrowed Netwealth shares to acquire 100 per cent of Paradino, formally known as Scale Up Platform Solutions Pty Ltd. A further $9 million in earn-out and retention payments is payable over four years, bringing maximum consideration to $29 million. Netwealth has also committed to investing an additional $10 million in Paradino's product development over two years, taking the total potential outlay to $39 million. At the end of August Paradino had annualised recurring revenue of $1.6 million and 535 subscribers across 336 advice businesses, with less than 1 per cent monthly churn. Revenue has grown sharply from $73,000 in FY25 to $778,000 in FY26, although the business is not yet profitable and is expected to post an EBITDA loss of about $3 million in FY27. Around 100 of Paradino's subscribers are already Netwealth platform users, providing an immediate integration pathway. Netwealth says its Unify platform already aggregates, organises and synchronises data from dozens of sources and that, over time, the company will combine this data with Paradino's AI-enabled automation capability to extend AI-driven advice workflows. "Our focus is on supporting advisers to grow their businesses and achieve their ambitions," says Netwealth CEO Matt Heine. "A key part of this is helping advisers increase productivity so they can support more clients and spend more time delivering advice. "This acquisition expands Netwealth's capability beyond platform administration into key advice workflows, increasing our support for advisers across a larger part of the advice process." Heine says the plan is to create Australia's leading AI-enabled wealth management and adviser productivity platform. "By combining Paradino's workflow capability with Netwealth's platform, data and adviser ecosystem, we look forward to helping our existing and future adviser clients operate more efficiently, improve outcomes for their clients and support the growth of both businesses," he says. "This will also help unlock the full value of our Unify data management platform and further drive AI-enabled automated processes." Paradino co-founder Alex Gassner says Netwealth's platform, data assets, investment capacity and distribution network will accelerate Paradino's product roadmap. "We founded Paradino to help advisers overcome the time and cost constraints that limit the number of clients they can effectively support," he says. "Its vision has always been to enable advisers to serve significantly more clients without compromising the quality or personalisation of advice, and advances in AI are making that increasingly possible. "Netwealth's platform, data, investment capacity and distribution provide a unique opportunity to accelerate our roadmap and deliver even greater value to Australian advisers and their clients." Australia Business Directory Gassner says the startup's growth to date reflects the value advisers place on solving some of the most time-intensive and complex parts of the advice process. "We believe there is a much broader opportunity ahead, and partnering with Netwealth accelerates our ability to deliver on that vision," he says. Netwealth last month reported record FY26 results with total income of $391.1 million, up 20.6 per cent, adjusted EBITDA of $192.9 million, up 18 per cent, and adjusted net profit after tax of $135.4 million, up 16.2 per cent. Funds under administration hit $135.7 billion at year-end, a 20.3 per cent increase. Netwealth has guided to net flows of $18 billion to $20 billion in FY27 and an EBITDA margin of 47 per cent. The Paradino deal, which is expected to settle by the end of October, is being funded from existing cash reserves. Australia's business news. Free. Always. Join thousands of founders, investors and executives who read Business News Australia every morning. No paid subscriptions, just free. Unsubscribe anytime. Partner Content

Netwealth Group has agreed to acquire Australian AI-enabled adviser workflow and automation platform Paradino for $20 million upfront, comprising $15 million in cash and $5 million in shares. An additional $9 million in earn-out and retention payments may be paid over four years subject to milestones. Paradino serves over 500 financial advisers and generates $1.6 million in annual recurring revenue. Its Athena AI platform automates key advice workflows including document preparation, client communications and meeting notes. Netwealth will invest a further $10 million in Paradino over two years to accelerate product development. The acquisition expands Netwealth's capabilities beyond platform administration into advice workflows, supporting its strategy to improve adviser productivity. Paradino currently operates at a loss and is expected to record an EBITDA loss of approximately $3 million in FY27. Completion is expected by end of October 2026.