ASIC warns financial advice firms that using lead generators could put their licenses at risk

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ASIC has warned Australian financial advice firms that using lead generators could put their licenses at risk. A review of 15 licensed firms found that lead generators brought in around 7,639 new clients from January 2025 to June 2026, accounting for around 35% of their total client base. These clients invested approximately A$678 million, around 90.6% of which was retirement savings. Some referral partners could receive 80% to 100% of clients’ upfront advice fees; ASIC said firms that allow or fail to control such conduct could face regulatory action affecting their licenses.