What Capstone Financial Planning does

Capstone Financial Planning Pty Ltd is an Australian Financial Services Licensee (AFSL No. 223135; ABN 24 093 733 969) established in July 2002 and headquartered at Level 1, 607 Bourke Street, Melbourne. The company authorises and supports financial advisers and accountants nationally through three tiered authorisation levels — Tier 1 and Tier 2 for accountants providing limited SMSF and class-of-product advice, and Tier 4 for qualified financial advisers delivering comprehensive advice across superannuation, managed investments, securities, personal insurance, basic deposit products, SMSFs and standard margin lending. As of the 2026 PictureWealth Group combination, Capstone holds approximately A$13.5 billion in funds under advice, sits within a group of approximately 360 advisers and roughly A$22 billion in combined FUA, and positions itself as 100% privately owned with no product bias or vertical integration into product issuance.

The core offering is structured around four pillars — Technology (Xplan administration, standardised workflows, advice templates, fund manager data feed management, revenue management, third-party integrations, and a dedicated in-house Xplan helpdesk during AEST business hours), Marketing and Communications (in-house team producing social media posts, newsletters, corporate collateral and website support), Professional Standards (Risk and Compliance, Lonsec-sourced research and Approved Product List, in-house Paraplanning) and Growth and Development (practice coaching, Client Value Proposition work, CPD and FAAA-assessed professional development). A complementary sister company, CapBack Licensee Solutions, was formally launched on 31 March 2026 to extend modular back-office packages to self-licensed AFSLs on no-lock-in terms.

Capstone's revenue model combines (i) adviser service fees charged to authorised representatives — disclosed as percentage of holdings, fixed dollar or hourly — covering Statement of Advice, Initial Advice, Implementation and ongoing Adviser Service Fees, (ii) initial and ongoing insurance commissions (0–66% and 0–33% respectively, including GST) that are passed through to advisers, (iii) annual contributions from financial product providers participating in the Training and Education Partner Program, and (iv) sister-company CapBack professional services revenue from self-licensed AFSLs on modular or hourly terms. Distribution is sales-led, primarily direct B2B with the public Find-an-Adviser portal feeding downstream retail/wholesale client traffic, and customer satisfaction is tracked annually (92% overall satisfaction and 86% willingness-to-recommend in 2024/25).

Name

Capstone Financial Planning

Legal name

Capstone Financial Planning Pty Ltd

Website

https://capstonefp.com.au

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

11–50 employees

Short description

Capstone Financial Planning is a privately owned Australian AFSL licensee (AFSL No. 223135) that authorises and supports financial advisers and accountants nationally through tiered authorisations and four pillars of business support: Technology, Marketing and Communications, Professional Standards, and Practice Development.

Ownership category

akta.pro rank

Product category

Financial Advisory Licensee Services

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Comprehensive Financial Planning (FSAEAAAA)

akta.pro secondary industries

Financial Planning & Goals-Based Advice (Mass Affluent) (FSAAAAAF), Financial Coaching & Budgeting Advisory (FSAEAAAH)

Keywords

• AFSL licensee services
• Financial adviser support
• Practice management solutions
• Xplan administration
• Paraplanning and compliance

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Authorised representative service and advice fees: Capstone charges adviser fees to authorised representatives which may comprise a percentage fee based on holdings, fixed dollar amount, or hourly rate. Includes Statement of Advice Fee, Initial Advice Fee, Implementation Fee, and Adviser Service Fee. Highly competitive, recurring revenue stream from licensed adviser practices.
2. Insurance (risk) product commissions: Receives initial commissions (0.0% to 66% including GST of initial premium) and ongoing commissions (0.0% to 33% including GST of renewal premium from 2nd year) from product issuers when advisers recommend risk insurance products. Capstone passes commissions through to advisers.
3. Training and education partner program contributions: Annual contributions from selected leading financial product providers participating in Capstone's professional training and education program for advisers and support staff. Program meets legal and regulatory standards and does not influence product range.
4. CapBack backoffice services for self-licensed AFSLs: Through sister company CapBack Licensee Solutions, offers packages from revenue management to compliance, research, Xplan, marketing and more. Includes no lock-in contracts and option of one-off services such as website development, ad hoc marketing or coaching services charged at hourly rates.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Capstone Financial Planning is a privately owned Australian Financial Services Licensee (AFSL No. 223135) that authorises qualified financial advisers and accountants to provide financial product advice to retail and wholesale clients across Australia. Under the licence it delivers tiered authorisations (Tier 1, Tier 2, Tier 4) supported by four pillars of business services: Technology (Xplan administration, workflows, fund manager data feeds, revenue management, internal helpdesk), Marketing and Communications, Professional Standards (Risk and Compliance, Lonsec research, Paraplanning), and Growth and Development (practice coaching, training and education).

Product overview

Capstone Financial Planning operates a platform-plus-modules architecture delivered through a single national AFSL licensee (AFSL No. 223135) with tiered authorisation sub-products — Tier 1 (basic SMSF accountant authorisation), Tier 2 (expanded SMSF + class of product advice) and Tier 4 (full financial adviser authorisation with the complete support suite). The core offering is organised around four pillar modules: Technology (Xplan administration, workflows, fund manager data feeds, advice templates, revenue management, third-party integrations and a dedicated Xplan helpdesk), Marketing and Communications (in-house marketing team, website, social media, collateral, client value proposition work), Professional Standards (Risk and Compliance, Lonsec-sourced research/Approved Product List, and in-house Paraplanning), and Growth and Development (practice development, CPD training and education). Complementing the core licensee service is the sister-company add-on CapBack Licensee Solutions, launched 31 March 2026 to provide the same back-office support packages (revenue management, compliance, research, Xplan, marketing and more) to self-licensed AFSLs on flexible terms. Since 2026 Capstone has operated as part of the PictureWealth Group, gaining access to the parent group's AI-enabled wealth advice platform (built by PictureWealth, a 2025 Deloitte Technology Fast 50 #13 ranked WealthTech and Australian AI Awards finalist) and the broader group support ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• CapBack: CapBack Licensee Solutions — a comprehensive backoffice business services offering for self-licensed AFSLs, providing packages covering revenue management, compliance, research, Xplan support, marketing, and more. Sister company under PWHL, formally launched 31 March 2026 by Grant O'Riley.

Products and services

• Capstone Financial Planning AFSL Licensee Service National, privately owned Australian Financial Services Licence (AFSL No. 223135) that authorises and supports financial advisers and accountants across Australia. Delivered through tiered authorisations (Tier 1, Tier 2, Tier 4) supported by four pillars of business services: Technology (Xplan administration, standardised workflows, fund manager data feed management, advice templates, revenue management and an internal Xplan helpdesk), Marketing and Communications (in-house marketing team, social media, newsletters, collateral), Professional Standards (Risk and Compliance officers, Lonsec-sourced research and Approved Product List, and Paraplanning), and Growth and Development (practice coaching, FAAA-accredited training and education).
• CapBack Licensee Solutions Sister-company back-office services offering supporting self-licensed Australian Financial Services Licensees (AFSLs). Provides eight packages covering revenue management, compliance, research, Xplan support, marketing and more, with no lock-in contracts and the option of one-off services or hourly ad-hoc coaching. Helps self-licensed advisers establish, upskill and run their own AFSL operations.

Quantifiable outcome

• $13.5 billion in funds under advice (Capstone standalone); $22 billion combined across PictureWealth Group
• +3 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability6 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core, flagship and minor.

• CapBack Licensee SolutionscoreStrategic or Co-development Partner · 31 March 2026Sister company launched 31 March 2026 by Capstone's Managing Director Grant O'Riley. CapBack is a comprehensive business services offering supporting self-licensed businesses to effectively run and manage their own AFSL. Offers eight packages from revenue management to compliance, research, Xplan, marketing and more; no lock-in contracts; ad hoc services charged hourly. Backed by Capstone's 23+ years of operating expertise.
• PictureWealthflagshipStrategic or Co-development Partner · 1 January 2026Capstone Financial Planning joined the PictureWealth Group, combining to create approximately $22 billion in funds under advice across around 360 advisers. PictureWealth is an Australian FinTech wealth advice company founded in 2017 that pairs human insight with AI to enable affordable financial advice. Capstone continues to operate under its own name with Grant O'Riley as Managing Director. The integration strengthens Capstone's four pillars of support (Technology, Marketing & Communications, Professional Standards, Practice Development) and provides more pathways for advice practices across AFSL, self-licensed, employed and integration structures.
• LonseccoreTechnology or IntegrationLonsec is Capstone's third-party research provider for the Approved Product List (APL). Any product researched by Lonsec that is rated investment grade or better is available to Capstone advisers through a detailed online research portal. The partnership underpins the Approved Product List with platforms, master trusts, multi managers, risk insurers and stock brokers. Lonsec also provides the source material for Capstone's monthly Economic Update articles.
• PictureWealth Finance Pty LtdminorGTM or Marketing PartnerRelated entity (ABN 43 675 776 155) of Picture Wealth Holdings Limited. Provides finance and lending solutions to clients. Representatives of Capstone may (with client consent) refer clients to PictureWealth Finance to review lending needs.
• Selected financial product providers (Training and Education Partner Program)minorGTM or Marketing PartnerCapstone has developed formal business partner relationships with a number of financial product providers who are selectively invited annually to participate in the training and education program, contributing financially to support regular professional training and development for Capstone's advisers and support staff. Capstone's product range is not influenced by the program as all products are independently assessed via Lonsec research.
• PictureWealth Advisory, Futuro Financial Services, Insight Investment ServicesminorStrategic or Co-development PartnerSister AFSLs and advice support businesses within the PictureWealth Group. Together with Capstone and CapBack, the group supports advisers at every stage through traditional AFSL support, self licensed solutions, employed adviser roles and integration pathways for independent practices preparing for retirement, succession or sale.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Insignia Financial (formerly IOOF): Large Australian wealth-management group that owns multiple AFSL licensee brands (including Shadforth, Godfrey Pembroke, Bridges, Consultum). Operates a multi-licensee model with shared back-office, technology and paraplanning infrastructure, directly comparable to PictureWealth Group's structure that now includes Capstone.
• AMP Limited: Australia's largest incumbent advice group, providing AFSL authorisation, practice support, technology platforms and paraplanning to thousands of advisers through AMP Financial Planning and Charter Financial Planning. Directly comparable to Capstone on the licensee-service offering.
• Netwealth Group: Listed Australian wealth platform and advice licensee that combines a managed accounts/investment platform with self-licensed and authorised-representative support services. Comparable to Capstone on the licensee-plus-technology offering, particularly through Netwealth's advice licensee solutions.

Direct peers

• Count Limited: Australian financial advice licensee group with a similar SMB-accountant-and-adviser focus, offering AFSL authorisation, paraplanning, technology and practice development support to a national adviser network. Directly comparable as a publicly-listed mid-sized licensee competitor.
• Praemium: Australian wealth-platform and licensee-solutions provider offering SMA technology, administration and AFSL support to advisers and accountants. Comparable to Capstone on the technology-plus-licensee integration proposition, particularly for accountants seeking limited advice authorisations.
• Lifespan Financial Planning: Privately-owned Australian AFSL licensee serving financial advisers with comprehensive practice support including compliance, paraplanning, technology and marketing. Closely comparable to Capstone in scale, positioning and the privately-owned no-product-bias value proposition.
• WT Financial Group: Australian financial advice licensee group focused on providing AFSL authorisation and practice support services to a national adviser network. Directly comparable to Capstone on the core licensee-service offering.
• AZN Financial Group: Australian AFSL licensee providing compliance, paraplanning and technology support to advisers, with a similar privately-held mid-market profile. Comparable to Capstone as a competing mid-size privately-owned licensee.
• Ten Group (Ten Capital): Australian financial services licensee and advice business support provider serving a network of advisers with AFSL authorisation, compliance and practice development services. Comparable to Capstone as a mid-size privately-owned licensee competitor.

Emerging players

• Morgans Financial: Australian full-service stockbroking and wealth advice firm with AFSL authorisation, paraplanning and research services offered to advisers and clients. Partially comparable to Capstone on the licensee-plus-research offering, with overlap on Xplan-based advice workflows.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/capstone_fp
• Facebookfacebook.com/CapstoneFinancialPlanning
• LinkedInlinkedin.com/company/capstone-financial-planning

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capstone Financial Planning