At the recent Professional Planner Licensee Summit, one message came through loud and clear: many advice practices are still making avoidable mistakes that put their clients, their businesses, and their reputations at risk. Two standouts? Holding onto unnecessary software and sharing passwords.
Alchemy Cyberdefence CEO Indi Siriniwasa highlighted a surprising fact: many firms are carrying 30–50% more software than they actually need. That’s not just wasted spend, it’s an open door to cyber threats. The more platforms you have, the more chances there are for attackers to get in.
Decluttering your tech stack not only saves money but also reduces the number of endpoints hackers can exploit. Streamlined systems = fewer risks and stronger protection.
Despite years of warnings, password sharing is still widespread. It’s convenient in the short term, but in today’s world of phishing and AI-powered attacks, it’s also dangerous. The reality is simple: one weak password could compromise your entire practice.
Two-factor authentication, secure portals, and better habits aren’t optional anymore. They’re essential.
As Nathan Jacobsen (formerly Diverger, now Count) explained, many licensees struggle to keep pace with these challenges. Managing change across hundreds of small practices is no small feat. Cybersecurity often feels like a “grudge purchase”, something put off until a crisis strikes. But waiting until it’s urgent is far more costly than taking proactive steps today.
BT’s Jason Brown reminded us that cyber protection doesn’t just shield firms from threats, it can also be a competitive strength. With Westpac’s bank-grade security underpinning BT’s Panorama platform, advisers and clients benefit from multiple layers of defence. This level of investment demonstrates the link between security, trust, and long-term growth.
We’re entering a new era where artificial intelligence is reshaping both risks and opportunities. Frameworks that worked pre-AI are already evolving. Larger licensees are leading the way, but smaller firms will need to stay alert and proactive.
Early adopters are already finding benefits. Diverger, for example, trialled AI bots and compliance automation tools to reduce admin pressure on advisers. These moves show that when technology is embraced thoughtfully, it can simplify compliance and give advisers more time to focus on clients.
Cybersecurity isn’t just about avoiding disaster. It’s about building resilience and creating a safe foundation for growth. By cutting unnecessary software, eliminating password sharing, and adopting smarter systems, your practice can protect what matters most: your clients, your reputation, and your future.
At VBP, we’re committed to helping you take these steps with confidence. With the right support, technology can empower and not overwhelm your business.
This article originally appeared in Professional Planner
https://www.professionalplanner.com.au/