Friction, Personalisation and ETF Convenience

In this episode of The Australian Finance Podcast, Owen Rask sits down with Hayden Smith, Co-Founder and CTO of Pearler, to explore how Australians really invest — and where investing, technology and advice are heading next.

From ETFs and core-satellite portfolios to AI, robo-advice and the slow shift away from property-first thinking, this conversation goes deep on what’s working, what’s overrated, and what the “average successful investor” of the future might actually look like.

🧠 What you’ll learn in this episode

🇦🇺 Australia vs 🇺🇸 the US: how investors really differ

- How Australian investor preferences compare with the US

- Why ETFs dominate locally — and whether that’s normal or surprising

- Cultural, behavioural and structural differences between markets

👩‍💼👨‍💼 Investing behaviours: men, women & long-term outcomes

- Are there meaningful differences between how men and women invest?

- What the data says versus common stereotypes

- Why behaviour matters more than product choice

🧩 Core & Satellite investing — what it actually looks like

- ETFs vs shares: how real portfolios shake out in practice

- Why “core & satellite” is often misunderstood

- When simplicity beats sophistication

🏠 Is property-first thinking fading in Australia?

- Are Australians really moving away from property as the default wealth strategy?

- What’s changing — and what isn’t

- How housing affordability, flexibility and investing access shape behaviour

📊 What worked that wasn’t obvious

- The things Pearler expected to work — and didn’t

- The unexpected features or behaviours that delivered real results

- Lessons learned from building investing tools at scale

🔮 The successful Australian investor of 2030

- What does an “average but successful” 35-year-old investor look like?

- Habits, mindset and structure — not hype or shortcuts

- Why consistency still wins

🧠 Goals, calculators & investor tension

- Why goals are harder than people think

- The tension between optimisation and behaviour

- Are calculators still useful — or mostly ignored?

🤖 Digital advice, robo-advice & regulation

- How Hayden describes the current crop of “robo-advice”

- What digital advice gets right — and where it falls short

- Whether meaningful progress depends on government and regulatory change

🧠 AI, advice & trust

- Why you can’t (yet) just use ChatGPT or similar tools for investing advice

- Whether people will actually trust AI with financial decisions

- Is AI bigger than the internet — or just the next layer on top?

- Will non-technical users still be amazed by AI in 10 years, like YouTube today?

Resources for this episode

Buy Gemma’s book “The Money Reset”

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Join Pearler using code “RASK” for $15 of Pearler Credit

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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

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