Proof that organisations can scale fast, stay tightly regulated, and still champion startup‑style curiosity, psychological safety and experimentation in people and culture
netwealth, the fast‑growing ASX‑listed wealth platform “knocking on the door of the ASX 100,” is betting that a startup mindset toward people and culture can coexist with some of Australia’s toughest financial services regulations.
Speaking with HRD, chief people officer Shanyn Payne painted a picture of an 800‑strong, founder‑led fintech that is deliberately preserving its entrepreneurial DNA even as it operates a super fund and navigates stringent APRA‑regulated obligations.
Balancing startup agility with regulatory guardrails
Half of netwealth’s business is technology, while the other half is exposed to the highly regulated world of superannuation. This dual identity forces the company to sit in a “constant work in progress” middle ground between agile experimentation and compliance‑driven discipline.
That tension is not accidental. Payne says the CEO, son of the original founder, “can’t stand bureaucracy” but sees the regulatory environment as a “protective moat” that shields the platform from disruption by unlicensed upstarts and AI‑driven tools.
The result is a model built on strong guardrails rather than heavy‑handed rules. A proactive risk and compliance function works closely with people and culture to embed expectations in day‑to‑day behaviour, rather than relying solely on policies.
Employees are expected to understand not only what they can do, but to apply an additional “should we” test before acting – a cultural speed bump designed to prevent issues before they reach regulators.
netwealth also measures risk culture through its regular engagement survey, tracking whether people feel equipped to make good decisions and safe to speak up when something doesn’t look right.
Curiosity as a core value – and operating system
Payne credits netwealth’s values – particularly curiosity and customer focus – as the engine that keeps its startup feel alive. Curiosity isn’t treated as a poster value; employees are expected to see problems and fix them, and to seek out new ideas and technologies rather than waiting for direction.
Ways of working reinforce that mindset. Teams are encouraged to ship a “minimum lovable product,” pilot initiatives, run retrospectives and decide quickly whether to refine or retire experiments. These rituals are deliberately designed to keep that early‑stage, test‑and‑learn rhythm, even as headcount and complexity grow.
The caveat: everything happens within clear governance boundaries. “You’ve got to have the guardrails always,” Payne noted, warning that experimentation without structure risks chaos in a regulated setting.
Psychological safety ahead of regulation
On psychosocial risk, netwealth has been operating as if the new legislation already existed. Payne argues that “really good companies have been doing this for a really long time” because they know psychological safety underpins productivity and performance.
Three years before the current psych‑risk laws took effect, netwealth ran live “feeling safe at work” sessions for every employee, either in person or virtually. Staff were invited to “lift the lid” on issues and speak candidly about what was and wasn’t working.
The people team anticipated that complaints might actually rise after the program – and saw that as a sign of trust, not failure. In their view, unearthing problems early creates an opportunity to intervene before they escalate into formal disputes.
This philosophy sits behind Payne’s broader rejection of “HR spin.” She prefers clear, sometimes uncomfortable conversations over polished messaging, and says employees often return months or years later to say those hard talks were turning points in their careers.
Radical transparency from the top
Culture at netwealth is not treated as a P&C side project. Payne describes her function as “custodians” of a culture that is ultimately led by the founders, CEO, board and senior leaders.
One of the clearest examples is the CEO’s monthly “ask me anything” forum. Here, employees can submit questions anonymously on any topic. While town halls are common in large organisations, Payne says what sets this one apart is the openness of the answers.
The CEO responds to each question transparently, “even if the answer isn’t the world’s best news story,” reducing the need for scripted talking points from HR. Around three‑quarters of the workforce regularly attends, underscoring employees’ appetite for unfiltered information about the business.
Experimenting with AI – as a people capability lever
If curiosity is a value on paper, netwealth’s learning and development strategy is where it becomes visible. The company recently launched AI learning pathways built in partnership with Udemy and a cross‑functional “power team” spanning risk, tech and business leaders.
There are three levels – beginner, intermediate and advanced – culminating in the creation of an AI agent that employees must submit as part of the advanced track.
Only three weeks after launch, netwealth already had its first employee complete all three pathways and submit an agent, with strong early uptake across the business.
Those agents are reviewed by the tech team, who can either provide feedback or decide to deploy the tool organisation‑wide if it proves “game changing.” It is, effectively, a rolling, AI‑focused hackathon that Payne believes will fundamentally lift workforce capability over the next six months.
A culture candidates say they can “feel”
If awards and survey results suggest netwealth is a strong performer in engagement and “best places to work” rankings, Payne prefers a more immediate barometer: the experience of job candidates in the reception area.
She says that in “nine times out of 10” interviews, applicants volunteer that everyone who walked past them in reception checked if they were okay or needed anything – a simple, unscripted behaviour that signals the culture’s authenticity.
Even external consultants, seasoned in organisational culture, have remarked that netwealth has “something really special” in the way staff interact and engage with their work.
For Payne, that’s the ultimate proof that a listed, heavily regulated ASX business can still feel like a startup – so long as leaders are willing to embrace curiosity, transparency and difficult conversations, while staying firmly within the guardrails that keep customers and regulators onside.
