HUB24 has announced enhancements to its platform to allow advisers to report on clients’ other investments including cash accounts and term deposits, listed securities, managed funds, direct property, and other assets.
Citing Investment Trends research that found 51 per cent of advisers manually prepare reporting on their clients’ non-custody assets, HUB24 said it is becoming “increasingly important for advisers and their clients to integrate data from outside of the platform to deliver a complete picture of their clients’ wealth”.
HUB24 chief product and innovation officer Craig Apps said the new features have been designed in collaboration with advisers and offer greater efficiency and increased client engagement.
“The new automated feeds are the latest addition to a series of product enhancements made available this year,” Mr Apps said.
“By leveraging this capability, advisers using the HUB24 platform can obtain a holistic view of their clients’ asset allocation simply by adding in other investments such as property values, other Australian or international shares, private equity funds or even collectibles such as art or wine.”
Initially, the feeds are available to advisers whose clients’ other investments are through Macquarie – specifically Macquarie Cash Management Accounts, Macquarie Cash Management Accelerator Accounts and Macquarie Term Deposits.
Once an adviser adds these other investments to the HUB24 platform, they are integrated across HUB24’s Portfolio Dashboard, InvestorHUB, and HUB24 Present.
“Through ongoing discussions with advisers, we identified a range of other features that would make it easier for advisers to have more holistic conversations with their clients,” Mr Apps said.
“As a result, advisers now have the ability to customise the terms used for asset classes, for example, ‘listed infrastructure’ versus ‘alternatives’, enabling them to use consistent language that their clients understand across multiple documents, which also supports compliance processes.”
Kelly Wealth senior financial adviser and partner Dave Haydon, who is a regular user of HUB24 Present, said the reporting functionality leads to richer client discussions and engagement.
“HUB24 Present is one of the best platform improvements I’ve seen recently. With the addition of ‘other investments’ enhancement and the cash data feeds, HUB24 is delivering one ‘mic drop’ platform hit after another,” Mr Haydon said.
Ethinvest financial adviser and general manager Fiona Thomas added: “HUB24 Present allows us to quickly prepare a visually appealing and simple PDF, or an interactive set of slides to take a client through their portfolio over whatever timeframe we choose.
“We’ve also been able to incorporate extra elements that are important to our clients, such as the social and environmental impact of their portfolio, alongside the traditional asset allocation and performance information you would expect. This is a real value add for our business.”
