HUB24 has announced that it will soon introduce a new platform option called ‘Discover’, a move which it said will allow it to meet the needs of lower balance advised clients.
In a quarterly update to the ASX on Tuesday, HUB24 said that Discover will complement its existing Core and Choice options and will serve clients with lower balances such as early-stage wealth accumulators and later-stage retirees who have less complex needs.
“Discover, designed in conjunction with portfolio managers, provides a streamlined selection of managed portfolios in a cost-effective platform and investment solution, and extends HUB24’s reach to this part of the market,” the firm said.
“This new option, which aims to strengthen HUB24’s competitive position and support further growth, will be available in November.”
The firm also touched on its new collaboration with Allianz Retire+ to launch Allianz Guarantee Income For Life (AGILE) on the HUB24 platform later this year.
As part of its update, HUB24 said that the number of advisers using its platform reached 4,026 during the September quarter, up 10.6 per cent from a year earlier. This growth rate was down slightly from the previous quarter when the firm declared a 15.1 per cent jump to 4,011 advisers.
HUB24 also reported platform net inflows of $2.80 billion over the September quarter, an increase of 34.7 per cent compared to the June quarter.
While down 6.3 per cent from a year earlier, HUB24 said its inflows were “broadly in line” with the prior corresponding period (PCP) and represented a “strong start” to the financial year.
“This is an improvement over previous quarters and is pleasing given the ongoing macroeconomic environment. HUB24’s opportunity pipeline is also strengthening and during the quarter 41 new distribution agreements were signed,” the firm said.
Total funds under administration (FUA) increased by 21.0 per cent versus the PCP to $82.72 billion, including a 24.3 per cent jump in platform FUA to $65.09 billion and a 10.3 per cent lift in portfolio, administration and reporting services FUA to $17.64 billion.
HUB24’s market share has risen to 6.3 per cent, according to the latest data published by research firm Plan For Life, up from 5.4 per cent as at 30 June 2022. HUB24 noted that it is currently ranked second for quarterly and annual net inflows.
