HUB24 has reported that 4,297 advisers were using its platform at the end of December, which represented a 16.4 per cent increase over the same time in 2022.
In a statement to the ASX on Tuesday, HUB24 attributed the increases to the 29 new distribution agreements that were signed in the second quarter of FY23–24. It added that the $1.8 billion transition of Insignia Financial to a private label (Rhythm) administered on HUB24 represented just over half of the quarterly increase.
The statement added that, including the Insignia transition, Q2 saw record net inflows of $4.5 billion. This represented a 60.4 per cent increase on the prior corresponding period.
“Excluding the large transition, Q2 FY24 platform net inflows were $2.7 billion (down 4.0 per cent pcp) and average monthly net inflows for 1HFY24 of $912 million, up 15.6 per cent from 1HFY23,” the statement said.
Platform funds under administration (FUA) was $72.4 billion as at 31 December 2023, which HUB24 said included positive market movement of $2.9 billion for the quarter.
“Market volatility during 1HFY24 resulted in non-linear FUA growth with some months impacted by negative market movement,” it added.
The platform also improved its market share to 6.7 per cent, up from 6.1 per cent at the end of the 2022–23 financial year.
Total FUA was $91.2 billion as at 31 December 2023 (up 25 per cent on pcp), with its portfolio, administration and reporting services (PARS) FUA of $18.8 billion up 9.4 per cent on pcp.
“HUB24’s proposition continues to resonate with licensees, advisers, and their clients driving strong growth in net inflows and a solid opportunity pipeline across all customer segments,” HUB24 said.
“This includes large national licensees, aggregators, brokers, boutique advice practices, and self-licensed advisers.
“The company remains on track to meet our platform FUA target range of $92 billion to $100 billion for FY25.”
HUB24 reported that the number of accounts across Class Super, Class Portfolio, and Class Trust products had increased during the quarter to 203,860 (up 2.6 per cent on pcp), with document orders on NowInfinity increasing to 182,204 (up 2.0 per cent on pcp).
It added that the number of companies using Corporate Messenger increased to 697,573 during the quarter (up 12.2 per cent on pcp).
