HUB24’s total funds under administration (FUA) now sits at $51.4 billion, including the newly acquired Xplore Wealth, which contributed $17.2 billion.
The total has more than tripled from March 2020, up by 236.7 per cent.
Xplore’s team has now transitioned across to join HUB24, with the merged entity working on building its future operating model. The company is already offering combined product solutions to new prospects.
HUB24 has also completed its acquisition of 31.5 per cent of Easton Investments and Ord Minnett’s portfolio, administration and reporting services (PARS) segment.
Platform FUA had shot up by 136 per cent from the prior corresponding period (pcp), to $35.6 billion as at the end of March. Xplore contributed $11.2 billion to the total.
The portfolio, administration and reporting services (PARS) segment on the other hand had $15.8 billion in FUA, including $6 billion from Xplore. The shift was especially significant year-on-year, from $156 million in March 2020.
The platform provider saw $1.9 billion in net inflows during the March quarter, 41 per cent more than the pcp.
The Xplore acquisition had nearly doubled the company’s market share in the platform landscape, with it Strategic Insights reporting the combined firms held 4.3 per cent as at December, including 1.8 per cent from Xplore.
HUB24 had signed 28 new licensee arrangements during the March quarter, with it now being used by 2,758 advisers – a 41 per cent jump from the pcp.
The company has also hinted at its deal with IOOF, with development of its private-label investment and superannuation offer expected to be complete in the last quarter of the year.
HUB24 is also working with Aberdeen Standard Investments on a bionic advice solution. It has built a product, HUB24 Access, to support the digital customer engagement and advice tool.
We were looking at them as a replacement platform and conveniently happened to meet with a potential new client who already had it. We realised a pretty reasonable discrepancy on how the UK pension had transitioned over the year before (over $20k difference not in favour of the client), after months of chasing HUB24 for answers that were never forthcoming and they refused to take our calls or return emails, we eventually had to let the client know we couldn’t act for them without the right information and pointed the client down the path of an official complaint.
Hub24 is ahead of the pack, when dealing with the crazy Hayne2 “opt-in” legislation. Unlike some ancient bank-owned platforms still around, that insist on clients completing & signing a ridiculously long SEVEN page form, simply for their adviser to get paid. Hub24 is going to get a lot more business as result of their adviser & client friendly technology. Smart operators.
One of the most expensive platforms in the market. 0.48% on the first $250,000 and 0.38% on the next. Investors are being ripped off and they need to told.
You mustn’t have the discounted rate card. Admin fees well below that, plus extended family fee aggregation. A brilliant deal, if you know who to talk to. As a result, Hub24 is seriously competitive on fees if you have access to the right firm.
Why are consumers being charged different fees based on who their adviser is? This reeks of conflict.
spot on Anon…dirty grubs….so do these advisers place people into Hub based on it’s good, or in order to maintain FUM or get to the next FUM hurdle, and just how does the licensee or firm manipulate advisers to drive revenue into Hub. Can we use them as a test case for FASEA?
I agree that HUB’s headline rate card is high, and it disappoints me that they still do deals based on member numbers etc. Their pricing is actually pretty sharp on the lower rate cards. In my opinion BT moving to BT Open was a glowing example of professionalism. I expect all platforms will end up this way, especially if AFSL’s dwindle and dealer groups diminish in size and worth. Platforms are a utility, like power or water. As long as the admin team is sound, the Trustee, RE etc stack up, use it as a chance to embrace technology and ditch anyone needing paper signatures.