The total number of advisers using the HUB24 platform increased to 3,692 during the December quarter, an 8.5 per cent increase on the previous corresponding period (pcp).
In a quarterly update released to the ASX on Tuesday, HUB24 reported continued adviser growth over the past year, with an increase from 3,432 in the March quarter, 3,486 in the June quarter, and 3,639 in the September quarter.
However, the $2.8 billion of HUB24 platform net inflows seen in Q2 FY23 was down 23.6 per cent from the record inflows seen in the pcp while remaining broadly flat compared to Q1 FY23.
“In the context of current market dynamics and macroeconomic events, the business has achieved a strong 1H FY23 with $5.8 billion of net inflows as at 31 December 2022 (down 13.6 per cent on pcp),” the firm said.
Average monthly net inflows for the financial year to date were reported to be $960 million, which HUB24 said was broadly in line with the previous financial year.
HUB24’s total funds under administration (FUA) sat at $73.0 billion as of 31 December, a 6.8 per cent increase compared to the pcp.
This included platform FUA of $55.8 billion, which was up 11.7 per cent on the pcp and included positive market movement of $1.6 billion for the quarter.
Meanwhile, the firm’s portfolio, administration and reporting services (PARS) FUA was down 6.3 per cent on the pcp to $17.8 billion due to negative market movements.
“HUB24’s market leadership position and focus on delivering innovative solutions continue to resonate with our clients, with growth from net inflows and a solid pipeline of opportunities across all customer segments, including large national licensees, brokers, boutique advice practices and self-licensed advisers,” the firm said.
The pilot program for HUB24 SMSF Access, which launched last quarter and is designed for advisers to meet the needs of clients who are keen to access the benefits of a cost-effective SMSF solution, continued during Q2 FY23.
“The product is being adapted based on adviser feedback and new agreements are in progress with licensees to broaden the pilot, with a progressive rollout scheduled for 2H FY23,” HUB24 said.
