Most Paragem practices using Hub24
More than 80 per cent of Paragem authorised reps have used Hub24 products since the licensee was acquired by the platform and SMA provider last year.
Paragem managing director Ian Knox told ifa that $60 million of its total pool of $2.7 billion had come onto the Hub24 platform, all of it into managed accounts.
“Since we joined Hub24 in September last year 16 out of 20 practices have used the platform,” he said.
According to Mr Knox, there is no evidence that the Hub24 platform is being used in isolation, and he noted that advisers are using platforms other than Hub24 90 per cent of the time.
However, he expected this figure to rise “as more advisers come to grips with managed accounts”.
Hub24 head of marketing and distribution Wes Gillett agreed and said the growth in flows was largely due to the SMA offering.
“More than three quarters of Paragem practices are using Hub24,” he said.
Mr Gillett maintains that Paragem is still very much a separate entity.
“There are Chinese walls and the advisers continue to have relationships with other platforms and are making decisions in the best interests of their clients,” he said.
In August, Mr Knox told ifa that Paragem advisers would still have “absolute choice" of platform following the merger.
At the same time, Hub24 and non-aligned licensee GPS Wealth have launched a new white label platform.
GPS Wealth’s new platform, branded CAREportfolio, spans super, pensions and investments, and provides a complete managed account and wrap offering for all its member firms.
The CAREportfolio suite has been purpose-built to meet the personal investment outcomes of clients through both accumulation and drawdown phases, underpinned by a sound investment philosophy.
Mr Gillett told ifa the SMA provider would be looking to making similar deals in the months to come.
ASIC cancels AFSL of Sydney firm
ASIC has cancelled the Australian financial services licence of RVM Capital Pty ...
Education extension bill delayed
A bill to lock an additional one-year extension for advisers to comply with FASE...
Digital offerings can eliminate the need for personal advice
Digital advice may provide an avenue for advisers to be able to circumvent the c...