Netwealth sees rise in FUMA

In a statement today, Netwealth announced it has exceeded $14 billion in FUMA.

This is due to strong inflows and continued growth across the IFA, private client and wealth management sectors, Netwealth said.

The milestone represents an increase in excess of $5 billion or 55 per cent for the current financial year, and more than 350 per cent into the Netwealth managed account service.

Commenting on the growth, joint managing director of Netwealth Matt Heine said, “We've had a great year which, in addition to strong FUMA growth, has seen the launch of many exciting new initiatives including a wide range of new adviser efficiency enhancements, nine new private label managed accounts and the successful transition of the Russell IQ Wealth and Super platform across to Netwealth.

“We continue to see the industry undergo a number of major structural changes including strong and steady growth of the IFA market and a renewed focus by advisers who understand the need to “future proof” their business – Netwealth is well placed to partner with firms through this process.”