Netwealth has seen an increase of $756.5 million for the current financial year, as well as a $219.5 million increase in the company’s managed account service for the same financial year, the company reported, pushing its FUMA upward.
Netwealth joint managing director Matt Heine said the figures mark a significant milestone for the fintech company.
“Over the past 12 months, we’ve seen our FUMA grow exponentially by more than $5.2 billion, underpinned by our strong offering and clear focus on delivering leading technology, supported by great service at a competitive price,” he said.
The errors are getting bigger and more of them in the never ending chase for the MDA $$.
I agree that the massive cash account fee is gouging at it’s best!
Have been a fan of Netwealth, but I now believe they have focused too much on technology and marketing etc etc. how about improving on what you already have. Whats the difference between NW and HUB24 not much. Stop charging a $5 monthly for having insurance paid annually would be a great start. Stop taking a piece of the pie from cash. If you aren’t fixing/improving these then your competition is. God forbid But NORTH- no charge for cash. The BDM’s know all this but obviously NW have become addicted to the lazy money.
The absolute opposite. They have recently increased the fee on the cash account from 1.25% to 1.4-1.45%. The client gets 1% and Netwealth get 1.45%.
Congratulations, Netwealth (and Matt and Michael Heine in particular) on reaching this milestone. I regard netwealth as the best of its kind not just here, but in the WORLD and have been using them almost from the outset as they offer advisers and clients the very best service of any financial services company I’ve experienced, combined with leading technology and product development at the best price point. It’s rare that cheapest is best, but this is a great example of how a business can be run efficiently, profitably and without gouging on price. If only there was some real competition…
Charging 1.45% on their cash account is hardly cheapest. – “We estimate that the cash account fee
will be between 1.40% p.a. and 1.45%”
yeah, i’ve heard its a bit of a mess end-client wise..