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Hub24 to launch new core offering

Platform provider Hub24 will launch a new core offering for clients with lower average balances, offering a “limited investment menu” to users.

In a statement, Hub24 announced it will be launching its core offering within its investor directed portfolio service (IDPS) and super products, saying the launch will “provide an entry point for clients with lower than average account balances”.

“This new offer will provide access to a limited investment menu, typically a range of diversified managed portfolios from third-party providers, often at a lower administration fee than the more comprehensive platform,” the statement said.

“There has been significant interest in this type of offer, which is expected to increase the attractiveness of Hub24 as the primary platform of choice for advisers.”

The business also announced record net inflows for the 2018 financial year with a 24.1 per cent increase on the previous corresponding period, up to $2.4 billion.

Hub24’s funds under administration had also reached $8.3 billion at 30 June 2018, up 51.2 per cent on June 2017.