HUB24 attracts more than 1,400 advisers, FUA hits $10bn
The investment and superannuation platform has revealed details of its new offering for advisers after reaching a funds under administration milestone of $10 billion.
In the six months following financial year ended 30 June 2018, the platform finished the year with $8.3 billion in FUA. The latest available data from Strategic Insights now has HUB24 in overall second place for quarterly net inflows as at 30 September 2018.
Since 31 December 2015, the platform has grown from $2.4 billion in FUA on platform to over $10 billion today. During the same three-year period, the number of advisers using the platform has increased from 556 to 1,456.
“We’re delighted to maintain our position as the platform provider with the fastest growth rate in the market,” HUB24 managing director Andrew Alcock said.
“In the midst of structural change and much distraction across the industry, we have maintained momentum with advice networks and individual practices continuing to choose HUB24 because of our commitment to constant innovation, market-leading technology and superior customer service. In many cases our clients are moving away from relationships with incumbent platform providers, and transitioning FUA to HUB24.”
During fiscal 2018, the company signed several new white-label platform agreements including one with Fitzpatricks Private Wealth, which in early December transitioned FUA from their in-house MDA solution to the HUB24 platform.
Additionally, HUB24 has recently launched branded platform solutions for a number of national advice groups including AdviceIQ, a licensee with over 30 authorised representatives, and PortfolioIQ, a collection of 25 smaller licensee businesses, which selected HUB24 for its ability to provide a flexible platform solution that catered to the needs of their advice networks.
Mr Alcock said the ASX-listed group is well-positioned for further growth, thanks to the current market dynamics and a strong pipeline of new business.
“The traditional ‘asset administration’ role of platforms has been disrupted and it’s now about creating value in investment selection, tax management, portfolio construction and data integration,” he said.
“HUB24’s strong pipeline of new business is testament to our strategy and continued investment, with the expertise of our subsidiary Agility Applications and the new functionality of ConnectHUB contributing to HUB24 being chosen to provide platform solutions. We are very pleased that two large national brokers chose HUB24 during the last quarter, including Patersons Securities.”
The ConnectHUB offering will allow advisers to integrate multiple external data sources in real time, including cash management accounts and annuities. ConnectHUB is currently in pilot with several advisers and will be rolled out to the broader market during the remainder of financial year 2019.
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