Netwealth has posted overall funds under administration of $25.3 billion, an increase of $2 billion over the September quarter.
The FUA figure at 30 September 2019 from Netwealth is also an increase of $6 billion compared with the prior corresponding quarter.
FUA net inflows in the September quarter stood at $1.5 billion, an increase of $0.4 billion compared with the prior corresponding quarter.
Further, funds under management was at $4.4 billion as of 30 September 2019, which is an increase of $0.5 billion for the quarter.
Netwealth joint managing director Matt Heine said he is enthusiastic about Netwealth’s future and its ability to help shape the industry and improve its clients’ financial futures.
“In an industry which is constantly evolving due to changing regulations, improved levels of professionalism and ever-demanding expectations from consumers, Netwealth is well positioned to continue as a trusted partner to financial advisers, investors and superannuation members,” Mr Heine said.
Mr Heine said Netwealth is increasing its investment in technology and people and is focused on maintaining its leadership position by providing new and enhanced functionality and service, while ensuring the scalability of the platform.
“Like many leading technology and software businesses, we feel that investing in the future is critical to stay ahead. We also feel it’s a positive for shareholder returns,” he said.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
AI will enable clients to be more self-sufficient in seeking advice and sourcing finance, allowing advisers to transition into financial strategists,...
Calls have been recently made for the advice and accounting sector to come together.
Finfluencers are increasing the need for advisers to find their voice and to establish themselves as leaders in a highly competitive industry. How can...
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.