DASH has reported a platform funds under administration (FUA) growth of 46.9 per cent for 2023, largely driven by independent financial advisers (IFAs) adopting the software.
According to the technology group, its near 50 per cent investment platform FUA rise at 31 December 2023 from 31 December 2022 represents its “strongest year yet”.
Key system upgrades to its platform throughout 2023, such as a custodial offering for superannuation, underpinned the number of newly opened accounts and increased platform flows.
Its software arm witnessed an increase of 50 per cent in software licensing over the past 12 months.
In early 2024, the firm intends to integrate data feeds from external platforms to improve the capabilities of its financial planning software offerings.
Over 60 independent financial planning firms now use the end-to-end software and platform, which was a growing trend DASH observed during the year. It noted a 50 per cent rise in independent financial advisers (IFAs) signing up for the entire package over the 12-month period.
Andrew Whelan, chief executive at DASH, remarked: “Last year has been an impressive achievement for DASH and we are grateful to our advisers and their clients for their support.
“We remain dedicated to listening to and servicing our clients in a manner that adds significant value to their businesses, much like they add value to ours. Listening to our advisers is a crucial element in our continuous R&D process.”
Moreover, the firm saw a 63 per cent rise in total revenue from contracts for both its platform and software divisions from the prior corresponding period.
DASH also hinted at several product releases slated for 2024 as a part of its product roadmap ahead.
“The delivery of financial advice plays a pivotal role in ensuring the scalability and accessibility of this crucial service for all Australians. As a contemporary technology solution for both financial planning software and platform, it’s encouraging to see advisers committed to investing in their business now, for the benefit of their clients and the broader industry,” commented Geoff Lloyd, DASH chairman.
In November, Adviser Ratings identified DASH and Mason Stevens as two smaller names seeing steady growth and making inroads in challenging established players in the platform market.
“The smaller platforms like Mason Stevens and DASH are coming from a relatively low base. Accordingly, intent should remain overwhelmingly positive whilst in flow growth mode. Both platforms will be hyper-focused on targeting their platform investment based on both their adviser demographic and the key drivers to what may make an adviser switch – especially in what has been traditionally a very sticky decision,” Adviser Ratings stated.
Whelan also previously spoke with Money Management on how it plans to transform the delivery of financial advice.
“Currently, advisers have one financial planning software such as Iress or Midwinter, and then use multiple different platforms, which means they need to keep re-entering the information. Advisers are desperate for a solution that covers all areas in one; they have said it will be a ‘holy grail’ if we can get it done,” he said.
