Netwealth has appointed Sarah Brennan, former chief executive of research house Investment Trends, as a non-executive director on its board.
Effective from 28 February, Brennan brings 30 years’ experience in financial services across platform, financial planning and superannuation.
Currently, she is the advisory board chair at research house Investment Trends and was the chief executive of the organisation from August 2020 to October 2022.
She previously held director roles at AMP Superannuation, van Eyk Research, Mortgage Choice and Old Mutual Australia.
She is also a past deputy chair and director of the Financial Planning Association of Australia (FPA).
As well as her non-executive role, she will join Netwealth’s audit and investment committees.
Tim Antonie, Netwealth chair, said: “On behalf of fellow directors and shareholders, I would like to welcome Sarah to our board. Sarah is an accomplished leader who brings extensive industry knowledge and a broad background in executive management and board experience.
“Her addition strengthens our board’s mix of skills and experience and we look forward to her valuable contribution to Netwealth.”
As well as Antonie, the Netwealth board consists of chief executive Matt Heine, director Michael Heine and independent directors Davyd Lewis, Sally Freeman and Kate Temby.
In its half-year results for the six months to 31 December, Netwealth said its funds under administration (FUA) grew by $15.6 billion (24.9 per cent) to $78 billion from $62.4 billion in the previous period. This was driven by FUA net inflows of $9.5 billion and positive market movement of $6 billion. As of 16 February, the platform’s FUA stands at $80.8 billion.
The 1H24 period saw funds under management (FUM) rise by $3.6 billion (25.2 per cent) to $18.1 billion, divided by $15.5 billion in managed accounts and $2.5 billion in managed funds. Net inflows to managed accounts grew from $868 million to $1.3 billion, but those into managed funds declined from $328 million to $168 million.
Statutory net profit after tax (NPAT) was $39.3 million, an increase of 28 per cent from $30.6 million in the prior corresponding period.
Matt Heine, Netwealth chief executive and managing director, said new clients are expanding with 20 per cent of all new FUA net inflows coming from new financial advisers and intermediaries.
“It’s really that cohort of advisers that will produce significant flows now for the next three years,” the CEO explained. “Our new business pipeline and conversion rates across all segments remain strong giving us confidence in our outlook and future growth opportunities which we believe are significant.”
