HUB24 has recorded net inflows for FY18 of $2.4b, up 24.1 per cent on the previous corresponding period, with funds under management at $8.3b as of June, up 51.2 per cent on the same month last year.
The quarterly report released on the Australian Stock Exchange (ASX) provided that average monthly net inflows for FY18 were $202m, compared to $161m for FY17.
As well, the platform provider ranked first in terms of adviser primary platform advocacy and third for overall adviser satisfaction in the Investment Trends May 2018 Planner Technology Report.
In regards to market share, HUB24 also placed fourth with 12.3 per cent of annual net inflows across the industry at 31 March, a figure that rose to 23.7 per cent for the March quarter, reflecting the ongoing shift in wealth management towards innovative platform solutions, and away from large institutional platforms.
The release anticipated the big four banks’ plans to exit wealth management and the cessation of grandfathered commission for their internal adviser channels would further accelerate the transition of funds under administration away from traditional platforms.
“Market conditions are favourable for HUB24’s ongoing growth and we will continue to invest in distribution, operational and technology capabilities to take advantage of this structural change and the unique opportunity that it presents,” they said.
