The firm’s 2024 Platform Competitive Analysis and Benchmarking Report statistically analyses how Australia’s platforms are driving innovation and servicing the evolving needs of financial advisers and their clients.
HUB24 took the top spot for the third consecutive year with a score of 94 per cent, maintaining its leadership in overall functionality and achieving the most significant score increase from 92.6 per cent in the previous year.
Netwealth came in second position again with a score of 90.3 per cent in 2024, followed by Praemium at 89.2 per cent, BT Panorama at 85.3 per cent and North at 83 per cent.
“Platforms’ commitment to innovation is evident in the breadth of enhancements made throughout 2024. As advisers increasingly segment their client bases, platforms are taking distinct strategic approaches to tailor their offerings to these segments,” commented Paul McGivern, director at Investment Trends.
With platform consolidation expected to accelerate among advisers this year, software company Finura recently pinpointed HUB24 and Netwealth as two platforms that are set to be the winners of this trend.
“[HUB24 and Netwealth] are investing quite aggressively in their own technology and their own services. They really want to be not just a platform – they’re thinking more broadly,” said Peter Worn, joint managing director at Finura.
Investment Trends’ report also highlighted how platforms are responding to the significant adviser and client demand for access to private market investments. This is evident across their investment menus, administration and reporting, it said.
For example, HUB24 announced a minority stake in Reach Alternative Investments last year to offer a broader range of alternative products to its advisers.
Moreover, the research house noted platforms’ focus on artificial intelligence (AI) and cyber security, as many launch AI tools relating to file note transcription, portfolio commentary and education.
Fraud prevention also remains a key priority in the platform market, seen through advancements in client authentication, biometric security and fraud prevention education initiatives.
“Advisers are rapidly adopting AI, and platforms are responding with tools for education, portfolio insights and transcription. The platforms that haven’t already integrated these features are fast-tracking deployment for 2025,” McGivern added.
Finally, the report recognised how platforms are growing out their offerings to assist advisers in meeting rising retiree demand.
According to Investment Trends, North leads in this space with its Lifetime Income solution, driving an industry-wide shift towards more personalised retirement products and services.
The director continued: “Platforms are stepping up their efforts to address the growing retiree population, and the implications for retirement income covenant (RIC) compliance and expected drawdowns.
“North has asserted strong leadership in this space with its innovative Lifetime Income solution, while HUB24 is also expanding capabilities. Broader industry adoption could significantly reshape the platform landscape.”
