Adviser growth seen on HUB24 platform
HUB24 has announced annual platform net inflows of $11.7 billion for FY22 while the number of advisers using the investment platform rose by 13.8%.
In its results for the June quarter, released to the Australian Securities Exchange (ASX), the firm said platform net inflows for the year to 30 June were up 31.7% on the prior corresponding period.
The number of advisers grew from 3,063 a year ago to 3,486, growth of 13.8%, while 33 new distribution agreements were signed during the quarter.
It said: “During the quarter, advisers have been focused on supporting their clients through recent market volatility as well as ensuring they have met their regulatory obligations for ongoing advice fee consent requirements which are now in force.
“HUB24’s market leadership and flexible approach to supporting advisers to create efficiencies in their business continues to result in a strong pipeline of new opportunities across all customer segments including large licensee clients, brokers, boutique advice practices and self-licensed advisers.”
Total funds under administration grew 11.8% from $58.6 billion in June 2021 to $65.5 billion, which included some $49.7 billion on the HUB24 platform.
HUB24 said platform funds under administration had been impacted by negative market movements of $3.8 billion.
Average monthly net inflows were $0.9 billion, up 56%.
Class, which the firm acquired last year and which recently appointed Tim Steele as chief executive, reported a strong quarter with its best quarterly figures since 2019.
The number of accounts, which included Class Super, Class Portfolio and Class Trust licenses, rose from 196,298 to 198,397 while document orders grew from 164,212 to 171,309.
AUTHOR
Laura Dew
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