Five dealer groups embrace Hub 24
Five more boutique dealer groups have added Hub 24 as their preferred platform provider, weeks after its acquisition by listed company Investorfirst.
Dealer groups embracing the new generation platform are HNW Planning, Gamma Wealth Management, Q1 Wealth, Harts Financial Group and Roxburgh Securities, which represent more than $650 million in total assets.
Managing director of Hub 24 and newly appointed chief executive officer of Investorfirst, Darren Pettiona, said the platform had been embraced because “the reputation of the online administration system grows when compared to older and technologically constrained traditional platforms”.
He noted the system has been built to manage and operate a managed discretionary account, whether in the form of separately or individually managed accounts.
Robert Dunn, who recently joined HNW Planning and introduced the managed account approach to investing clients, said he believed offering a managed account to clients was a “no-brainer as it is a win-win situation as clients benefit from lower costs and more tax efficient ways to invest”.
The Hub 24 platform was also added by independently owned dealer group Matrix Planning Solutions in October and by Sentry Group in April.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
