HUB24 has reported their strongest quarter net inflows for Q3 of $595 million which represents 42 per cent growth on prior corresponding period.
Such a growth in net inflows during the third quarter, which is traditionally softer, was achieved thanks to equal spread across both new and existing advisers as well as the firm’s ongoing investments in its sales and relationship team, it said.
According to HUB24, 72 per cent of these inflows were received into its retail products with 28 per cent into white label versions of the platform.
At the same time, funds under administration (FUA) increased by 58 per cent to $7.4 billion as at 31 March.
Also, HUB24 managed to increase its market share of FUA from 0.7 per cent in June 2017 to 0.8 per cent at the end of the year thanks to the company’s shift in wealth management towards innovative platform solutions.
In Q3, the firm said it signed 17 new distribution agreements with new licensees and introduced 96 new advisers to the platform across all licensees.
As far as Paragem was concerned, the company announced that its business founders, Ian Knox and Charlie Haynes, would be stepping away from operational involvement over the next few months.
Knox would take on the role of Paragem’s chairman and remain available to its practice principals while Haynes would serve in a new role in a different part of the wealth management industry.
HUB24 said it was looking to appoint new leadership to Paragem and would continue to invest in the business.
Money Management is currently investigating the advisers’ sentiment towards platforms and the trends towards the rise of separately managed accounts (SMAs). Advisers who complete our survey will be running to win a bottle of Penfolds Grange Hermitage.