Longer standing licensees give HUB24 record inflows
HUB24's investment and superannuation platform has reported an 89 per cent increase in funds under administration (FUA) for the 12 months to 31 December 2015, according to the firm.
This increase comes off the back of increasing flows from longer standing licensees, in addition to significant inflows from new licensees, its quarterly business update said.
The firm reported a record gross inflow for the second quarter of financial year (FY) 2016 of $406 million, taking total FUA to $2.37 billion.
"A strong first half resulted in a 68 per cent increase in average monthly net inflows to $111 million per month, up from $66 million per month in FY2015. [With the] second half of FY15 [at] $73 million per month," HUB24's report said.
Commenting, HUB24 managing director, Andrew Alcock, said the firm almost doubled its total FUA in the past year as a result of increasing support from their clients.
"We are excited about our ongoing product developments and have a promising pipeline of growth opportunities for the business that should sustain our growth trajectory," Alcock said.
Recommended for you
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
