Netwealth lifts FUA by $1.95 billion in Q4
Netwealth’s funds under administration (FUA) has reached $17.96 billion after an increase of $1.95 billion in the fourth quarter and $5.2 billion for the fiscal 2018 year, the platform provider said.
The firm also lifted its full-year profit guidance to around 6 per cent above its pro-forma net profit after tax forecast made in its prospectus.
Market movement was positive $512 million for the quarter and $1 billion for fiscal 2018, Netwealth said.
Funds under management stood at $2.8 billion, up 11 per cent for the quarter and 82 per cent over the year.
In the March 2018 Strategic Insights quarterly platform market update, Netwealth said it achieved the highest platform flows for the year ended March, gaining $4.6 billion of total net flows.
The platform provider also said it would be taking advantage of current favourable industry trends by increasing its investments in its distribution team, while also adding an additional IT development team focused on data analytics and artificial intelligence.
Netwealth said its administration fee for the quarter of 48.5 per cent of net flows was lower than recent quarters due to an increased proportion of net flows coming from higher-value wrap accounts where balances exceed the fee cap.
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.
