HUB24 to produce white label platform for Premium Wealth
Independent platform provider HUB24 will be developing and administering a new white label investment and superannuation wrap offering for Premium Wealth Management.
The agreement will see the platform branded for use by Premium's 52 advisers in 22 practices on the east coast of Australia.
Premium has also concluded an agreement with asset consultant Ibbotson Associates to develop a range of managed portfolios that will be implemented and managed on the white label platform.
Premium chief executive officer Paul Harding-Davis said with the introduction of the Future of Financial Advice reforms, the HUB24 platform would provide Premium with a compliant revenue and service model and extend the range of services it provides.
"We believe the technology is at the forefront of our industry, and will enable us to deliver significant ‘value-add' to our clients," Harding-Davis said.
The agreement takes HUB24's white label offerings to six. More than 40 licensees now use the platform, with funds under administration via HUB24 offerings rising from $385 million to $556 million in the four months from June.
HUB24 chief executive Andrew Alcock said Premium's independent business model is ideally supported by HUB24's solution.
"HUB24's partnership with Premium and Ibbotson will deliver an unrivalled super and investment solution for clients that is both flexible and cost effective," he said.
It is expected Platinum advisers will start using the white label platform offering by late November.
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