HUB24 has recorded a 94% increase for its inflows of $1.24 billion during the September quarter thanks to the trend of advisers moving away from institutions.
In an announcement to the Australian Securities Exchange (ASX), the platform said it had average monthly inflows of $413 million for FY20, ahead of the FY19 average of $324 million.
“Growth in FUA [funds under administration] is a result of Inflows from a combination of existing and new adviser relationships, whilst structural change across the industry is continuing to provide opportunities for assisted transitions of FUA from competitor platforms,” HUB24 said.
It noted that during the quarter, 80 new advisers began using the HUB24 platform and 22 new licensee agreements were signed.
“The activation of new advisers from existing licensee relationships and the broker channel, as well as ongoing flows from established platform users, has driven a 57.3% increase in FUA year on year to $14.4bn,” the announcement said.
The firm noted that it was recruiting additional distribution staff to leverage the trend of advisers moving towards platforms.
“During the quarter 20 new managed portfolios were added to the menu including diversified, fixed interest and equity portfolios,” it said.
“Given the ongoing growth in the managed portfolio segment, and in order to extend our current leadership position, HUB24 is also recruiting an additional managed portfolio technology scrum team which will be in place by the end of calendar year 2019.”