HUB24 reports record quarterly platform net inflows

HUB24 platforms Andrew Alcock insignia financial

17 January 2024
| By Laura Dew |
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HUB24 has reported platform net inflows of $4.5 billion, up 60 per cent on the prior corresponding period, while the number of advisers using the platform has risen by 16 per cent.

In a quarterly update for the three months to 31 December, the firm said the inflows were helped by $1.8 billion which flowed in from a large client transition of the incumbent administrator to Insignia Financial’s private label Rhythm.

Platform funds under administration (FUA) were $72.4 billion, which included market movements of $2.9 billion – some 85 per cent of this was in the retail space and 15 per cent was institutional. 

Portfolio, administration and reporting services (PARS) FUA was $18.8 billion, and the number of PARS accounts increased 3.4 per cent to 8,262.

Platform plus PARS FUA led to total FUA of $91.2 billion. The firm said it has a target of achieving platform FUA of $92–100 billion for FY2025.

This was up from $72.9 billion in the prior corresponding period and $82.7 billion in the September 2023 quarter.

The number of advisers using the platform increased 16.4 per cent in the prior corresponding period to 4,297. New advisers from the Insignia Financial transition represented just over half of the quarterly increase, HUB24 said. 

“HUB24’s proposition continues to resonate with licensees, advisers and their clients driving strong growth in net inflows and a solid opportunity pipeline across all customer segments. This includes large national licensees, aggregators, brokers, boutique advice practices and self-licensed advisers.

“To continue to drive productivity for advisers, the HUB24 platform was enhanced with additional functionality during the quarter, including improvements to the rollover and account tracking dashboards, which provide advisers with greater transparency and flexibility when managing client rollover requests and account transitions.”

In October 2023, the firm unveiled a solution to target lower balance clients called Discover, which complements its Core and Choice offerings launched in November. 

Designed in conjunction with portfolio managers, it provides a streamlined selection of managed portfolios in a cost-effective platform and investment solution, and will extend HUB24’s reach with lower balance advised clients.

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