HUB24 sees 13% adviser growth
In an environment of adviser exodus, HUB24 has reported adviser growth of 13% in the past year.
In the firm’s quarterly results for the September quarter, the firm said the total number of advisers was 3,639.
This was up from 3,321 in the previous September and from 3,486 in the previous quarter.
Some 32 new distribution agreements were signed during the quarter.
Total funds under administration (FUA) was $68.4 billion, comprised of $52.4 billion on the platform and $16 billion on portfolio, administration and reporting services.
The platform sum was up 15.4% on the prior corresponding period but PARS was down 9.9% with total FUA up 8.8%.
Platform net inflows were $3 billion while average monthly net inflows were $995 million and HUB24 said this was an improvement on the previous quarter thanks to its solid relationships with national licensees, boutique advice practices, brokers and self-licensed advisers.
The firm had also launched a pilot of its HUB24 SMSF Access product which was designed to help advisers meet the needs of clients who wanted to access a cost-effective self-managed superannuation fund.
AUTHOR
Laura Dew
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