Netwealth targets HNW market as FUA rises to $56.7b
Funds under administration at Netwealth hit $56.7 billion in the first half of 2022, a record half-yearly increase for the firm after strong net inflows and positive market movement.
In an announcement to the Australian Securities Exchange (ASX) of its results for the six months to 31 December, 2021, the firm said total funds under administration rose 20% to $56.7 billion while operating net cashflow was $45.7 million.
Managed accounts funds under administration were $11.7 billion, which was a 53.9% increase compared to a year ago.
The average account size increased from $529,000, up from $440,000 a year ago while the number of intermediaries using the platform rose 9.1% to 3,254.
The firm said it expected to benefit from ongoing industry consolidation and change and from growth in its affluent, high net worth and private wealth groups. With this in mind, it would be launching a major upgrade of its wealth accelerator service and adding a new custodial administration and reporting solution during Q4 2022.
The board declared a fully-franked dividend of 10 cents per share totalling $23.2 million which was payable on 24 March, 2022.
AUTHOR
Laura Dew
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
