Why the times are suiting HUB24
The big institutional platforms have been in net outflow in recent quarters and the trend is continuing according to specialist platform provider, HUB24.
In an analyst briefing around the release of its half-year results, HUB24 has painted a gloomy picture of the situation facing the institutional platforms run by the big four banks, AMP IOOF and Macquarie claiming they have been losing market share over the past five years.
The claims came as HUB24 reported a strong first half with net profit after tax up 89.6% to $6,039, 469 on the back of a 11.1% increase in revenue.
It said the key items driving the group’s performance was growth in funds under advice in the platform segment from $12.9 billion to $15.8 billion and record net inflows of $2.5 billion.
The company said this was being driven by both transition opportunities from new and existing adviser relationships, as well as organic flows from existing advisers and new business from advisers in the key account segment – self-licensed advisers and brokers.
“Additionally, increased opportunities are being provided by the opening up of Approved Product Lists within the institutionally-aligned licensee segment,” it said.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
