The firm now has more than 4,500 advisers utilising its platform, while its net inflows were just shy of $5 billion for the quarter.
In an announcement on the ASX on Tuesday, HUB24 said its proposition “continues to resonate with advisers and licensees delivering a strong pipeline of opportunities”.
During the final quarter of FY2023–24, the platform signed 29 new distribution agreements to bring the total number of advisers using the platform to 4,525, which represented a 13 per cent increase on the prior corresponding period.
HUB24’s platform funds under administration (FUA) grew 6 per cent over the quarter, hitting $84.4 billion at the close of the financial year. Looking at the same period in FY22–23, platform FUA has increased by 35 per cent, up from $62.7 billion on 30 June 2023.
The company said this strong growth was driven by record quarterly net inflows of $4.97 billion (up 138 per cent on pcp), including $1.8 billion from the migration of Equity Trustees.
HUB24 said the EQT migration is progressing to plan, with the $1.8 billion migrated during the quarter taking the total to $2.6 billion.
“The scope of EQT migrations has increased and HUB24 expects total migrations of approximately $5 billion (previously approximately $4 billion), with the remainder scheduled to migrate in 1HFY25,” it said.
Excluding large migrations, Q4 FY23–24 net inflows were $3.2 billion (up 50 per cent on pcp) and negative market movement of $0.3 billion for the quarter.
“This strong June quarter rounds out a record year of net inflows for FY24 of $15.8 billion (up 62 per cent on pcp) reflecting HUB24’s continued market leadership, strong customer relationships and proven ability to successfully deliver large, complex migrations,” HUB24 said.
“Excluding large migrations, record net inflows of $11.4 billion were achieved (in line with FY22).”
The company cited the latest available Plan for Life data in its statement, which had HUB24 ranked first for quarterly and annual net inflows and had the largest quarterly and annual organic market share gains of all platform providers.
HUB24’s market share increased to 7.3 per cent (up from 6.1 per cent as at 31 March 2023) and is ranked in seventh place overall.
“With record net inflows in FY24, market-leading solutions and a strong pipeline of opportunities from both new and existing adviser relationships, we remain confident in meeting our FY25 Platform FUA target of $92 – $100 billion and are well-positioned for future growth,” HUB24 said.
The company also noted that it completed the product migration of Xplore Managed Accounts to the HUB24 platform during the quarter.
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