Netwealth platform hits $6bn FUM milestone

Speaking to ifa, Netwealth executive director Matt Heine said the company reached the platform growth milestone last week, with an increase of $570 million in a few months.

“We have had a great start to this financial year,” Mr Heine said.

“FUM is at an all-time high, inflows are tracking well above budget and we have already registered in excess of 170 new advisers, against 373 last year.

“We are in a great position to service and support existing business models but also to help advisers implement new ways of doing business using our technology and support services,” he said.

Mr Heine said 75 per cent of total FUM now comes from the “non-aligned and private client” segments of the financial advice industry.