Significant spike in number of advisers using HUB24

On Thursday, the investment platform released its September quarter FY22 results, which have shown a gradual rise since last year.

In September 2020, 2,167 were reported to be using HUB24, and as of 30 September 2021, 3,221 advisers are now using the platform, an increase of 48.6 per cent.

HUB24 has also signed 30 new licensee agreements since Q1 FY22, including agreements with self-licensed advisers, boutiques and an advice aggregator.

“Throughout the quarter, the team have been supporting licensees and advisers to meet new regulatory requirements for advice fee opt-in and the new design and distribution obligations, including the rollout of product enhancements and education,” the company said.

“HUB24’s approach to supporting advisers with advice fee opt-ins is to offer choice and flexibility to enable advisers to implement an efficient solution that meets the needs of their business and their clients.”

Inflows to IOOF’s private label announced last quarter has also commenced, while its integration to Xplore is “progressing well”, having now completed the initial phases.

The company reported first-quarter net inflows of $3 billion, which is a record for both a September quarter and overall excluding large client transitions.

Average monthly net inflows for FY22 to date have reached $1 billion, up by 61 per cent from $627 million last year. Meanwhile, total funds under administration (FUA) as of 30 September has increased to $63.2 billion while platform FUA has grown to $45.4 billion.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.