HUB24 reports strong adviser growth

HUB24 experienced a 13 per cent boost in the number of advisers using its platform during the September quarter to 3,639 amid a widespread adviser exodus.

This compares to 3,486 in the June quarter and 3,221 in September last year, the firm said in an ASX listing this week.

Moreover, the company announced strong platform net inflows of $3 billion in the September quarter, down 1.6 per cent on the previous corresponding period (pcp), with average monthly net inflows for FY23 to date reported at $995 million.

Total funds under administration (FUA) stood at $68.4 billion, comprising platform FUA of $52.4 billion (up 15.4 per cent on pcp) and portfolio, administration and reporting services (PARS) FUA of $16.0 billion (down 9.9 per cent on pcp due to market movement).

HUB24 reported an improvement in net inflows during the September quarter following a slightly softer Q4 FY22 across the market.

“HUB24’s relationships across all customer segments including large national licensees, brokers, boutique advice practices and self-licensed advisers have resulted in strong quarterly net inflows and a solid pipeline of opportunities,” the firm said.

During the quarter, the firm also launched its SMSF Access into a pilot, which is designed for advisers to meet the needs of clients who are keen to access the benefits of a cost-effective SMSF solution.

“Following the completion of the pilot, we will progress to a broader market launch,” HUB24 said.