HUB24 unveils low balance solution to support client wealth journey

HUB24 has announced the launch of its Discover solution to complement its existing Core and Choice offers, and is now available on HUB24 Invest, Super, and Pension.

Discover will encompass a range of passive, active, and ESG managed portfolios from Betashares, BlackRock iShares, Elston, Lonsec, Morningstar, Vanguard, and Zenith, among others.

First announcing the upcoming launch in October, the firm said that Discover, which was designed in conjunction with portfolio managers, would allow advisers to meet the needs of their lower balance clients.

HUB24 noted that demographic trends such as the intergenerational wealth transfer and ageing population are providing opportunities for advisers to evolve their advice proposition to meet the needs of early-stage wealth accumulators, later stage retirees or clients with less complex needs.

Jason Entwistle, HUB24 director of strategic development, said Discover strengthens the firm’s competitive position.

“We’re excited to be launching our new HUB24 Discover solution. Discover complements our existing Core and Choice offers and expands our reach, providing a unique solution for advised clients seeking simplicity and affordability in their investment options – whether they’re starting out on their advice journey with their first portfolio or entering the drawdown phase,” Mr Entwistle said.

“What’s great about Discover is the quality of the investment managers delivering a streamlined list of managed portfolios coupled with our award-winning platform features, and a competitive simplified fee structure.

Mr Entwistle emphasised the portability of the new solution, wherein advisers can transition their clients across its Core and Choice suite with “minimal unintended or costly insurance or tax consequences”.

Vanguard Australia’s head of financial adviser services, Balaji Gopal, added: “The ability to offer Vanguard’s Diversified Managed Account Strategies through HUB24’s new Discover platform simply means more choice of high-quality investment solutions for financial advisers and their clients.

“Providing low-cost, instant exposure to over 16,000 securities through a range of asset classes, our Diversified Managed Account Strategies harness Vanguard’s global portfolio management expertise and proven strategic asset allocation approach,” he continued.

Chantal Giles, head of wealth at BlackRock Australasia, said: “BlackRock is excited to see the addition of its Enhanced Strategic Model Portfolios and ESG Model Portfolios to HUB24’s Discover menu options.”

“These low-cost diversified investment solutions are key examples of how BlackRock can deliver quality portfolio construction guidance to help advisers build better portfolios for their end clients. Ultimately, it gives everyday Australians access to institutional-quality portfolios that best meet their desired investment goals,” Ms Giles concluded.