In an ASX listing this week, HUB24 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, HUB24 also experienced a 13 per cent boost in the number of advisers using its platform 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 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.
