Wealth platform HUB24 has reported net inflows of $5.3 billion over the most recent quarter and a total of $19.8 billion in net inflows over the 2025 income year, according to recent results.
Total funds under administration (FUA) reached $136.4 billion at 30 June, a 25 per cent increase from the prior corresponding period.
Platform FUA increased 10 per cent over the quarter to $112.7 billion at 30 June 2025.
The net inflows included $1.2 billion of large migrations from EQT. Excluding large migrations, net inflows were a record $4.1 billion in the fourth quarter of the financial year.
HUB24 was only slightly below rival platform Netwealth for platform FUA with Netwealth reporting platform FUA of $112.8 billion at 30 June 2025.
HUB24 said the strong net inflows over the quarter and financial year reflect the platform’s strong customer relationships and ability to execute large, complex migrations.
During the quarter, 31 new distribution agreements were signed and the total number of advisers using the platform increased to 5,097.
“Our record FY25 net inflows and ongoing momentum reflect strong customer advocacy,” HUB24 said.
“Operating in structurally growing markets driven by demographic trends and compulsory superannuation, HUB24 is well positioned for continued growth, supported by a strong pipeline of opportunities from new and existing relationships.”
Back in April, research firm Morningstar warned that HUB24 could see reduced net inflows from fiscal 2026 onwards due to volatility and improved products from rivals.
“Given HUB24 remains relatively subscale to incumbent platforms and the tight regulatory scrutiny, we don’t expect the firm to win a price war, nor can it charge a premium for its products,” Morningstar said.
“Fee compression and growth investments are likely to limit the degree of operating leverage it can achieve.”
While HUB24 has regularly been voted as the top platform for advisers, Morningstar cautioned competition was likely to narrow with its nearest rival Netwealth, which is developing its own in-house systems.
In its latest June quarter results, Netwealth said that enhancements to the platform in recent months had helped drive strong growth in FUA over the June quarter.
These enhancements include the addition of nine private model suites, new capabilities allowing trading in structured products and substantial growth in its non-custodial menu.
Netwealth reported an $8.7 billion increase in total FUA over the June quarter, which comprised $3.8 billion of net flows and $4.9 billion of positive market movement.
Fund managers continue to keep both platforms firmly in their exchange-traded funds (ETF), confident in their growing role reshaping advice and wealth management.
“HUB24 has continued to post solid results as their share price has continued to outperform the ASX 200,” Jamie Hannah, deputy head of investments and capital markets, VanEck Australia, told InvestorDaily last year.
“I’m not surprised by HUB24’s continued success, as we work with various platforms daily and HUB24 have always excelled in their execution platform and engagement. It’s evident that the success of their execution area flows through into other areas for them to continue their growth trajectory.”
Netwealth has also been ranked highly by fund managers for its low levels of debt and high earnings stability.
“Netwealth’s P/E ratio has risen in the past couple years alongside its earnings and share price growth. Expectations remain high for the future growth and earnings of the company,” Betashares investment strategist Tom Wickenden told InvestorDaily previously.
Based on its successes, the platform remains a holding in Betashares’ Australian Quality ETF, which includes the largest ASX-listed companies but weights them by quality metrics rather than market capitalisation. This results in higher exposure to names like Wesfarmers and Macquarie Group, lower exposure to BHP and CBA, and increased allocation to high-quality mid and small caps such as Pro Medicus, Netwealth, and Breville.
AQLT has drawn $195 million in flows so far this year, with funds under management (FUM) reaching $560 million.
“One of AQLT’s key measures of quality is earnings stability. Cyclical companies tend to have poor earnings stability and are screened out due to this fact. However, Netwealth has displayed both strong earnings and earnings stability in recent years – and, as a result, continues to be an inclusion in AQLT,” Wickenden said.
“Ultimately, Netwealth will need to keep delivering in terms of strong FUM growth and adviser adoption to justify its strong P/E ratio and see the stock continue to grow.”
