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Hub24 to launch platform enhancements

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By Jessica Yun
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3 minute read

ASX-listed fintech company Hub24 has announced three enhancements to its investment platform.

Speaking at Hub24’s annual general meeting yesterday, managing director Andrew Alcock revealed the addition of third party account integration, foreign currency assets and greater options for record of advice (ROA) production will be incorporated into the platform.

Following Hub24’s acquisition of Agility Applications in early January, the capability to view clients’ portfolios (including holdings in the platform and securities under a holder identification number) is already available to advisers and brokers on the Hub24 and AgilityConnect platforms, according to a statement.

Hub24 will add to this by introducing “the ability to open a stockbroking and Hub24 account in a single process” while at the same time “significantly reducing administration”, the statement said.

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“Subsequently, the ability to add additional third-party accounts, such as margin lending and cash management, will be released creating a highly functional electronic multiple account opening facility in combination with our business partners,” Hub24 said.

A second functionality, to be rolled out in mid-2018, will allow portfolio managers to trade investments and be paid in foreign currency.

“Managed accounts are the fastest growing platform sector and on track to become the dominant structure in platforms,” Mr Alcock said.

“We are ensuring they also have the most comprehensive range of available assets and flexibility to create enhanced opportunities and value for portfolio managers, advisers and their clients.”

The third functionality will be the creation of more “flexible options” for advice record production “without the need to use multiple systems and manual processes”, according to the statement.

This enhancement will be rolled out December this year and allow advisers to “directly engage with clients” about these advice records.

“Advisers, brokers and accountants want to access and leverage the latest technology to improve client engagement, increase efficiency and reduce costs,” Mr Alcock said.

“They seek integrated data and reporting functions, a full range of available assets and improved user experience with back-office efficiency.”

He said data enabled advisers to better advise clients, create value and help grow their business.

“This is why our focus is on connectivity, value, openness and choice for advisers and their clients,” Mr Alcock said.

“Our open architecture is the key to providing this, as it enables greater responsiveness to changing conditions.

“We can meet advisers’ developing needs as well as those of their clients – empowering them both.”

Hub24 also revealed at the AGM its funds under management rose 66 per cent since 30 June 2016, reaching $6.2 billion.

Hub24 to launch platform enhancements

ASX-listed fintech company Hub24 has announced three enhancements to its investment platform.

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