Australia’s largest non-institutional platform provider, netwealth, has exceeded $9 billion in Funds Under Management (“FUM”) following strong inflows and continued growth across the IFA, private client and wealth management sectors. The milestone represents an increase of $1.6b and 22% growth this financial year.
The significant growth reflects netwealth’s focus on providing market leading technology and products, underpinned by great service and support.
Commenting on the growth Matt Heine, Joint Managing Director of netwealth, said:
“We are really pleased with how the platform is growing, and the increased adoption and awareness across the broader industry.
It’s an exciting time for us and we are seeing a large increase in new opportunities as advisers focus on building better, more efficient businesses and delivering better client outcomes.”
He continued:
“Platform flows continue to show strong growth in part attributable to our growing Managed Account business. We now support 6 private labels, will be launching another 7 in the coming months and will also be releasing a direct International offering in conjunction with a specialist manager.”
In addition to enhancing the current product range netwealth is focused on integrating with a range of local and overseas fintech providers that service key segments of the advice market.
netwealth is profitable, debt free and has significant cash deposits.