Australia’s largest non-institutional platform provider, Netwealth, has exceeded $10 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 in excess of $1 billion or 11% for Q1 of the current 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’ve had a great year and a fantastic quarter which, in addition too strong FUM growth, has seen the launch of our new brand and many exciting new initiatives including a wide range of new efficiency enhancements, continued development of our Fintech eco system and the launch of our Global Managed account service. As always, our focus is on ensuring we can help our clients access market leading wealth management solutions whilst also ensuring they can also build better, scalable and more efficient businesses.”
He continued:
“We are also seeing the industry undergo a number of major structural changes which have led to a significant shift in the use and growth of managed accounts. In addition to strong take up of our public managed account menu we now support 10 private labels and will be launching another 5 in the coming months.”
Netwealth is profitable, debt free and has significant cash deposits which ensures continued investment into the brand, platform technology and staff.
