Investment platform HUB24 has continued to grow its market share to almost 3,500 advisers, stating its commitment to helping planners deal with compliance has made it a preferred platform.
In its FY22 results released to the ASX on Tuesday morning, the firm stated the platform achieved “record levels of organic growth” with the number of advisers up 14 per cent to 3,486.
Platform market share has grown 31 per cent from 3.9 per cent to 5.1 per cent while funds under administration for the platform increased 12 per cent to $65.6 billion.
The firm touted its work regarding fee consent systems on the platform, an issue which has burdened advisers this year upon commencement of the regime at the start of the last financial year.
“HUB24 is committed to supporting licensees and advisers through ongoing regulatory change and during the year we launched a digital advice fee consent tool on our platform,” the firm stated. “This provided advisers with choice and flexibility to create, renew or revise client consents online, enabling them to meet their compliance obligations efficiently.”
It added this was “well-received by advisers [and] delivered a key competitive advantage”.
During the financial year it acquired cloud based SMSF administration software firm Class which was completed in February.
Class holds around 30 per cent of the SMSF market and development is underway on a joint SMSF initiative with HUB24 to grow the SMSF market.
The company recorded a 50 per cent boost of statutory net profit after tax to $14.7 million after incurring $17.9 million in relation to strategic transactions and other project costs which included the acquisition of Class for around $11 million.
Along with contemporaries Netwealth and Praemium, HUB24 has been one of the fastest growing platforms on the market.
Research from Investment Trends found those smaller players rated better for functionality, with HUB24 scoring just behind Netwealth.
