HUB24 signed 10 new distribution agreements and welcomed 47 advisers to its platform over the December quarter as it continues an impressive growth strategy.
The platform's quarterly business update showed a $1.8 billion (75%) surge in funds under administration over 2016, recording growth of $475 million in the second quarter of FY17. It now has retail funds under administration of $4.15 billion and the increasing growth is something that HUB24 managing director Andrew Alcock said is the product of doing the right things at the right time.
"Quite frankly, we're just responding to disruption and changes in the marketplace where financial advisers are looking for choice, quality, value and great service. There's a revolution going on in the traditional way that this space is serviced with platforms, so it is a great result," Alcock said.
Alcock said that, without sounding arrogant, it's quite easy to justify the rapid growth.
"If you are delivering a great service at a great price and actually making an adviser's business more efficient, and are helping them make real differences to their client's lives, then the start knocking on your door. Of course we are introducing ourselves to advisers, but quite a lot of them are actually coming to us," Alcock said.
Alcock said that the level of growth achieved in recent months signals the need for an expansion of the HUB24 sales team.
"One of the challenges for us is keeping up with helping new advisers to understand and use our system. It's a good challenge to have, but we are going to be increasing our sales force to capitalise on that growth," Alcock said.
HUB24 also recently released its Account Open API, which Alcock said will be launched by a dealer group at its conference next month after having received extremely positive feedback. The API allows third party applications to automatically create HUB24 accounts without the need for advisers to manually re-enter already captured client data.
"We believe it's second to none in the industry, it's an intelligent interface. The response has been so positive and so we're also piloting it with a number of other groups," Alcock said.
Among other projects slated for 2017, Alcock confirmed that the business is working on a number of joint developments with clients which were also clients of Agility Applications - the tech firm recently acquired by HUB24.
"We're working on integrating some services for those clients to create value, and we're always looking at new developments which we will talk about closer to the time. I think there's far more to come and far more opportunity in delivering to the changing market - I think the world will be a very different place in the next couple of years," Alcock said.
"If you sum it up, we've got a track record of bringing out new functionality and features and growing our business, and you should expect to see more of the same. We will deliver on that and create real value for stakeholders in the industry and reinvent the model."