Advice groups sign on to HUB24

HUB24 has signed on two national advice businesses, as its total funds under management crossed the $10 billion mark.

Brisbane-based licensee AdviceIQ Partners brings 31 registered planners to HUB24's platform. The licensee has added 10 planners since June, 2017, Rainmaker data shows.

HUB24 has also brought on board Portfolio IQ, which is a collection of 25 smaller licensee businesses.

The two chose the HUB24 platform to provide a flexible platform, solution that catered to the needs of their advice networks, HUB24 said in company filings yesterday.

The company is currently conducting the pilot of its ConnectHUB offering which will allow advisers to integrate multiple external data sources in real time, including cash management and annuities to enable a consolidated view of client wealth from the platform.

It is expected to be rolled out to wider market at end of FY19.

In early December, HUB24 completed transitioning $725 million of Fitzpatrick Private Wealth's assets under management from its in-house MDA solution to a white-labelled solution of the HUB24 platform.

On November 30, HUB24 said it would deliver a custom platform solution to Patersons Securities, which already has an existing in-house platform called Accolade. The group currently has 113 financial advisers on its books, overseeing about $13.5 billion in CHESS-registered assets. Its Accolade platform administers about $2.4 billion in funds under management.

HUB24 picked up more than $2 billion between of FUA in the six months between June 30 and December 31 last year.

Overall, the wrap, platform and master trusts are inching towards the trillion dollar mark, according to September-end analysis from Strategic Insight.

Wraps have the biggest share of the total masterfunds market ($380 billion), platforms ($343 billion) and master trusts ($137 billion) and the big four dominate.

BTFG has the biggest slice of the pie, administering about with $157 billion in FUM (18% of the $860 billion market). It is followed by AMP Group (17.4%), CBA (14.9%), NAB (13.8%), Macquarie(10.1%), ANZ Wealth (4.7%) and IOOF (4.2%).

Mercer, Netwealth and tateplus each have less than 3% share.

Read more: HUB24
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