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Financial Planning
Financial advice more important than ever: HUB24

HUB24 said financial advice is more important than ever as it posts record inflows and signs close to 30 new licensees in the September quarter.

Staging a $260 million bounce back after it suffered from the impacts of COVID-19, funds under administration were up 32% on the prior corresponding period to $19 billion, with the platform also seeing record net inflows for a September quarter of $1.36 billion, up 10% on pcp.

"Momentum has continued from the June quarter with strong flows driven from both new and existing licensee channels across self-licensed and boutique advisers, brokers and large national accounts," it said.

"This includes advisers winning new clients as well as funds being transitioned from incumbent platforms."

HUB24 said its new business pipeline continues to grow, with 27 new licensee agreements signed during the September quarter, with both large boutique licensees and self-licensed practices.

"HUB24 is confident that the new business pipeline will continue to grow as additional opportunities emerge given adviser movement from institutional licensees and further industry consolidation," it said.

"Given market dynamics, HUB24 continues to be a platform of choice as advisers look for stability, delivering innovative product solutions that provide their clients with choice and customer service excellence."

Additionally, the platform provider said business development activity across all states is continuing as advisers have adapted to the current environment and it continues to leverage growth opportunities from within its existing customer base while actively pursuing new relationships.

"The need to provide financial advice to more Australians has become increasingly important given the current environment," HUB24 said.

"We are committed to delivering technology solutions that enable advisers to be responsive to their clients' needs..."

It said its bionic advice and product tool, previously announced in January, developed in collaboration with Aberdeen Standard is on track to be delivered during Q2 2021.

Additionally, it said delivery for the ClearView Wealth program is progressing well with the transition of the ClearView LifeSolutions insurance product to the HUB24 super fund to be completed by the end of October.

Read more: HUB24Aberdeen StandardClearView LifeSolutionsClearView Wealth
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