Budget tax changes increase advice needs
The Government’s Budget tax changes have increased the need for financial advice, according to major investment platform, HUB24.
Delivering its fourth quarter update to the Australian Securities Exchange, HUB24 said strong demand for financial advice is being underpinned by demographic trends and the compulsory superannuation system.
“The proposed tax changes announced in the Federal Budget further reinforce the need for professional advice and the attractiveness of the superannuation system,” the company said.
The HUB24 update pointed to a 2025/26 platform net inflows record of $18.9 billion, up 20% on the prior corresponding period, excluding large migrations.
It said total funds under administration (FUA) stood at $139.5 billion (up 24%) and portfolio administration and reporting services was up 5% to 24.8 billion.
The update said that during the quarter, 36 new licensee agreements had been signed with the total number of advisers using the platform increase by 100 to 5,649.
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