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HUB24 and Netwealth still top platform rankings

Mike Taylor16 February 2024
Man walks across electronic platform

The platform majors Colonial First State and BT Panorama may be reasserting themselves but HUB24 and Netwealth have again topped the rankings in the latest Investment Trends Platform Benchmarking and Competitive Analysis Report.

The rankings produced by Investment Trends are as follows:

  1. HUB24 (overall score of 92.6%)
  2. Netwealth (92.1%)
  3. Praemium (90.0%)
  4. BT Panorama (86.2%)
  5. Mason Stevens (84.3%)

Investment Trends analysis noted the launch of CFS Edge in the period covered by the research as well as AMP North as the “most improved” following substantial progress introducing a broad range of enhancements.

Commenting on the analysis, Investment Trends director, Paul McGivern noted that all platforms had sharpened their focus on retirement Retirement Solutions.

“It was rather evident in our review that all platforms have sharpened their focus on this important area, with their holistic approach encompassing product, calculators, claims processing and education.”

He said managed accounts again featured as a key area of development with the continued expansion of models and managers offered, as well as a growing shift towards supporting partner-build models and client-level customisation.

McGivern also noted increasing demand for cash products and functionality.

“We have witnessed in 2023 a sharp contrast between the UK and Australia when it comes to net flows into platforms. We can’t help but attribute – at least in part – the strong performance of Australian platforms to the agility in identifying the growing demand for the asset class and the timely solutions deployed to address it,” he said.

While CFS Edge did not make it into the top five rankings, the Investment Trends analysis noted the launch of the platform and said “we have found CFS Edge has harmoniously blended sophistication and affordability while maintaining a focus on operational efficiency for advisers”.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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