HUB24, Netwealth beat out institutionals as top platform innovators

Digital-only pioneers HUB24 and Netwealth have again been ranked Australia’s top investment platform innovators in Investment Trends’ latest benchmarking report, blazing ahead of Australia’s longstanding institutional investment firms.

The 2024 Platform Competitive Analysis and Benchmarking Report saw HUB24 (94.0%) again ranked the top platform for overall functionality among Australia’s five full-function platforms, increasing its 2023 score by several points.

Despite modest score drops, Netwealth (which scored 90.3% this year) and Praemium (89.2%) retained their place as Australia’s second- and third-most functional platforms, respectively.

Institutional wealth managers BT Panorama (85.3%), owned by Westpac Group, and AMP’s North platform (83.0%) were ranked fourth and fifth place, respectively, by the wealth industry researcher.

North, however, did win praise for its expanded investment offerings for retirees, with its Lifetime Income solutions singled out for asserting “strong leadership in this space”

“Platforms’ commitment to innovation is evident in the breadth of enhancements made throughout 2024,” said Paul McGivern, Investment Trends’ director.

“As advisers increasingly segment their client bases, platforms are taking distinct strategic approaches to tailor their offerings to these segments.”

Data from the report also indicates a growing demand for more streamlined tech stacks, with a number of platforms recognised for their well-designed banking integrations.

McGivern also underscored a platform developers’ growing focus on artificial intelligence integration and cybersecurity, including new tools to enhance efficiency around areas like file note transcription, portfolio commentary and education.

As well, he noted an increasing prioritisation anti-fraud protections, with advancements in client authentication, biometric security, and fraud prevention education initiatives.

“Advisers are rapidly adopting AI, and platforms are responding with tools for education, portfolio insights, and transcription,” McGivern said.

“And the platforms that haven’t already integrated these features are fast-tracking deployment for 2025.”