HUB24 reports adviser growth, record inflows

Platform provider HUB24 has continued to assert its growth credentials reporting record FY25 net inflows on the back of a 13% increase in the number of financial advisers using its platform.

The platform is now being used by nearly a third of advisers registered on Financial Adviser Register (FAR).

In an update delivered to the Australian Securities Exchange (ASX) HUB24 said net inflows had increased to a record $19.8 billion in the last financial year and pointed to further growth in the next 12 months.

The company said that Q4 growth had seen Platform funds under administration increase 10% to $12.7 billion as at 30 June, up 34% on the prior corresponding period.

It said this had been driven by a 7% increase in net flows of $5.3 billion and positive market movements of $4.9 billion.

In doing so, HUB 24 acknowledged that the net inflows included $1.2 billion of large migrations from EQT, albeit that excluding the large migration, net inflows were a record $4.1 billion in Q4 up 33%.

The EQT migration is the result of the 2023 agreement with EQT to provide custodial platform administration and technology solutions for EQT and AET trustee services clients.

The company said that with the Q4 tranches completed, the EQT migrations were now finalised noting that over FY24 and FY25 approximately $5.3 billion of FUA was migrated from EQT products to the HUB24 platform.

The company said that during the quarter, 31 new distribution agreements were signed and the total number of advisers using the platform increased to 5,097.