Class reports growth in account numbers
The number of Class accounts has grown 3 per cent, with HUB24 also reporting a boost in adviser numbers.
In an announcement on the ASX on Tuesday, HUB24 reported that the number of accounts across Class Super, Class Portfolio and Class Trust products increased during the March quarter to 205,416, up 3 per cent on the prior corresponding period.
Document Orders on NowInfinity also increased to 184,653 (up 5 per cent on pcp), and the number of companies using Corporate Messenger increased to 770,732 during the quarter (up 21 per cent on pcp).
“Strong growth in companies on Corporate Messenger was supported by ~58,000 new companies onboarded during the quarter from an agreement with another provider who is retiring their Corporate Compliance solution (~17,000 in December 2023 quarter),” HUB24 said.
“The majority of the new clients have been onboarded with a small number expected to transition in April 2024.”
HUB24 also reported that the total number of advisers using the platform increased to 4,382 for the March quarter, up 17 per cent on the prior corresponding period when it had 3,748.
It is also up from the 4,297 reported during the December quarter and continues a steady increase in platform users.
Covering the three months to 31 March, HUB24 had platform net inflows were $3.5 billion, up 90 per cent on the prior corresponding period.
Total FUA reached $100 billion, comprising platform FUA of $79.7 billion and portfolio, administration and reporting services of $20.3 billion.
The FUA was helped by the inflows which included $0.8 billion from the first tranche of the migrations from Equity Trustees and positive market movements of $3.7 billion.
“The strong March quarter is a good indication of market sentiment and pipeline in the lead-up to the end of the financial year,” it said.
It noted the platform’s high-net-worth offering had been enhanced with the addition of non-custodial administration and reporting capability for directly-held client assets, which is in a pilot stage. This delivers streamlined administration of these investments and enables a ‘whole of wealth’ view.
HUB24 Discover, its offering for low-balance clients which was launched last November, had been “well received” by advisers.
“HUB24 Discover, launched in November 2023 has been well received by advisers and their clients with FUA growing to $75 million as at 31 March 2024. It is resonating well with advisers and their clients as a solution for those with less complex needs.”
It said it remains confident in meeting its FY25 platform FUA target of $92-100 billion thanks to record quarterly inflows, market-leading products and a strong pipeline with new and existing adviser relationships.
