Netwealth's September 2024 Quarterly Business Update

Netwealth Group Limited (ASX:NWL) has reported a significant increase in Funds Under Administration (FUA) to $95.4 billion as of 30 September 2024. The FUA witnessed a remarkable growth of $7.4 billion in the September quarter, driven by FUA net inflows of $4.0 billion and positive market movement of $3.4 billion. This marks a record quarter for FUA growth, with FUA net inflows being 93.5% higher than the prior corresponding period (PCP).

Executive Commentary on Strategic Initiatives and Acquisitions

Matt Heine, CEO and Managing Director, expressed enthusiasm about the acquisition of Flux Corp Pty Ltd, emphasizing its success in engaging with the next generation of young adults in the Emerging Affluent segment. He highlighted the importance of enabling the adviser and licensee network to engage with new segments and the next generation of clients in innovative ways. Additionally, he provided an update on the integration of Xeppo Pty Ltd post-acquisition, emphasizing the significance of data in driving the company's future-focused advice practice.

Summary of Business Update and Outlook

Netwealth's September 2024 Quarterly Business Update reflects the company's robust performance, marked by a record level of FUA net inflows and strategic acquisitions. The acquisition of Flux Corp Pty Ltd and the integration of Xeppo Pty Ltd are expected to enhance the company's reach and offerings. The company remains focused on delivering meaningful platform enhancements and strengthening new adviser and licensee relationships. With a strong financial position and a high level of recurring revenue, Netwealth is well-positioned for continued growth and performance in the upcoming fiscal year.