HUB24's Record Net Inflows and Market Position

HUB24 Limited (ASX: $HUB) has reported a record $15.8 billion net inflows for the financial year 2024. The company achieved a 138% increase in quarterly Platform net inflows, reaching $5.0 billion, including significant migrations from Equity Trustees (EQT). The total Funds Under Administration (FUA) as of 30 June 2024 reached $104.7 billion, reflecting a 30% increase year-on-year. HUB24's Platform ranked first for both quarterly and annual net inflows, and the company was awarded Best Overall Platform in the Adviser Ratings Financial Advice Landscape Report 2024.

Executive Commentary

We are pleased to announce the exceptional performance of HUB24 in FY24, marked by the record net inflows of $15.8 billion. Our strong growth, customer advocacy, and successful migrations have contributed to our market leadership. The recognition received in the Adviser Ratings Financial Advice Landscape Report 2024 and the Wealth Insights Platform Service Level Report underscores our commitment to delivering excellence in customer service and platform offerings. The continued growth in adviser relationships and the positive reception of our platform enhancements position us well for future opportunities and sustained growth.

Summary of FY24 Performance and Outlook

HUB24's FY24 performance reflects its continued market leadership, strong customer relationships, and successful migrations, resulting in record net inflows and significant market share gains. The company's proposition resonates with advisers and licensees, as evidenced by the strong pipeline of opportunities and the increase in the number of advisers using the platform. HUB24 remains confident in meeting its FY25 Platform FUA target of $92 - $100 billion and is well-positioned for future growth. The company's commitment to platform enhancements and customer service excellence further strengthens its outlook for sustained performance and market leadership.