Netwealth's March 2024 Quarterly Business Update

Netwealth Group Limited (ASX: $NWL) achieved $2.7 billion Funds Under Administration (FUA) net inflows for the March quarter, marking a substantial 62.2% increase compared to the prior year corresponding period. The FUA at 31 March 2024 stood at $84.7 billion, with FUA inflows of $5.2 billion, representing a 40.7% increase from the prior year corresponding period.

Executive Commentary on Business Update and Outlook

Rated No.1 for 'Best Product offering' and 'Best Transaction Tools' in the latest Investment Trends Platform Competitive Analysis and Benchmarking Report December 2023. Netwealth experienced strong account growth in the quarter and expanded new adviser and licensee relationships. The company anticipates a robust June quarter FUA inflow, driven by new large transitions, higher seasonal flows, and increased market activity. Additionally, Netwealth is actively exploring and implementing generative artificial intelligence innovations to enhance efficiency, productivity, client engagement, and service.

Summary of March 2024 Quarterly Business Update and Outlook

Netwealth's March 2024 Quarterly Business Update reflects a remarkable 62.2% increase in FUA net inflows, reaching $2.7 billion for the quarter. The company's strong account growth and new adviser and licensee relationships position it for a promising June quarter FUA inflow, supported by new large transitions, higher seasonal flows, and increased market activity. Netwealth's focus on technological advancements, including generative artificial intelligence, underscores its commitment to improving client service and engagement. With a strong financial position, high profitability, and significant cash reserves, Netwealth remains well-positioned for future growth and innovation.