Netwealth (ASX: $NWL) June 2024 Quarterly Business Update

Netwealth (ASX: $NWL) has released its June 2024 Quarterly Business Update, reporting Funds Under Administration (FUA) of $88.0 billion as of 30 June 2024, with FUA net inflows of $3.8 billion for the quarter. The FUA increased by $3.3 billion for the June quarter, comprising FUA net inflows of $3.8 billion and negative market movement of $0.5 billion. For FY2024, the FUA increased by 25.2% or $17.7 billion, including FY2024 FUA net inflows of $11.2 billion and positive market movement of $6.5 billion.

Executive Commentary on Business Update and Outlook

Netwealth remains focused on delivering meaningful and rewarding platform enhancements to meet our client's needs. We have launched several new services and expanded our suite of managed models to improve client experience and engagement. The technology environment is evolving rapidly, and we are actively implementing innovations in artificial intelligence to enhance efficiency and productivity. We have also strengthened our new adviser and licensee relationships, and our new business pipeline and conversion rates remain strong. We are confident in the net inflow outlook for FY2025, given the significant transitions that have commenced in Q4 FY2024.

Summary of Netwealth's June 2024 Quarterly Business Update

Netwealth (ASX: $NWL) has reported a strong performance in the June 2024 Quarterly Business Update, with FUA reaching $88.0 billion and FUA net inflows of $3.8 billion for the quarter. The company achieved a 25.2% FUA growth in FY2024, with record 12-month FUA inflows of $22.0 billion. Netwealth's focus on delivering platform enhancements and strengthening client relationships, along with the implementation of innovative technologies, positions the company for a positive outlook in FY2025. With a strong financial position, high levels of recurring revenue, and significant cash reserves, Netwealth is well-positioned to continue its growth and deliver value to its clients and shareholders.