HUB24 Reports Strong FY24 Q1 FUA Growth

HUB24 (ASX: HUB), a leading platform provider for financial advisors, has announced strong growth in its Funds Under Administration (FUA) for the first quarter of the fiscal year 2024 (FY24). The company reported several key highlights from the September quarter, indicating robust performance and market share growth.

Key Highlights:

1. Total FUA Growth: As of September 30, 2023, HUB24 reported total FUA of AU$82.7 billion, representing a substantial increase of 21.0% compared to the previous year.

2. Platform and PARS FUA Growth: The company's platform FUA reached AU$65.1 billion, reflecting a significant growth rate of 24.3% compared to the prior year. Portfolio, Administration, and Reporting Services (PARS) FUA amounted to AU$17.6 billion, marking a growth rate of 10.3% from the previous year.

3. Platform Net Inflows: HUB24 recorded net inflows of AU$2.8 billion for the quarter, marking a 34.7% increase from the previous quarter and remaining largely consistent with the previous year (down 6.3%).

4. Expanding Platform Proposition: HUB24 announced the introduction of Discover, a new cost-effective platform option designed to cater to lower balance advised clients, including early-stage wealth accumulators and retirees with simpler financial needs. The company is focused on broadening its platform offerings to provide a wide range of solutions for financial advisors and their clients.

5. Positive Industry Rankings: HUB24's market share increased to 6.3% in the latest available data, and the company now ranks 8th overall. It is ranked 2nd for quarterly and annual net inflows and has the fastest growth rate as a percentage of FUA based on annual net inflows.

6. Growing Advisor Network: The total number of advisors using the HUB24 Platform increased to 4,026, marking a 10.6% growth rate from the previous year.

7. Class Super NPS Improvement: The company reported an improved Net Promoter Score (NPS) for Class Super, achieving a score of 48 and now ranking equal 1st place.

HUB24 continues to demonstrate strong performance and plans to further expand its platform offerings, including a new cost-effective option and an innovative retirement solution, to cater to a broader range of clients. The company's commitment to enhancing customer satisfaction and market share growth positions it well in the competitive financial advisory industry.

The company will hold its Annual Investor Strategy Day on November 21, 2023, to provide more insights into its future strategies and performance.

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