Australian investment and superannuation platform HUB24 has hit a funds under administration milestone of A$10bn and attracted over 1,400 advisers.
"We're delighted to maintain our position as the platform provider with the fastest growth rate in the market," HUB24 managing director Andrew Alcock said.
Since 31 December 2015, the platform has grown from A$2.4bn in FUA on platform to over A$10bn today. During the same three-year period, the number of advisers using the platform has increased from 556 to 1,456.
Additionally, HUB24 has recently launched branded platform solutions for a number of national advice groups, including AdviceIQ a licensee with over 30 authorised representatives and PortfolioIQ a collection of 25 smaller licensee businesses, that selected HUB24 for their ability to provide a flexible platform solution that catered to the needs of their advice networks.
Brisbane-based licensee AdviceIQ Partners has joined the platform, adding 31 registered planners to HUB24's platform. The licensee has added 10 planners since June, 2017, Rainmaker data shows.
HUB24 has also brought on board Portfolio IQ, which is a collection of 25 smaller licensee businesses.
"In the midst of structural change and much distraction across the industry, we have maintained momentum with advice networks and individual practices continuing to choose HUB24 because of our commitment to constant innovation, market-leading technology and superior customer service. In many cases our clients are moving away from relationships with incumbent platform providers, and transitioning FUA to HUB24," Alcock added.
During fiscal 2018 the company signed several new white-label platform agreements including one with Fitzpatricks Private Wealth, which in early December transitioned FUA from their inhouse MDA solution to the HUB24 platform.