Andrew Alcock
Australia’s fastest growing platform , HUB24, continues to innovate and connect advisers, their clients and investment managers to solutions that create opportunities for business growth and wealth creation.
The company continues to experience strong growth with the platform now reaching $6.6bn in Funds Under Administration (FUA) after achieving net inflows of $740m in the first four months of FY18.
Yesterday at HUB24’s Annual General Meeting, Managing Director Andrew Alcock will announce exciting new enhancements that will further benefit advisers and their clients:
- Market leading integration and third party account linking allowing on and off platform reporting of client assets via both the HUB24 investment and superannuation platform and AgilityConnect
- The addition of foreign currency assets to the platform enabling both transacting and holding assets in foreign currency
- Flexible options for Records of Advice (ROA) production circumventing manual processes and multiple systems.
HUB24, Agility and Third Party Account Integration – has been further enhanced since HUB24’s acquisition of Agility Applications earlier this year. The capability to provide advisers and brokers with a unified view of their client portfolios, including holdings in the platform as well as securities under a Holder Identification Number, is now available in both the HUB24 platform and AgilityConnect. Already 5 licensees across both the Financial Advice and Broking segments, including the recently announced white label for Euroz, have actively selected HUB24 due to this integration and planned further enhancements.
Very soon this integration will include the ability to open a stockbroking and HUB24 account in a single process utilising electronic signatures and a single client identification process for both accounts. Subsequently, the ability to add additional third party accounts, such as margin lending and cash management, will be released creating a highly functional electronic multiple account opening facility in combination with our business partners. Advisers and their clients will be able to focus on rapidly establishing their portfolios with significantly reduced administration.
The enhancements will also include an intuitive online account mapping functionality that allows HUB24, broker and third party accounts to be linked enabling a holistic view of the client’s entire portfolio using HUB24’s award winning interfaces.
Foreign currency assets – will enable portfolio managers and clients to buy and sell investments in foreign currencies as well as hold foreign currencies in portfolios. Dividends can also be paid in that currency.
“Managed accounts are the fastest growing platform sector and on track to become the dominant structure in platforms,” said Mr Alcock. “We are ensuring they also have the most comprehensive range of available assets and flexibility to create enhanced opportunities and value for portfolio managers, advisers and their clients. We expect to deliver an initial release of this capability in the middle of 2018.
Record of Advice production – HUB24 is also creating efficiencies around the production of Records of Advice (ROAs). Advisers will be provided with flexible options for creating advice records and communicating these with clients without the need to use multiple systems and manual processes. With delivery planned for December 2017 the company’s approach will not only improve record keeping and efficiency, it will allow advisers to directly engage clients with these advice records.
“We’re seeing the transformation of the existing wealth management advice and platform model,” said Mr Alcock. “Advisers, brokers and accountants want to access and leverage the latest technology to improve client engagement, increase efficiency and reduce costs. They seek integrated data and reporting functions, a full range of available assets and improved user experience with back-office efficiency.
“Helping them connect data and products, as with these latest enhancements, enables them to better advise their clients, create greater value and grow their business.
“This is why our focus is on connectivity, value, openness and choice for advisers and their clients. Our open architecture is the key to providing this, as it enables greater responsiveness to changing conditions. We can meet advisers’ developing needs as well as those of their clients – empowering them both.”
Mr Alcock added: “To capitalise on our growth and expedite innovation and development we are further aligning our organisational structure. We are also bringing together the product development and marketing functions and well as increasing sales collaboration across HUB24 and Agility.
“Overall, 2018 looks promising for advisers as we continue to invest in technology and service improvements to assist the with delivery of advice and exceptional portfolio management for advisers and their clients, “said Mr Alcock.
