HUB24 launches integrated Records of Advice solution


Andrew Alcock

Leading platform provider HUB24 has announced its latest platform enhancements, including an integrated Records of Advice (ROA) solution for advisers and a super contributions tracker.

The new ROA functionality allows licensees to upload their own template and store it in the system. Advisers can then generate an ROA from the platform when they trade on their client’s account.

The super contributions tracker enables advisers using HUB24’s platform to track their clients’ contributions to their superannuation, allowing them to generate reports and check how they are progressing towards their contribution cap limits.

“As with previous improvements, these new features are focused on creating efficiencies for advisers, freeing their time to deliver advice and build their client relationships,” says Jason Entwistle, Director of Strategic Development at HUB24.

These specific enhancements are the result of innovations presented at HUB24’s first internal hackathon, which took place in July 2017.

“Teams made up of staff members from different areas of the company where given 24 hours to develop an idea and prototype an improvement to the platform,” explains Mr Entwistle.

“Through our culture of continuous innovation we are able to constantly improve the way we service our clients.”

Other platform enhancements HUB24 plans for this year include:

  • Foreign currency assets – Enabling portfolio managers and investors to buy and sell investments in foreign currencies, as well as hold foreign currencies themselves. This will significantly increase the range of investment available to local investors.
  • Online account applications – Allowing advisers to open multiple accounts through one account opening process and linking clients’ HUB24 and broking accounts. This will be the industry’s most functional electronic multi-account opening facility and will significantly reduce administration for advisers.
  • Third party account linking – An interface for advisers and clients to link available thirdparty accounts to their HUB24 account for a holistic view of their wealth management as well as integrated reporting.

Innovation driven by demand

These developments are all in response to adviser demand. According to the Investment Trends 2017 Planner Technology Report, the leading challenge facing advisers is the compliance and reporting burden, with 34% of advisers indicating they would change their main platform for one which generated Records of Advice.

Andrew Alcock Managing Director, says these trends are transforming the wealth management industry. “Our industry is increasingly using technology to support advisers in enhancing their value proposition whilst improving client experience and client outcomes.”

“Additionally, advisers using HUB24 can use these tools to improve practice management, increase efficiency and reduce costs in an industry that is transforming and where customer outcomes are paramount.”

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