Andrew Alcock

HUB24 has announced it is developing a lifetime retirement solution with life insurer TAL, expanding the range of retirement offerings available on platform and enabling advisers to deliver their clients greater financial confidence and security throughout retirement.

Expected to launch first half of 2026, the lifetime retirement solution will address one of the most pressing concerns for Australians – the risk of outliving their retirement savings.

Recent research shows that 68% of Australians fear running out of retirement savings, leading many to restrict their spending and compromise their lifestyle. HUB24’s own data suggests that 52% of pension members are only withdrawing the legislated minimum pension amount to manage their longevity risk.¹

The lifetime retirement solution is designed to optimise a member’s outcome if they transition from a lifetime super account to a lifetime income account when they retire, providing income for life. It may also help maximise eligibility for means-tested Age Pension concessions, with greater benefits for those who adopt the solution earlier.

HUB24 CEO Andrew Alcock said: “As a market-leader, HUB24 has an important role to play in delivering solutions that enable financial advisers to support their clients through all the stages of their life, including planning for a fulfilling and secure retirement. We’re delighted to be collaborating with TAL to deliver our Innovative Retirement Income Stream solution, providing more choice for advisers and their clients.”

TAL Chief Executive, Group Life & Retirement, Jenny Oliver, said: “We believe lifetime income solutions can play a fundamental role in helping more Australians achieve confidence in their retirement. We are excited to be working with HUB24 and the advisers using their platform to provide clear and accessible retirement options for their clients.”

The development of the new retirement solution builds on HUB24’s launch of Discover – a platform and managed portfolio solution designed for clients with lower balances or less complex needs – and Private Invest, which provides advised high-net worth clients with access to wholesale investment solutions and non-custody administration via the HUB24 platform.

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Notes:
[1] Retire with Purpose Report 2025 – UniSuper

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Adrian Stewart

Allianz Retire+ has announced its retirement income solution Allianz Guaranteed Income for Life (AGILE) will be added to market leading wealth management platform HUB24 in Q4 of this year.

The latest announcement responds to the call for action from the Government for the financial services industry to meet the increasing demand for more innovative retirement income and longevity solutions.

Allianz Retire+’s policy administration technology is leading edge and specialises in delivering multi decade guaranteed income for life solutions. AGILE is designed to anchor a client’s retirement portfolio while still allowing advisers to manage the overall total asset allocation and income buckets for clients. It also allows flexible access to capital should circumstances change.

Allianz Australia Life Insurance CEO, Adrian Stewart said, “For the first time ever advisers will have access to a guaranteed income for life which sits within a client’s superfund account or Account Based Pension which allows clients to select AGILE as an option within their portfolios.

With full administration and reporting functionality, advisers will be able to proactively plan for their client’s retirement while still in the accumulation phase, as well as the retirement income phase. Giving advisers greater control of their client’s asset allocation and allowing advisers to accurately model their client’s income for life.

The addition of AGILE to the HUB24 platform is a collaboration we are extremely proud of. We have been working closely with HUB24 over several months to make AGILE available on the HUB24 platform.

Minister Jones has continued the Government’s focus on Australians having access to retirement income solutions, this integration allows trustees and advisers to deliver better outcomes for Australian retirees.”

Managing Director of HUB24, Andrew Alcock said, “As more Australians enter retirement there is increasing demand for innovative products that can provide sustainable retirement income to provide security throughout this phase of their life.

“By collaborating with Allianz Retire+ to launch AGILE on HUB24, we’re making available a market-leading product that provides advisers the solutions they need to help clients achieve their retirement goals and empower better financial futures for more Australians.”

AGILE also recently received an “Approved” rating from investment research house Lonsec Research Pty Ltd and a “Recommended” rating from Zenith Investment Partners.

Allianz Group is a global leader in the provision of retirement solutions. With over 30 years’ experience in the US retirement market, the group has a presence in over 70 countries and serves 126 million retail and corporate clients. Allianz has been offering customer-centric solutions for Australians since 1914.

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Andrew Alcock

HUB24 has announced the launch of additional environmental, social and governance (ESG) ratings functionality on the HUB24 platform, providing advisers with access to data-driven insights and reporting metrics for selected managed funds and more than 350 Australian listed securities. As the demand for responsible investing in Australia continues to rise, the new capability available on the HUB24 platform can support advisers to make investment choices based on their clients’ individual preferences and ESG risk profile.^[1]

Advisers can now access ESG ratings from Morningstar’s leading Sustainalytics rating system, which ranks selected funds and Australian listed securities on a sliding scale of risk and identify whether a managed fund has been certified by the Responsible Investment Association Australasia (RIAA).

HUB24 Managing Director and CEO Andrew Alcock said: “There is growing demand by consumers for transparency around responsible investments and our role is to provide solutions which enable advisers to support their clients to meet their individual investment preferences.

“We’re in a unique position to empower better financial futures for Australians so offering a broad range of investment options and insights on the HUB24 platform enables advisers to support their clients in making informed investment decisions.

“Through our collaboration with Morningstar and RIAA, we’re able to offer solutions that give advisers visibility over how well ESG risk is managed or considered so they can engage with their clients to find investments that align with their values.”

Morningstar Managing Director Jamie Wickham said: “With more investors increasingly integrating sustainability considerations into their investment decisions we’re delighted to make available the Morningstar Sustainalytics data on the HUB24 platform. Each of our methodologies give advisers better visibility over how Australian listed companies and funds manage ESG.”

RIAA CEO Simon O’Connor said: “Our consumer research shows 64% of Australian consumers expect financial advisers to be knowledgeable about responsible investment options. By making RIAA certification available on the HUB24 platform, advisers can build their knowledge and understanding, easily determining whether a fund has been certified by us and adheres to the strict operational and disclosure practices required to meet our Responsible Investment Standard.”

Supporting ESG investing, choice and flexibility

The new ESG ratings functionality on the HUB24 platform compliments our innovative managed portfolio stock substitution capability giving advisers the ability to tailor their investment approach to meet clients’ individual ESG investment preferences.

Rated number one for Best Overall Investment Choice by advisers, HUB24 has one of the largest investment menus on offer in the platform market with over 1,000 managed funds, exchange traded funds (EFTs) and the largest range of managed portfolios in addition to hundreds of Australian and international listed securities. To support advisers and their clients in meeting their ethical, social and governance requirements HUB24 provides over 150 ESG investment options.^[2]

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References:
[1] RIAA Report, From Values to Riches 2022: Charting consumer demand for responsible investing in Australia
[2] HUB24 was rated Best Overall Investment Choice by advisers in the 2022 Adviser Ratings Australian Financial Advice Landscape Report.

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Mr Steele will join the HUB24 Group executive and report to the Group’s Chief Executive Officer and Managing Director, Andrew Alcock.

“Tim brings a wealth of executive experience in leading teams and working with financial professionals to deliver customer centric solutions,” said Mr Alcock.

“I am delighted to welcome Tim to Class to lead the business forward as we focus on delivering great customer outcomes and enhancing Class’s already market-leading SMSF documents and corporate compliance solutions.”

Early in his career Mr. Steele built a business helping accountants grow and develop their practices, through which he developed a deep understanding of the accounting profession.

Most recently Mr. Steele was Group Executive, Retirement and Investment Solutions at MLC after joining NAB in 2016 as General Manager of NAB Financial Planning, and prior to that Tim was Managing Director of ipac and Genesys Wealth Advisers.

Since leaving MLC in mid-2021 Tim has consulted to large financial services companies on strategy and leveraging technology for business growth and transformation.

Mr Steele will start as CEO of Class on 1st August 2022.

The strategic acquisition of Class completed in February this year provided additional technology and data expertise to deliver on the Group’s platform of the future strategy and further positioned HUB24 to lead the wealth industry as the best provider of integrated platform, technology and data solutions.

Following the acquisition HUB24’s Director of Strategic Development, Jason Entwistle was appointed as interim CEO of Class whilst a search was underway for a permanent replacement.

At a recent investor update in June, HUB24 announced the first cross-business product development initiative leveraging the combined capability of HUB24, Class and NowInfinity. The new SMSF product solution is designed for advisers to meet the needs of aspirational accumulators who are keen to access the benefits of a cost-effective SMSF solution.

The solution provides advised clients with a cost-effective, fully integrated end-to-end service bringing together SMSF establishment, administration and investment administration.  A cross-business project team is in place preparing for a pilot which will launch Q1 FY23.

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Andrew Alcock

Collaborative action to drive transformation must be taken to enable financial advice to be more cost-effective and accessible, not only to help more Australians meet their individual financial goals but also provide broader benefits for the community as a whole.

In a documentary created by HUB24 and XY Adviser, industry leaders and advisers have called for affirmative action to ensure more Australians can access professional financial advice.

According to HUB24’s CEO, Andrew Alcock, the advice profession and industry providers have an obligation to work together to ensure financial advice is accessible for more Australians.

“Currently, we have a situation where a small percentage of Australians seek holistic advice from a regulated financial adviser, and it’s becoming harder and more expensive to access that service. In effect, we are creating a have and have-not situation.”

The documentary features industry leaders and advisers including Financial Services Council CEO Blake Briggs, AZ NGA CEO Paul Barrett, Investment Trends CEO Sarah Brennan, Money Mentor’s Adele Martin and Caboodle Financial Services Principal Peita Diamantidis.

Participants identified cost and the decreasing number of financial advisers as significant challenges for Australians in getting advice – factors which have been exacerbated by the complex regulatory environment and historical lack of investment in developing innovative technology solutions.

According to Mr Barrett, advisers and clients are bearing the brunt of complex regulatory obligations. “If you put yourself in the shoes of an adviser today, and the things they have to do before they can have a meaningful discussion about their client’s scenario and start helping them, there’s too much of a regulatory burden.”

The documentary participants collectively agreed both advisers and consumers will pay the price if we are not able to overcome these challenges as Australians will be more reliant on the government for financial support and unable to navigate the complexity of their finances.

“Without good financial advice, Australians miss out on the opportunity to plan for tomorrow, to have peace of mind, financial security and financial freedom,” said Mr Alcock.  “We really need to consider, with the complexity of the environment we are in and all of the regulations and compliance, are we actually preparing Australians for the future?”

The documentary also features comments by CoreData Global CEO Andrew Inwood, My Millennial Money podcast creator Glen James, FPA CEO Sarah Abood, AFR Wealth Editor Aleks Vickovich and Diverger General Manager of Operations and Technology, Sonya Choi La Rosa.  It highlights how financial education, reduced regulatory complexity and investment in developing integrated technology solutions for licensees and advisers can play a role in enabling the delivery of cost-effective financial advice.

“There is an amazing opportunity to build the foundations of the future, and leverage data and technology to reduce friction for licensees, advisers and customers to empower better financial futures for more Australians,” said Mr Alcock.

Participants agreed the way forward was to work together and alongside government and regulators, to break down existing barriers to advice and build a sustainable advice profession which will enable more Australians to benefit from financial advice.

Watch the documentary. 

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In the newly created role and reporting to HUB24’s CEO and Managing Director, Andrew Alcock, Ms. Stafford will lead the company’s distribution and marketing functions and work with the broader team to leverage the Group’s innovative product and technology solutions to deliver segmented customer propositions whilst also looking for new opportunities for growth.

Ms. Stafford joins HUB24 from MetLife where she was a member of the Executive team for the last 7 years as Chief Distribution Officer and then Chief Marketing and Customer Officer. With more than 25 years’ experience in the financial services industry across Superannuation, Wealth Management, Financial Advice and Insurance, Ms. Stafford has a strong track record of leading high performing teams to deliver growth and customer value.  Prior to Metlife, Ms. Stafford spent 10 years at OnePath and MLC in sales and financial advice strategy roles.

In February 2022, HUB24 reported that Platform Funds Under Administration (FUA) had grown to $50 billion whilst total FUA had reached $68.3 billion.  The HUB24 Group has also completed a series of acquisitions over the last two years including Xplore Wealth and more recently Class Limited, whilst also entering the non-custody Portfolio Administration and Reporting (PARS) segment.

The newly appointed CGO will leverage product and technology solutions available across the HUB24 platforms, PARS and HUBconnect to meet evolving customer needs and will leverage existing relationships with financial professionals, as well as develop new customer relationships and segments.

HUB24’s CEO and Managing Director Andrew Alcock welcomed the announcement, commenting

“I am delighted to welcome Chesne to the HUB24 Group, as we continue to invest in both our people and product development to enable further growth. Chesne’s strong track record of leadership, growth and delivering value to customers means she is well-placed to lead our distribution and marketing teams as we continue to look for opportunities to deliver value and innovative product solutions to empower better financial futures.”

Ms. Stafford will join HUB24 in July.

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Andrew Alcock

Financial services provider HUB24 (ASX: HUB) has announced its results for the half year ended 31 December 2021 (1HFY21), reporting Group Underlying Net Profit After Tax (NPAT) of $7.5m (up 39% on 1HFY20) and Group Underlying EBITDA of $16.4m (up 41% on 1HFY20).^[1]

Platform Funds Under Administration (FUA) increased by 39% to $22 billion (currently $24 billion) from 1HFY20 and the Group set a new half year record for Platform net inflows of $3.1bn, up 24% on 1HFY20.^[2] Total FUA, including the recently acquired Portfolio Administration and Reporting Service (PARS) from Ord Minnett, reached $31 billion for the half.

Other key highlights for 1HFY21

• Awarded Best Overall Platform (up from 2nd place in 2020)[³]
• Awarded Best Platform Managed Accounts functionality for the 5th year running^[3]
• Platform segment Revenue of $43.8 million, up 25% on 1HFY20
• Platform segment Underlying EBITDA of $17.4 million, up 26% on 1HFY20^[4]
• First half dividend of 4.5 cents per share, fully franked, a 29% increase from 1HFY20
• Finalising strategic transactions announced in October 2020 and commenced transition and integration activities.

The abnormal costs related to the strategic transactions this half impacted Statutory NPAT by $1.7 million, with HUB24 recording a Statutory NPAT of $6.1 million. Underlying NPAT was up 39% to $7.5 million, after adjusting for one-off strategic transactions costs and final consideration for the acquisition of Agility Applications Limited.

During 1HFY21 HUB24 has continued its growth momentum posting record net inflows of $3.1 billion for the half as well as maintaining 2nd place for annual net inflows.^[5]  The company has moved to 9th place with a FUA market share of 2.3% (up from 11th place and 1.6% as at September 2019).^[5]

As a result of the company’s commitment to constant innovation and customer service excellence HUB24 has won Best Platform Overall in the recent Investment Trends survey, and for the 5th year running was awarded Best Platform Managed Accounts functionality.^[3]

The strategic transactions announced in October 2020, strengthen the company’s position as the leading provider of integrated platforms, data and technology services for financial advisers, stockbrokers, private banks, licensees, accountants and their clients.

The acquisition of Ord Minnett (PARS) was completed at the end of November 2020, with the PARS team moving across to HUB24.   In addition, HUB24’s off-market proportional offer for 1 out of every 3 Easton Investments Limited (Easton) shares has now closed. As a result of this offer and the divestment of Paragem Pty Limited to Easton, HUB24 now owns 31% of Easton.

Finally, the proposed acquisition of Xplore Wealth Limited (Xplore) by Scheme of Arrangement is on track to complete on 2nd March 2021.

The company expects to continue its growth momentum and with the inclusion of the Xplore acquisition has increased the FY22 target Platform FUA range to $43-$49 billion^[6].

HUB24 Managing Director Andrew Alcock commented ‘’HUB4 continues to set new records with Platform FUA up 39% and underlying EBITDA up 41% on 1HFY20. Our continued investment in innovation and focus on customer service excellence has been recognised this week with the company being awarded Australia’s Best Platform Overall by Investment Trends.  Given the acceleration of our organic growth and the completion of our M&A transactions, HUB24’s growth targets have been upgraded significantly to a target Platform FUA range of $43-$49 billion from $28-$32 billion by the end of FY22”.

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[1] Underlying NPAT is a non IFRS measure used internally by management and the investment community to assess the operating performance of the business. Underlying NPAT represents NPAT after excluding abnormal items.  See the HUB24 Analyst Pack for a reconciliation to Statutory NPAT. Underlying NPAT includes the statutory tax value. If the tax value was normalised for the abnormal items the Underlying NPAT is $7.0m 1HFY21, $5.6m 1HFY20 (25% growth).
[2] Unaudited as at 19 February 2021
[3] Best Platform Overall & Best Platform Managed Accounts Functionality – Investment Trends Platform Competitive Analysis & Benchmarking Report 2020
[4] Underlying EBITDA represents earnings before interest, tax, depreciation, amortisation and other significant items.  See HUB24 Analyst Pack for further details.
[5] Strategic Insights Analysis of Wrap, Platform and Master Trust Managed Funds at September 2020
[6] Target for Platform FUA, does not include Portfolio Administration and Reporting Services FUA

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Matt Rady

Allianz Retire+ has announced the integration of its flagship retirement solution, Future Safe to HUB24.

With Future Safe, Allianz Retire+ gives financial advisers access to an Australian market-first solution, designed to safeguard retiree portfolios against equity market volatility and sequencing risk.

Advisers who use HUB24 can now access Future Safe reporting and speciality retirement tools and resources through the adviser desktop. Clients can also view their Future Safe investments alongside other investments on the HUB24 platform, creating reporting efficiencies which support the advice process.

Commenting on the launch, Allianz Retire+ CEO, Matt Rady said: “This inclusion on the HUB24 platform signals a pivotal step in our distribution channel expansion.  We are delighted that HUB24 recognised the growing demand for Future Safe, and we thank them for their commitment to becoming our first strategic platform partner.”

HUB24 Managing Director, Andrew Alcock commented: “It’s critical that advisers and their clients have access to product solutions that can help them prepare for retirement.  We are pleased to be working with Allianz Retire+ to provide advisers who use HUB24 and their clients access to greater product choice to help them achieve their retirement goals. “

Rady added:  “We are keenly focused on expanding our reach to ensure advisers have efficient access to solutions that deliver better outcomes for their clients. It’s exciting to have Future Safe integrated with a market-leading platform that enables the provision of retirement solutions, and importantly, eases the delivery of quality advice.”

Allianz Retire+ Future Safe offers advisers the ability to confidently provide retirees exposure to growth, with the ability to protect the equity allocation from losses.  Investors in Future Safe can choose an appropriate level of downside protection, via a cap and floor strategy. If the linked sharemarket falls, the investment won’t fall below the “floor” selected for that given year.  By limiting investment losses to a “floor”, investors are provided exposure to equity returns up to a corresponding “cap”.

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Andrew Alcock

Research released by HUB24 Limited (ASX:HUB) and conducted with over 300 advisers has shown the Best Interests Duty (BID) has been overwhelmingly welcomed since its introduction in 2013, with over 4 out of 5 believing it was necessary to raise standards across the industry and indicating that the formal structure of the compliance regime has given advisers greater confidence that the quality of their advice has improved.

The research, conducted by CoreData and in partnership with the AFA, surveyed advisers on how they have implemented the Best Interests’ Duty regulation in their business over the past five years and how it has affected the provision of advice to their clients. HUB24 Managing Director, Andrew Alcock commented on the research, “At a time when there is increasing scrutiny on the quality of financial advice it’s very clear from this research that advisers are focused on meeting the best interests of their clients. In our experience, advisers have always considered a range of factors, and not just price, when selecting financial products to help deliver outcomes for their clients both now and for the future”.

Advisers who were surveyed were generally confident in their understanding of the Best Interests Duty and the implications for them as advisers, though when asked 70% of all advisers say they “definitely” or “may” need additional training or information. This could reflect a clear focus from advisers wanting to make sure they do their very best in the context of a rapidly changing market and community expectations.

When asked specifically about product selection, though cost is an important factor, by far the most significant consideration for advisers was whether a product matches the client’s assessed risk tolerance, or whether the product has better or more relevant features than available alternatives. Again, when asked specifically about platforms, advisers ranked features ahead of cost as the number one reason for platform choice.

There is clearly demand from advisers for platform technology that can add value for clients through active tax management of investment portfolios. 89% of advisers surveyed say they would consider it either extremely important or somewhat important if their platform could help achieve this. Whilst many platforms now provide tax management and modelling tools there are significant differences between the level of sophistication of these tools and the outcomes they can provide for clients over the long term, specifically when it comes to the ability to in-specie transfer assets and actively model client tax outcomes when selecting managed portfolio investments.

Mr Alcock also said “providing quality advice for clients relies on understanding their specific circumstances and also understanding how to incorporate the available products and features that can enhance client outcomes. Given the rapid pace of innovation the products we are building today are providing new opportunities for clients. As the industry evolves it is important to understand how new products and capabilities can contribute to client outcomes if our aim is to do the very best we can for them”.

The Association of Financial Advisers (AFA) CEO Phil Kewin said “The Best Interests Duty is arguably the most important obligation for financial advisers. We welcome this research into adviser’s views on the Best Interests Duty. We would encourage more research being done in this space and more guidance provided to financial advisers to ensure that they can be confident that they are meeting their obligations. Ultimately an increased awareness of the Best Interests Duty and related obligations will result in improved outcomes for the consumers of financial advice.”

The full recommendations from the Royal Commission into Financial Services are due to be released imminently and as a result it is possible there may be further changes to the Best Interests Duty regulations and how advisers can adhere to them.

Download the full report: The Adviser’s Best Interests Duty: Creating Better Advice

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Andrew Alcock

HUB24 Limited (ASX: HUB) have announced the investment and superannuation platform has reached a new funds under administration (FUA) milestone of over $10 billion at 31 December 2018. In the six months following financial year ended 30 June 2018, where the platform finished the year with $8.3 billion in FUA, HUB24 is continuing to experience strong growth and maintained the fastest rate of growth in the industry in percentage terms relative to its size^[¹]. The latest available data from Strategic Insights now has HUB24 in overall 2nd place for quarterly net inflows as at 30 September 2018.

Despite challenging financial markets, HUB24’s market-leading platform has continued its strong growth trajectory in the first six months of this financial year driven by strong flows from both existing advisers and new relationships.

Since 31 December 2015, HUB24 has grown from $2.4 billion in FUA on platform to over $10 billion today. During the same 3-year period, the number of advisers using the platform has increased from 556 to 1,456.

Specialist platforms collectively overtook traditional platforms by achieving 67% share of annual market inflows in the year ended June 2018². This trend has continued with the September 2018 data indicating specialist platforms continued to increase their share of net inflows^[¹].

Commenting on the $10 billion milestone, HUB24 Managing Director Andrew Alcock said: “We’re delighted to maintain our position as the platform provider with the fastest growth rate in the market.”

“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.”

In the financial year 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.  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, who selected HUB24 for their ability to provide a flexible platform solution that catered to the needs of their advice networks.

Well-positioned for further growth

Mr Alcock said HUB24 is well-positioned for further growth, thanks to the current market dynamics and a strong pipeline of new business. “The traditional ‘asset administration’ role of platforms has been disrupted and it’s now about creating value in investment selection, tax management, portfolio construction and data integration.  HUB24’s strong pipeline of new business is testament to our strategy and continued investment, with the expertise of our subsidiary Agility Applications and the new functionality of ConnectHUB contributing to HUB24 being chosen to provide platform solutions. We are very pleased that two large national brokers chose HUB24 during the last quarter, including Patersons Securities.”

HUB24 is progressing its ConnectHUB offering, which will allow advisers to integrate multiple external data sources in real time, including cash management accounts and annuities, among others, enabling them to tailor their platform experience and provide a consolidated view of wealth for their clients.  ConnectHUB is currently in pilot with several advisers and will be rolled out to the broader market during the remainder of financial year 2019.

¹ Source: Based on Strategic Insights. Analysis of Wrap, Platform and Master Trust Managed Funds at September 2018. HUB24 is the fastest growing platform provider relative to its size in percentage terms, 3rd highest in terms of annual dollar based net inflows and 2nd highest in terms of quarterly net inflows.

² Source: Based on Strategic Insights. Analysis of Wrap, Platform and Master Trust Managed Funds at June 2018.

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