HUB24 hits record inflows as FY25 wraps with a $136 billion bang

Platform provider HUB24 has ended FY25 on a high, chalking up record net inflows and sealing its position as the market's net inflow leader for the sixth consecutive quarter. In its quarterly update released today, the company reported a surge in total Funds Under Administration to $136.4 billion as at 30 June, a hefty 30 percent jump on the prior corresponding period.

The standout figure was the $19.8 billion in net inflows for the full year, up 25 percent on FY24. Strip out the $4 billion in large migrations and organic net inflows still hit a record $15.8 billion, underlining the strength of HUB24’s adviser relationships and distribution network. Fourth-quarter net inflows were $5.3 billion, bolstered by $1.2 billion in transfers from Equity Trustees. Even without those big-ticket items, underlying quarterly inflows rose 33 percent to $4.1 billion.

HUB24 CEO Andrew Alcock has long talked up the group’s ability to manage complex transitions, and this latest round from EQT marks the final tranche in a total $5.3 billion shift across FY24 and FY25. With the dust settled, HUB24 is now seventh in market share among platform providers, holding 8.7 percent, up from 7.2 percent a year earlier.

The growth story is not just about scale. The platform was ranked first in adviser satisfaction, according to the latest Investment Trends survey. It also took top spot for Net Promoter Score and adviser advocacy, suggesting that the expansion is being fuelled as much by service as it is by sales.

HUB24’s adviser base grew 13 percent to 5,097, helped along by 31 new distribution agreements signed in the June quarter. Institutional money, meanwhile, slipped as a proportion of platform FUA, down to 13 percent, indicating a continued focus on the retail and wholesale advisory space.

Speaking of wholesale, the company launched HUB24 Private Invest in Q4, a new offering tailored for high net worth investors and their advisers. The platform provides streamlined access to wholesale investments, better reporting and flexibility across custody and non-custody assets. It is the latest in a series of moves aimed at differentiating HUB24 in a crowded market where many platforms are chasing similar adviser flows.

Outside the core platform, the Class and NowInfinity businesses also delivered solid numbers. Class, known for its SMSF and trust accounting software, lifted its total accounts to 215,675, a 4 percent gain and the largest annual increase since FY20. NowInfinity, the legal doc platform, saw usage rise 12 percent with 214,107 documents ordered and 852,217 companies now on its Corporate Messenger system.

Product development also got a tick, with Class rolling out an enhanced document management system and an AI-powered virtual mailroom aimed at cutting down manual admin for accountants. These innovations come amid increased competition in the tech-for-advisers space, where margins are tight but brand loyalty can pay off over time.

Overall, HUB24 is ending FY25 with momentum in its corner. The combination of net inflow leadership, adviser satisfaction and growing market share points to a business that is not only scaling up, but doing so with a level of operational polish that few competitors can match.

With structurally growing demand from compulsory superannuation and demographic shifts, HUB24 seems well placed to keep riding the inflow wave — provided it can maintain its reputation for service and keep innovating in a market where clients expect more for less.