Adviser investment platform Hub24 has revealed it is working on bringing investment data together more effectively for the benefit of both advisers and clients, including SMSFs, following strong market feedback.
“The strategy for Hub24 is to make sure SMSF trustees and beneficiaries can log in and see their entire net wealth through us integrating data, so we’ll gradually be building out the data that we already have,” Hub24 managing director Andrew Alcock told selfmanagedsuper.
“So you’ll be able to see what’s on Hub24 and what’s not on Hub24 because it’s in your own equity account, but also what’s in your cash account, and so advisers can open up all three of those accounts with one process to make it easier.
“Expect us to keep ploughing away in that space and bringing more and more client data together to get a comprehensive view that will help people better save for retirement.”
Alcock said engaging with advisers and listening to feedback has helped with the firm’s success.
“We are client-led and it’s all about development with advisers, that is, we’re building something that’s sustainable for advisers and their clients,” he said.
“By way of evidence, in the last half-year we’ve had more than one thousand new SMSFs use Hub24 and a 35 per cent jump in the number of advisers, so 750 SMSF advisers using our platform.
“So I hope what we’re building is resonating with the marketplace.”
Commenting on the industry’s investment data connectivity at present, he said there were key areas of demand and an obvious gap.
“SMSF advisers and their clients want choice, access, and they want to be able to see things quickly and all together in one spot,” he noted.
“They want it to be easier, simpler, with the ability to connect bank accounts, margin lending loans, equity accounts and platform accounts in the one place. On top of that, they want to be able to get it valued.
“What this industry hasn’t done is offer valuations across all [investments] in one report – that’s really what people are looking for now, rather than just putting things together.”
He said this was the main area of focus for Hub24, in addition to offering historical data, that is, clients providing old data in order to generate historical reports.
“In terms of where the market is moving with data integration, the banks aren’t going in that direction and our competitors are increasing their technology all the time,” he noted.
“I believe we lead the market, having bought a subsidiary where our competitors borrow that data infrastructure from us.”
The platform provider yesterday released its full-year results, reporting funds under administration (FUA) increased by 51 per cent to $8.3 billion for the year ended 30 June 2018.
It said its year-to-date FUA is $8.7 billion.