Hub24 will integrate the suite of products under its banner along with services from other firms into a new ecosystem that will also allow for the addition of applications developed by advice businesses.
The new development, myhub, will integrate the Hub24 platform, Class and myprosperity alongside services from outsourcing and consulting firm Vital Business Partners and cloud-based advice creator Finura Digital, in which Hub24 has taken an equity stake.
Hub24 strategic development director Jason Entwistle said the ecosystem would also implement artificial intelligence-powered natural language prompting to help advisers with productivity and could work with applications developed by licensees and advice practices to move client meeting preparation, scenario modelling, client goal tracking, statement of advice creation and compliance checks into a single system.
Entwistle pointed out that with increasing demand for advice and only around 15,300 advisers still working in the sector, there was a capacity gap and myhub was designed to enable advice to be accessible to more people.
“While platforms such as Hub24 have enhanced productivity in areas like portfolio management and reporting, there are still many inefficient processes within an advice practice which have not been addressed due to the lack of investment in high-quality accessible data, industrial-scale technology and innovation,” he said.
“By leveraging data and emerging technology, and through collaboration with licensees and leading technology providers, Hub24 is addressing this need while continuing to invest in our market-leading platform to enable advisers to deliver financial advice for more Australians.”
Hub24 is demonstrating myhub at the Financial Advice Association Australia Congress in Perth this week and early next year will begin a pilot program for licensees, advice networks and advisers to co-design the solution.
