GPS Wealth partners with Hub24


By Julie May

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Independent platform provider Hub24 has announced it will create a white label platform for Australian financial services licensee GPS Wealth, which handles over $1 billion in funds under advice (FUA) and comprises approximately 90 advisers nationwide.

“Hub24 impressed us with their state of the art platform technology, flexibility and ability to support our key managed account range across both superannuation and investment,” GPS Wealth managing director Grahame Evans said yesterday.

“Our group continues to develop, and it’s paramount to support practices with the best possible tools and investments to enable delivery of quality and consistent advice to our clients.”

Evans said as an independently-owned group, GPS Wealth wanted to align itself with like-minded businesses that were at the forefront of innovation and change.

Hub24 managing director Andrew Alcock told financialobserver that while the platform provider had indicated last month it was creating a white label platform for an existing client, GPS Wealth was a new partnership and a separate deal.

“We’re helping independents to participate in the value chain of investment management,” he said, pointing to managed account capabilities continuing to gain traction across the industry, which was a Hub24 speciality.

“With the institutions now moving into [managed accounts], it is validation this model is real, that demand is growing, and that the industry is being disrupted.”

Meanwhile, Hub24 announced earlier this week that platform FUA had increased 46 per cent to $1.25 billion in the half year ended 31 December 2014.

Alcock said that figure had already risen to $1.4 billion in the current half year and the group expected to pass $3 billion by the end of 2016.

The results presentation also revealed 45 per cent of FUA was invested in managed account structures and the number of advisers using the platform had grown 37 per cent compared to the previous corresponding period, taking into account the acquisition of the Paragem dealer group.

Further, Investment Trends gave mention to Hub24 in a report on Monday, naming it one of the top two platforms overall for separately managed account functionality.

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