The platform provider saw its funds under administration (FUA) increase by $2.1 billion in the quarter, including a $1 billion market move.

The June quarter was somewhat of a recovery after a softer April as financial advisors adjusted to the COVID-19 environment.

Net inflows for the June quarter were $1.1 billion, up 11 percent from the prior corresponding period.

Inflows were driven by client migration from existing platforms, including inflows from key account and brokerage clients.

HUB24 signed 34 new license agreements during the quarter, with 110 new advisors using its platform.

More than 2,000 (2,066) advisors now use the platform, up from 1,625 the previous year.

It has also added 20 new managed portfolios to its platform menu, including the ClearView Wealth portfolios, Australian share portfolios and diversified ETF portfolios.

The company reported that its market share on the platform increased to 1.94 percent from the previous 1.3 percent in March 2019.

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting mainly on banking, financial services and wealth.

Prior to joining the team in 2018, Sarah worked in commercial media and produced stories for a current affairs program on public radio.

You can contact her at [email protected].