HUB24, Netwealth beat out institutionals as high | Australian Markets
Digital-only pioneers HUB24 and Netwealth have again been ranked Australia’s high investment platform innovators in Funding Tendencies’ latest benchmarking report, blazing forward of Australia’s longstanding institutional investment corporations.
The 2024 Platform Aggressive Evaluation and Benchmarking Report noticed HUB24 (94.0%) again ranked the highest platform for general performance amongst Australia’s 5 full-function platforms, growing its 2023 rating by a number of factors.
Regardless of modest rating drops, Netwealth (which scored 90.3% this yr) and Praemium (89.2%) retained their place as Australia’s second- and third-most purposeful platforms, respectively.
Institutional wealth managers BT Panorama (85.3%), owned by Westpac Group, and AMP’s North platform (83.0%) had been ranked fourth and fifth place, respectively, by the wealth industry researcher.
North, nonetheless, did win reward for its expanded investment choices for retirees, with its Lifetime Earnings options singled out for asserting “strong leadership in this space”
“Platforms’ commitment to innovation is evident in the breadth of enhancements made throughout 2024,” mentioned Paul McGivern, Funding Tendencies’ director.
“As advisers increasingly segment their client bases, platforms are taking distinct strategic approaches to tailor their offerings to these segments.”
Knowledge from the report additionally signifies a growing demand for more streamlined tech stacks, with a quantity of platforms recognised for his or her well-designed banking integrations.
McGivern additionally underscored a platform builders’ growing concentrate on artificial intelligence integration and cybersecurity, together with new instruments to reinforce effectivity round areas like file word transcription, portfolio commentary and schooling.
As nicely, he famous an growing prioritisation anti-fraud protections, with developments in consumer authentication, biometric security, and fraud prevention schooling initiatives.
“Advisers are rapidly adopting AI, and platforms are responding with tools for education, portfolio insights, and transcription,” McGivern mentioned.
“And the platforms that haven’t already integrated these features are fast-tracking deployment for 2025.”
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