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They eschew publicity and don't want to become "another voice" representing advisers, but this group of licensee notables is meeting regularly to not only discuss the challenges before them, but see if they can figure out a few solutions.
The practice of enticing advisers with heavily discounted licensing fees is a short-term fix that does nothing to foster loyalty and community, FYG’s Peter Mancell says. The practice can also sow seeds of discontent among legacy advisers who pay higher rates.
When former head of Paragem Nathan Jacobson started having conversations with advice networks to find a merger partner, it wasn’t in his plan to become the MD of an ASX listed company.
“During the process with Easton I was asked to lead the company, which was a good surprise,” Jacobson says during an interview with
Professional Planner.
Platform provider HUB24’s deal in October last year involved selling its wholly-owned licensee business Paragem to the ASX-listed Easton Investments for $4 million as well as completing a proportional takeover of the company for $14 million. The deal coincided with HUB24’s acquisition of Xplore Wealth and Ord Minnett’s non-custody platform.
HUB24 records $1.9bn inflows
HUB24 records $1.9bn inflows
The investment platform has lured almost $2 billion in net inflows over the March quarter, with its acquisitions driving its growth and its platform funds more than doubling from a year prior.
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HUB24’s total funds under administration (FUA) now sits at $51.4 billion, including the newly acquired Xplore Wealth, which contributed $17.2 billion.
The total has more than tripled from March 2020, up by 236.7 per cent.
Xplore’s team has now transitioned across to join HUB24, with the merged entity working on building its future operating model. The company is already offering combined product solutions to new prospects.