Hub24 Ltd (ASX: HUB) has reported net platform inflows of a record $18.9 billion for the past financial year, up 20%.
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Growing demand for financial advice
The financial services platform provider said total funds under administration sat at $164.3 billion at the end of June, also up 20%, comprised of platform funds under administration of $139.5 billion and portfolio, administration and reporting services funds under administration of $24.8 billion.
The company added:
Hub24 delivered strong growth in Q4 FY26, with Platform funds under administration increasing 9% over the quarter to $139.5 billion as at 30 June 2026 (up 24% on previous corresponding period). This reflected continued momentum in net inflows of $4.2 billion, alongside positive market movements of $7.5 billion. In the context of market volatility and the recent tax changes proposed in the Federal Budget, the net inflows were stable on the previous corresponding period when excluding large migrations, with year-on-year growth in superannuation net inflows offset by lower net inflows into Investor Directed Portfolio Services.
Hub24 said during the past quarter, the total number of advisers using its platform increased by 100 to 5,649.
The company said in the most recent data collected by industry analyst Plan For Life, it ranked first in both quarterly and annual net inflows for a 10th consecutive quarter.
Hub24 added:
Hub24 also achieved the largest annual market share gain of all platform providers, increasing market share to 9.9% as at 31 March 2026 (up from 8.6% in the previous corresponding period), and is ranked the sixth largest platform by fund under administration.
The company said strong demand for financial advice was underpinned by demographic trends and Australia's compulsory superannuation system.
The company added:
The proposed tax changes announced in the Federal Budget further reinforce the need for professional advice and the attractiveness of the superannuation system. With these structural growth drivers and a strong pipeline of opportunities across new and existing relationships, Hub24 is well positioned to deliver ongoing growth.
Broker says shares are looking cheap
Morgan Stanley has included Hub24 in its small-mid cap ideas list, saying in a note to clients that a broader sell-off in Australian technology growth stocks has pushed its share price lower.
Morgan Stanley says Hub24 has "delivered industry leading net flows and funds under administration growth as well as operating leverage in recent periods, yet has underperformed its closest peers", which are Netwealth Ltd (ASX: NWL), Praemium Ltd (ASX: PPS), and AMP Ltd (ASX: AMP) on a year-to-date basis.
The broker said they believed the Federal Budget created more demand for financial advice and increased relative tax advantages for superannuation, which would benefit Hub24.
Morgan Stanley has a price target of $120 on Hub24 shares compared to $83.97 currently.
