Document Orders on NowInfinity also increased to 200,440 (up 10 per cent on PCP), and the number of companies using Corporate Messenger increased to 818,486 during the quarter (up 17 per cent on PCP).

HUB24 also spruiked a number of enhancements to Class during the quarter, adding that further launches are planned for Q3.

“As part of the next phase of Class’s program of enhancements to drive productivity and value for customers, Class has integrated with Australia’s leading property data providers to deliver a choice of residential property valuation options as well as new property title search capability,” HUB24 said.

“The new title search feature was rolled out to a select group of clients during the quarter, with a broader launch planned for Q3 FY25, enabling accountants and auditors to efficiently and cost effectively verify property ownership.”

HUB24 also reported that the total number of advisers using the platform increased to 4,886 (up 14 per cent on PCP) on the back of 40 new distribution agreements signed during the quarter.

It is also up 166 from the 4,720 reported during the September 2024 quarter and continues a steady increase in platform users.

HUB24’s total funds under administration (FUA) reached $120.9 billion as at 31 December 2024 (up 33 per cent on the PCP).

The result comprised Platform FUA of $98.9 billion (up 36 per cent on PCP) and Portfolio, Administration and Reporting Services (PARS) FUA of $22.0 billion (up 17 per cent on PCP).

HUB24 said this was driven by record quarterly net inflows of $5.5 billion (up 23 per cent on PCP) and “positive market movements” of $1.8 billion. The net inflows also included $1.5 billion of large migrations from Equity Trustees (EQT).

The EQT migration has reached $4.1 billion in total to date, with HUB24 expecting a total of about $5 billion and the remainder planned for 2HFY25.

Excluding large migrations, net inflows of $4.0 billion for Q2 FY25 were up 47 per cent on PCP, broadly in line with the net inflows in Q1 FY25.

Combined with the $4 billion from the first quarter of FY25, HUB24’s half-year net inflows are $9.5 billion, with the firm saying this reflects its “continued market leadership and focus on delivering customer service excellence”.

“HUB24’s proposition continues to resonate with licensees and advisers with the business uniquely positioned to capture opportunities from new and existing client relationships,” it said.

“The strong net inflows and market movements in 1HFY25 are tracking ahead of our FY26 FUA target assumptions. With a strong pipeline and momentum across all customer segments, we remain confident in meeting our FY26 Platform FUA target of $115 – $123 billion and are well-positioned for future growth.”

The firm also announced that it is set to shut down the Xplore Wealth managed discretionary account (MDA) services by 31 March 2026.

“Engagement with financial advisers is underway to explore alternative options including moving to the HUB24 Platform,” HUB24 said.

“There is approximately $2 billion of FUA within Xplore Wealth MDA and given the nature of this solution there is potential for outflows as a result of the closure.

“The contribution of Xplore Wealth MDA to Underlying EBITDA is immaterial.”