The death of legacy platforms: who wins the wealth management war?

LiveWire

26 Feb

Independent investment platforms, such as Netwealth (ASX: NWL) and HUB24 (ASX: HUB), appear to be reaching maturity, as demonstrated by their recent H1 FY 2025 results. It’s been a long journey, ...

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It’s been a long journey, ...</p>\n<a href=\"https://www.livewiremarkets.com/wires/the-death-of-legacy-platforms-who-wins-the-wealth-management-war\">Source Link</a>\n</div>\n</body></html>","source":"livewire_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>The death of legacy platforms: who wins the wealth management war?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe death of legacy platforms: who wins the wealth management war?\n</h2>\n<h4 class=\"meta\">\n\n\n2025-02-26 14:34 GMT+8   <a href=\"https://www.livewiremarkets.com/wires/the-death-of-legacy-platforms-who-wins-the-wealth-management-war\"><strong>LiveWire</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>Independent investment platforms, such as Netwealth (ASX: NWL) and HUB24 (ASX: HUB), appear to be reaching maturity, as demonstrated by their recent H1 FY 2025 results. It’s been a long journey, ...</p>\n<a href=\"https://www.livewiremarkets.com/wires/the-death-of-legacy-platforms-who-wins-the-wealth-management-war\">Source Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7503","symbol_name":"科技股","start_time":0,"source_url":"https://www.livewiremarkets.com/wires/the-death-of-legacy-platforms-who-wins-the-wealth-management-war","article_id":"2514062008","we_media_id":null,"thumbnails":[],"rights":{"source":"livewire_stock","url":"https://www.livewiremarkets.com/wires/the-death-of-legacy-platforms-who-wins-the-wealth-management-war","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2514062008","pubTimestamp":1740551660,"columns":[],"sourceInfo":{"source_id":"livewire_stock","name":"Livewire Markets"},"weMediaInfo":null,"summary":"Independent investment platforms, such as Netwealth  and HUB24 , appear to be reaching maturity, as demonstrated by their recent H1 FY 2025 results. It’s been a long journey, dating back to The Ripoll Inquiry in 2009, which exposed widespread issues with commission-based financial advice and adviser conflicts of interest. This raised early questions about the dominance of bank-aligned investment products and vertically integrated operations by banks and large wealth managers.In turn, this led to the ‘FOFA’ reforms in 2012. While it might not have been obvious at that point, this marked the beginning of the end for the big investment platforms and an opportunity for the smaller, independent players.This slide has appeared in every half-year and full-year update since then. Though the change has been gradual, the contrast to today’s market make-up is staggering, as shown in the most recent presentation pictured below. . If IOOF, ANZ Wealth, and MLC are all viewed as a combined entity, Ma","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7503":"科技股","PPS.AU":"PRAEMIUM LTD","HUB.AU":"HUB24 LTD","NWL.AU":"NETWEALTH GROUP LTD","BK7054":"投资银行业与经纪业","BK7016":"应用软件","BK7062":"资产管理与托管银行"},"translate_title":"传统平台之死：谁赢得了财富管理战争？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HUB.AU":1,"NWL.AU":1,"PPS.AU":1},"content_text":"Independent investment platforms, such as Netwealth (ASX: NWL) and HUB24 (ASX: HUB), appear to be reaching maturity, as demonstrated by their recent H1 FY 2025 results. It’s been a long journey, dating back to The Ripoll Inquiry in 2009, which exposed widespread issues with commission-based financial advice and adviser conflicts of interest. This raised early questions about the dominance of bank-aligned investment products and vertically integrated operations by banks and large wealth managers. \nIn turn, this led to the ‘FOFA’ reforms in 2012. While it might not have been obvious at that point, this marked the beginning of the end for the big investment platforms and an opportunity for the smaller, independent players. \nWhile it’s difficult to find data going back that far, for anyone watching the industry, the signs were already clear by 2018 at least. Netwealth’s first half-yearly update after listing on the ASX in 2017 should’ve alarmed the big players and excited small-cap investors. This slide in particular:\n\n\n\n\n\n\n\n\n\nSource: Netwealth H1 FY 2018 Investor Presentation.\nThis slide has appeared in every half-year and full-year update since then. Though the change has been gradual, the contrast to today’s market make-up is staggering, as shown in the most recent presentation pictured below. (Note: IOOF, ANZ Wealth, and MLC Wealth have all since merged into a single entity – Insignia. OneVue is now owned by Praemium.)\n\n\n\n\n\n\n\n\n\nSource: Netwealth H1 FY 2025 Investor Presentation. \nIf IOOF, ANZ Wealth, and MLC are all viewed as a combined entity, Macquarie is the only one of the legacy players who’s gained market share over this period. And the bulk of that market share has gone to just two players – HUB24 and Netwealth. \nWith Netwealth and HUB24 both looking ready to overtake AMP and potentially even BT/Westpac on the FUA leaderboard, it’s a watershed moment for the industry, and seemed like an opportune time to look at the industry as a whole. I’ll also share which of these operators the team at A Rich Life believes offers the best long-term opportunity, as well as discussing an interesting short-term trading opportunity. \nThe Economics of Platform Businesses\nFrom an investor’s perspective, investment platforms are some of the most attractive business models on the ASX – if they’re run well. They scale beautifully, generate massive operating leverage, and enjoy remarkably sticky clients. Add in a strong network effect, and you’ve got a recipe for an entrenched, high-margin business (albeit only once they achieve a certain scale).\nBut these advantages don’t appear overnight. Platforms need the right mix of technology, service quality, and adviser adoption to fully realise their potential. Let’s break down the four key economic drivers of these businesses.\nScalability\nInvestment platforms have a distinct advantage over many other businesses – growth doesn’t come with a proportional rise in costs. Once the core technology is built and regulatory approvals are in place, large investments aren’t necessarily needed to grow the business. \nA new investor signing up doesn’t require building a new bank branch, generating a stack of paperwork, or undergoing a lengthy onboarding process – they’re plugged into an existing system. This means platforms can expand rapidly, capturing Funds Under Administration (FUA) without ballooning their expense base.\nFor the more tech-savvy platforms, scalability is further enhanced by automation. Adviser portals, digital reporting, and advice tools reduce the need for human intervention, ensuring that growth in FUA doesn’t require an army of new staff.\nThis is why platforms like Netwealth and HUB24 have been able to outgrow the legacy players – their technology was better designed for scale, than the old guard.\nOperating Leverage\nOnce a platform reaches scale, the real magic happens – operating leverage kicks in.\nUnlike fund managers, who charge performance fees, platforms generate most of their revenue via administration fees linked to FUA. These fees are typically tiered, meaning revenue grows as client balances increase, but costs stay relatively stable.\nThe result? A profit acceleration effect. When FUA rises, the bulk of that revenue drops straight to the bottom line. This is why rising markets – or strong net inflows – can have an outsized impact on platform earnings.\nOf course, operating leverage works both ways. In a down market, when investment values fall and advisers pull back on new client acquisition, revenue can dip, but fixed costs remain. This is where cost discipline and the ability to attract net inflows become critical differentiators between platforms.\nSticky Clients\nOne of the biggest advantages of investment platforms is the sheer stickiness of their clients. Unlike a bank account, which can be switched in minutes, moving investments between platforms is a complex and often painful process.\nFor investors, switching can involve fees, paperwork (even if it is often ‘digital paperwork’ these days), and potential tax consequences – making them hesitant to move unless they’re deeply dissatisfied.\nFor advisers, the hurdles are even greater. Changing platforms means migrating client data, reconfiguring reporting tools, and retraining staff on new software. If a platform is doing a reasonable job, there’s little incentive to go through the hassle of switching.\nThis is why platform revenue is so stable. Even in tough market conditions, investors tend to stay put – and the revenue from administration fees keeps rolling in.\nIronically, the best example of this is the legacy platforms that are being replaced. Despite a clear technology advantage and larger inflows, it’s taken a decade for the leading disruptors to catch up to the scale of AMP and BT. \nNetwork Effect\nWhile scale and stickiness make platforms resilient, it’s the network effect that makes them dominant.\nAs more advisers and investors use a platform, its value grows exponentially. This happens in a few key ways:\n\nData and insights improve – Larger platforms can leverage their data to enhance portfolio analytics, risk management tools, and reporting capabilities, creating a better user experience.\nThird-party integrations increase – The bigger a platform gets, the more incentive fund managers, fintech apps, and research providers have to integrate with it, making it even more attractive to advisers.\nFunctionality and automation improve – The more a platform facilitates an adviser’s workflow, the harder it is to replace.\n\nThis is where the legacy platforms – despite their declining market share – still hold some advantage. BT Panorama, Macquarie Wrap, and CFS FirstChoice still have entrenched relationships and deep integration with major advice groups. But the independents are catching up fast.\nThe Virtuous Cycle of Platform Dominance\nThese four factors – scalability, operating leverage, sticky clients, and the network effect – don’t operate in isolation. They reinforce each other.Scalability drives lower costs per user, making the platform more competitive.\n\nLower costs and better service make clients stickier, strengthening retention.\nA growing user base attracts more integrations, improving functionality.\nA stronger platform can deploy higher profits into buying adjacent software businesses.\n\nGet this cycle right, and you have a high-margin, capital-light, long-duration business – the holy grail of investing.\nThe trick is spotting which platforms truly have these advantages – and which are just riding short-term trends. But we’ll get to that later. \nIndustry Tailwinds\nEven with the best business model, no platform can thrive without the right industry conditions. Fortunately for investment platforms, they operate in a sector with some of the strongest long-term tailwinds in the market. The combination of rising markets and consistent superannuation inflows provides a steady stream of new money into the system – and platforms are well-positioned to capture it.\nRising Markets\nWhen markets go up, so do platform revenues. Unlike fund managers, platforms don’t rely on outperformance to justify their fees – they simply charge based on FUA. If an investor’s portfolio grows by 10%, the platform collects more fees without doing anything extra.\nBullish market conditions also bring higher confidence and more inflows. Advisers are more active, investors are more willing to commit capital, and platform providers benefit from both organic growth (rising asset values) and net inflows (new client money coming in).\nOf course, this works both ways. In a downturn, platform revenue can fall as asset values decline – though it should be noted that funds on platforms are generally diversified among a range of asset classes, not just in equities. But in the long run, markets tend to rise and platforms are structured to capture that upside.\nSuperannuation Contributions\nAustralia’s superannuation system is a gift that keeps on giving for platform providers. With the Super Guarantee requiring employers to contribute 11.5% of wages (rising to 12% on 1 July), there’s a continuous, mandated flow of capital into investment markets.\nA portion of this money inevitably finds its way to investment platforms. While industry funds dominate the default superannuation market, investors who seek more control, tailored portfolios, or professional financial advice often move their balances into wrap accounts or managed portfolios on platforms.\nFor platform providers, this means a structural, recurring source of new funds every year, regardless of market conditions. Unlike brokerage firms, which rely on trading activity, platforms benefit from a steady accumulation of assets, even in quieter periods.\nCould An Ageing Population Shift to Advice?\nAs Australians retire, they often seek more tailored investment solutions. While younger workers tend to leave their super in default industry funds, retirees are far more likely to engage a financial adviser – and advisers overwhelmingly use investment platforms.\nRetirement planning is more complex than accumulation. Investors need strategies for income drawdowns, tax efficiency, and capital preservation, which many industry funds aren’t designed for. This is where platforms step in, offering customisation, flexibility, and managed accounts tailored to retirees’ needs.\nThis shift isn’t slowing down. The last of the Baby Boomers have just hit retirement age, and Generation X is close behind. Right now, there are nearly 1.6 million Australians aged between 60 and 64, but there are more than 1.9 million aged 54-59, ready to retire in the years ahead. With Australians retiring in record numbers, the demand for advice-led investment solutions will continue to grow – and platforms are the primary beneficiaries.\n\n\n\n\n\n\n\n\n\nSource: ABS (data), author/A Rich Life (chart). \nTailwinds Pushing Investment Platforms Forward\nThe big three – rising markets, superannuation flows, and the potential shift to advice – are the key structural drivers for platform growth. But there are a few additional tailwinds worth noting:\n\nPost-Royal Commission restructuring – The exit of banks from wealth management has left a vacuum that independent platforms are filling.\nDigital transformation – Advisers and clients increasingly expect a seamless, tech-driven experience, favouring platforms with automation and advanced reporting.\nRegulatory push for transparency – Platforms with clear, low-cost fee structures and strong compliance tools have an edge as advisers move away from legacy providers.\n\nBetween these structural and cyclical trends, platform providers are operating in one of the strongest tailwind environments on the ASX.\nOf course, not all platforms are created equal. Some are positioned to dominate the next decade, while others are clinging to a shrinking share of a growing pie. Next, we’ll look at which ones stand out.\nThe Players\nIt should come as no surprise that the team at A Rich Life are not excited about the prospects for legacy players. Given that all are losing market share, or even seeing outflows, these are not attractive businesses to own for the long term. This allows us to rule out AMP, Insignia, CBA/Colonial, and BT/Westpac. \nWhile Macquarie is the clear standout among the legacy platforms, their platform business isn’t even significant enough to be classed as its own segment within the larger Macquarie Group. Additionally, given our focus is on small caps, it’s not a company we’ve devoted significant resources to covering. \nAmong the smaller players, neither Centric nor DASH are listed companies (note: Bailador Technology Investments has invested a total of $30 million in DASH for an undisclosed percentage of ownership in the company), so we can put those aside too. \nAmong the top 10 players in the industry, that leaves us with just three options:\n\n\nNetwealth (ASX:NWL) – the largest of the three, by both market capitalisation and FUA.\n\nHUB24 (ASX:HUB) – a close second on both metrics, and one who’s recently been gaining ground on Netwealth.\n\nPraemium (ASX:PPS) – a distant third with a long and chequered history, aiming to turn its business around.\n\nPraemium In Name, But Not Premium In Nature\nThough Praemium is a lesser-known and smaller name, it could arguably be grouped in with the ‘legacy’ players above. PPS listed on the ASX in 2006, though the share price is still below its pre-GFC highs. \nPPS is not a bad business per say. In a vacuum, it may even be worth closer consideration. But given the competition it's up against, and the share price appreciation over the last year, it’s not a business we favour. \nHUB24 – Harvesting Scale Advantages\nHUB24 may be smaller than Netwealth, but it is growing market share more quickly, as the slide below from its H1 FY 2025 presentation demonstrates.\n\n\n\n\n\n\n\n\n\nSource: HUB24 H1 FY 2025 Investor Presentation\nHUB’s market share has risen to 7.9% (up 1.3%), and it now tops the list for inflows. The business has reached a scale that now allows for the network effects and operating leverage discussed earlier to kick in, making it an attractive proposition. \nThe main argument against HUB24 is that the share price has gotten a little ahead of itself, given the significant re-rate over the last year. This must be offset against the positive tone of the HUB24 CEO Andrew Alcock on the H1 FY FY 2025 earnings conference call when he said: “...the pipeline is really strong, and the positive sentiment that we're seeing come from the distribution network is really strong. And equally, the market seems to be very strong as well.”\nBy way of disclosure, A Rich Life recommended clients buy HUB24 in January 2024, and the editor of this article, Claude Walker, owns HUB24 shares.\nWe recently published coverage of HUB24's H1 FY 2025 results for A Rich Life Supporters, but have made this article free for Livewire readers:\nHUB24 (ASX: HUB) Share Price Gains On Record H1 FY 2025 Results\nNetwealth – The Market Leader \nAs the largest of the disruptors, boasting leading technology and a great company culture, Netwealth is a company that demands attention. It is a family-owned and operated business, with the Heine family still controlling ~49% of the company. They clearly have a focus on the long-term. \nLike HUB, however, this quality does attract a premium valuation. \nThe nature of these kinds of businesses means that valuation is somewhat relative. We are not the first to observe the quality inherent in the model. \nWhile Netwealth is not one of Claude’s official recommendations at A Rich Life, it is one that I plan to add to my portfolio (but not for at least 2 days after this article is published).\nWe recently published coverage of Netwealth's H1 FY 2025 results for A Rich Life Supporters, but have made this article free for Livewire readers:\nNetwealth (ASX: NWL) Posts Record Inflows, But Can It Maintain the Momentum?\nA Possible Trading Opportunity?\nFinally, though we are not traders, nor do we take bets on potential takeovers, it would be remiss not to mention the activity at Insignia. Currently three private equity firms, Bain Capital, CC Capital, and Brookfield, are lobbing competing bids for Insignia. MUFG, the recent buyer of Link Administration Services, has also been quietly building a position, but has not made any indications that it intends to bid for a takeover. For those with a shorter term mindset, this could be an opportunity worth investigating, though it remains outside our remit. \nOwners of other companies in the industry should pay close attention though, as a successful turnaround of this business could cause a shakeup in the industry.\n\nIn Conclusion\nBoth the quality and the high valuations of Netwealth and HUB are standout. I myself have long underestimated Netwealth, despite briefly working at the company before it listed, and therefore having a good insight and knowledge of the business, and its excellent culture. \nFor long-term focused investors who can stomach the valuations, a ‘basket’ approach might be considered, with a view to add to positions on any pessimism, especially if that were to be caused by a general bear market rather than company-specific issues.\n\nWhile I don’t currently hold a position in Netwealth (ASX:NWL) I intend to buy shares at least two days following the publication of this article. A Rich Life recommended clients buy HUB24 in January 2024, and the editor of this article, Claude Walker, owns HUB24 shares. \nAccess our coverage of NWL and HUB's H1 FY 2025 results here (free for Livewire readers):\n\nNetwealth (ASX: NWL) Posts Record Inflows, But Can It Maintain the Momentum?\nHUB24 (ASX: HUB) Share Price Gains On Record H1 FY 2025 Results\n\nThe information contained in this report is not intended as and shall not be understood or construed as personal financial product advice. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement. Nothing in this report should be understood as a solicitation or recommendation to buy or sell any financial products. A Rich Life does not warrant or represent that the information, opinions or conclusions contained in this report are accurate, reliable, complete or current. Future results may materially vary from such opinions, forecasts, projections or forward looking statements. You should be aware that any references to past performance does not indicate or guarantee future performance.\n\n\n\nNever miss an update\n\n    Enjoy this wire? 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