Google and HUB24 paper on ML and Data Cloud

• Reduces the cost of financial advice which on average costs up to $3,500 initially plus $3,500 ongoing by using AI and machine learning
• Lowers the compliance burden on financial advice licensees and promotes higher standards throughout the sector
• Delivers data and technology solutions to power transformational business solutions to solve key challenges for financial advisers and their clients
• Reduces the HUB24 development team’s reliance on the infrastructure engineering team, saving 10 to 40 hours of effort for every new application deployed when compared to an on-premises infrastructure

Powering wealth management innovation and solving key advice delivery challenges

Expert investment and wealth management advice can be the difference between achieving life goals and experiencing uncertainty and financial pressure. Founded in 2007, HUB24 has grown to become an important player in the recently restructured wealth management and investment advice sector in Australia. The Australian Securities Exchange-listed business operates one of the fastest-growing platforms in the market with more than A$58 billion in funds under administration. Advisers and clients can select from a range of investment offerings including managed funds, equities, term deposits, and managed portfolios.

With growth fuelled by the exit of banks and financial institutions from wealth management in Australia, HUB24 continues to develop technology and data services that support investors, licensees, advice collectives, and financial advisers. Advisers are often registered through licensees who assist them with the costs and obligations of running an advice practice. This licensee structure presents a challenge to create operational scale and efficiency, while generating the revenue to invest in technology that allows them to achieve their objectives effectively.

HUB24’s investigations identified limited access to quality data as a key issue for licensees. “Licensees may not have the view of advisers’ practices that allows them to perform their core functions,” explains Greg Hansen, Senior Business Strategy Manager at HUB24. “Using manual processes to conduct activities such as audits, revenue processing, and monitoring fee disclosure statements becomes very expensive and time consuming. What we wanted to do was give licensees visibility over practices so they can fulfill their roles more efficiently and cheaply.”

Through HUBconnect, the business focuses on leveraging data and technology to provide solutions to common challenges for licensees and advisers and enable the delivery of professional advice to more Australians.