Specialist platforms: Enhancing productivity and HNW client engagement

As demand for private wealth advice increases, productivity and efficiency gains have become critical drivers for sustainable business growth.

Over the past 12 months, the number of High-Net-Worth (HNW) investors with unmet advice needs has risen from 370,000 in 2023 to 390,000.¹

This trend is likely to continue as generational wealth shifts and changing demographics increase demand for private wealth advice.

Good service is the primary reason clients choose an adviser, with streamlined and automated processes enhancing efficiency and freeing up capacity for advisers to better serve their needs.¹

But as demand for intergenerational advice grows and advisers are increasingly leveraging digital solutions, the need for data security to protect against cyber incidents, has become increasingly critical. Private wealth advisers are increasingly balancing the need for efficiency and ensuring their clients’ data is protected.

Speaking at the 2025 Stockbrokers and Investment Advisers Association conference on the topic of platform evolution, HUB24 Director of Strategic Development Jason Entwistle was clear on the role of platforms and productivity.

He added: “We are not trying to replicate what broking businesses do. Our platform complements the offer of broking businesses. For private wealth firms, we can be an outsourced platform administrator and a tech provider.”

Leveraging data to drive productivity gains

To support private wealth advisers’ desire to work more efficiently and deliver a more engaging client experience, innovative platform solutions can provide a holistic view of clients’ wealth, bringing together custody and non-custody assets, making reporting easier and reducing admin by facilitating tasks such as corporate actions.

Specialist platforms such as HUB24 are leveraging data, technology and innovation to drive productivity, delivering solutions that enhance efficiencies and facilitate better client experiences.

Through open architecture, HUB24 is democratising access to data, enabling advice businesses to develop their own solutions and facilitate the delivery of tailored service offerings.

Together, these productivity solutions have filled a gap in the industry at a time when investment has not been a priority.

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Helping clients navigate wealth shifts

Investment Trends 2024 HNW Investor Report notes the pool of wealth to be transferred by HNW investors continues to grow, with 97% of HNW investors expected to leave an inheritance and transfer 81% or $1.9 trillion of assets to family as beneficiaries.

Recently, HUB24 launched Discover to provide a streamlined managed portfolios offering and SMSF Access, a cost-effective option for clients wanting a Self-Managed Super Fund (SMSF) without the costs and administrative complexity of traditional SMSF solutions.

These solutions support advisers to service clients at different life stages, facilitating stronger engagement and the effective implementation of estate planning and wealth transfer strategies.

Custody and non-custody an ongoing challenge for HNW

HNW clients often have a variety of assets held both on and off platform, making it challenging for advisers to manage and report on them in an efficient manner.

According to the 2025 Investment Trends Adviser Technology Needs Report, many advisers managing non-custody assets still rely on manual processes, and 56% of HNW clients use their own spreadsheets to track their investments. This is despite strong demand for better digital solutions – 18% of advisers who currently advise and/or administer non-custody assets are interested in using investment platforms for administration and reporting.

As platforms have become more efficient and expanded access to solutions for different client segments, advisers have begun to use fewer platforms. According to Investment Trends, the number of platforms used by advisers has fallen from an average of 2.2 in 2024 to 2.0 in 2025.²

Private wealth advisers are increasingly seeing the efficiency benefits these platforms can deliver, such as online account opening with straight-through processing, enhanced processing times and self-service capabilities and efficiencies with preparing for client presentations.

For example, HUB24 has developed Engage to streamline adviser workflows by consolidating investment data across HUB24 and off-platform holdings. This reduces manual processing, supports more efficient portfolio reviews, and enables deeper, more strategic investment conversations, addressing the growing demand for integrated advice solutions.

Cybersecurity a concern for advisers and their clients

Emerging technologies offer new solutions but can also introduce risks like cybercrime, a growing threat to the advice industry due to its reliance on extensive personal data for tailored financial guidance.

As at 31 December 2024, technology solutions and research consultancy, Finura Group reported that 69% of advisers were still sending sensitive documents by email.

Client portals are emerging as the solution to this challenge, enabling secure digital interactions and improving the client experience by supporting collaboration with family members and other professionals. Client portals such as myprosperity, effectively mitigate a business’s exposure to cyber threats.

Through its Innovation Lab and in collaboration with practitioners, HUB24 is exploring how emerging technologies like AI and robotics can support the delivery of advice through automating information for client reviews, booking client review meetings and recording and transcribing client files.