On 11 October 2018, Netwealth Group Ltd (ASX: NWL) released its business quarter update in which the company disclosed that Funds Under Administration (FUA) has increased by 7.3 percent to $19.3 billion over the prior corresponding period. Despite the release of this news the share price of the company decreased by 2.638 percent as on 11 October 2018.
In the September quarter, the Net FUA inflow was $1.1 billion which is 28.7 percent higher over the prior corresponding period. Moreover, the company witnessed a positive market movement of $257 million in the September quarter. The Net Wealth Managed Account of the company significantly increased by 103.9 percent to $2.1 billion.
During the September quarter, the company added three new roles to the sales and marketing team which includes the appointment of Mr. Sid Cavallaro as Senior Distribution manager in Sydney. In the month of September 2018, the company launched its new look adviser and client portal which is designed to make it easier for the clients to interact with the Netwealth Platform.
In the month of July 2018, the company was ranked 15th most innovative company in Australia and New Zealand By Australian Financial Review (AFR) for Sophisticated Modelling and Rebalancing Technology (SMART) Record of Advice (ROA) functionality. In the month of August 2018, the company’s IT team was placed third in Boss of SOC (Security Operations Centre) Competition which was hosted by Australian Cyber Security Centre.
During the September Quarter, the company released many new platform features and products which are focused on improving the delivery of advice and increasing client management. There are several initiatives which were taken by the company in the September quarter which includes the relaunch of adviser and client portal to provide a new modern interface for the purpose of enhancing the navigation and usability. The company is continuously rolling out new reports and report summaries which are having the ability to consolidate across accounts.
For the remainder of the year, the company is planning to continue to enhance the services and platform offerings by launching new cash management and transactional capabilities which will provide options to automatically manage to a cash target. The company is also planning to initiate new online application process which will include automated KYC verification and authentication options. Moreover, the company is also starting new multi-asset transaction which will provide users the ability to trade, rebalance and switch all assets, managed funds, term deposits, managed Account models and cash in one transaction. The company is also planning to expand retail and private label managed account service which includes the addition of new models, strategies, and functionality.
In the past six months, the share price of the company increased by 21.93 percent as on 10 October 2018. NWL’s share traded at $7.750 with a market capitalization of circa $1.89 billion as on 11 October 2018 (AEST 4:00 PM).
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