Financial Platform Flows Driven by Capability, Not Pricing, Says Jefferies

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Client flows for financial services platforms are driven by managed account capability, as advisers prefer to pay for functionality rather than lower fees, Jarden said in a note on Tuesday, citing its five-year analysis of the sector.

The investment firm said, "platform clients are relatively price inelastic," as some expensive platforms continue to attract flows due to strong features, broader investment options, adviser support, and integration.

The firm added that HUB24 Limited (ASX: HUB) remained its top pick due to its competitive positioning and capability-based client growth. It preferred AMP (ASX: AMP) over Netwealth Group (ASX: NWL), as the latter continues to lag on flows amid rising costs.

Jarden has a buy rating and price target of AU$110.40 for HUB24, an overweight rating and price target of AU$1.75 for AMP, and a neutral rating and price target of AU$25.70 for Netwealth.

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