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.

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

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