Netwealth Group (ASX: NWL) – Netwealth September 2026 Quarterly Update

Netwealth Group delivered record total funds under administration (FUA) of $139.2 billion in the September quarter, reflecting continued momentum despite a volatile investment environment. The result represents a $3.4 billion quarterly increase and 15.2 percent growth on the prior year, demonstrating the company’s ability to expand its wealth management platform while managing market headwinds and shifting investor sentiment.

The growth comprised multiple components. Custodial inflows remained solid at $7.8 billion for the quarter, while FUA net flows reached $3.6 billion when excluding pension payments of $0.4 billion and institutional client outflows totalling $0.6 billion. Superannuation inflows ex-SMSF surged 16.8 percent on the prior corresponding period to $2.7 billion, driven partly by Payday Super, which commenced on 1 July 2026. Market movements contributed a further $0.8 billion to FUA during the quarter. Client account growth remained steady, with 3,822 net new accounts added to reach 186,098 total accounts, and 21 new financial intermediary relationships bringing the total to 4,226.

Funds under management (FUM) showed particularly strong momentum, with net flows reaching a quarterly record of $2.4 billion, up 36.3 percent on the prior year. Managed Accounts contributed $2.2 billion of FUM net flows, reflecting continued client adoption of these solutions. Total FUM climbed to $36.6 billion, a 24 percent increase on the prior year, with Managed Account FUM alone rising 26 percent to $32.4 billion. Managed Accounts now represent 23.3 percent of total FUA, up 200 basis points over twelve months, suggesting the company is successfully shifting its business mix toward higher-margin products. The company added 33 new Managed Account models during the quarter.

The announcement notes that investors continued to navigate market volatility and uncertainty about interest rates and proposed legislative and taxation changes, resulting in more cautious decision-making. This context is important for understanding the net flow result, as it suggests the $3.6 billion FUA net flow occurred despite headwinds rather than in a booming market. Cash balances within custodial FUA remained stable at 6.5 percent for the quarter, ending at 6.0 percent, indicating investors maintained a defensive posture. Non-custodial FUA net flows were $108 million, up 66.8 percent on the prior year, though this segment remains smaller at $1.6 billion.

Management highlighted execution against its growth strategy, including the launch of the Individual HIN offering, the Netwealth Private proposition, and the announced acquisition of Paradino, which should expand the company’s service offerings in coming quarters. The key metrics to monitor in the next update will be whether Managed Account adoption continues to accelerate, whether Payday Super contributions sustain their growth rate beyond the initial uptake phase, and how the Paradino integration proceeds. This announcement has been flagged as price sensitive and material by the ASX.

View the full ASX announcement (PDF)

About Netwealth Group Limited (ASX: NWL)

Netwealth Group Limited is an Australian financial services company that operates a cloud-based investment administration software platform serving financial advisers, private clients, and other intermediaries. The company provides superannuation products, managed accounts, self-managed superannuation administration, and investment wrap services, charging software-as-a-service fees based on funds under administration and management. Founded in 1999 and headquartered in Melbourne, Australia, Netwealth also offers Netwealth-branded investment products managed by third-party investment managers.

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