Netwealth runs the digital back office for Australian financial advisers, handling super, managed accounts, and portfolio admin so advisers don't have to.
Revenue hit AUD 0.31B in FY2025, with operating margin at 50.31% and net margin at 37.31% — fees are recurring, tied to assets under administration.
Switching costs are high because advisers' workflows and client data are embedded in Netwealth's platform; competitors like HUB24 and Praemium face a tough sell. Moat is solid for now, but price pressure from HUB24 and new entrants is eroding fee levels.
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