As part of the firm’s five year anniversary today (July 21) Netwealth said it will invest further in technology, with a particular focus on broadening its existing suite of wealth planning tools and its intergenerational advisory and wealth planning capabilities.
In addition, the firm is "reviewing the potential for acquisition of suitable IFA firms".
In March Netwealth completed its fourth fundraising round, with total funding now at £38m.
Its backers included Michael Spencer, founder of ICAP, Edward Bonham Carter, former group chief executive officer and vice chairman of Jupiter Fund Management, Harvey McGrath, former CEO of Man Group and chairman of Prudential, and Stuart Rose, former CEO of M&S and chairman of Ocado.
The firm was launched by Goldman Sachs former partner Charlotte Ransom and former managing director at JP Morgan, Thomas Salter, in 2016.
Since then it has seen assets under management grow by more than 50 per cent each year, with an average client portfolio size of approximately £470,000.
The firm said it forecasts to reach £5bn AUM by the end of 2025.
Ransom, the firm's chief executive officer, said: “Netwealth has achieved a phenomenal amount over the last five years. I am hugely proud of the team and grateful to everyone who has supported our journey to date.
“However, I strongly believe that we are only just getting started with our transformation of the wealth management industry; the best is yet to come.”
Netwealth operates a hybrid model, combining human advice with a technology-led investment service.
The firm prides itself on its "unique offering" and giving their affluent members a reduced minimum investment threshold and lower collective fees than other wealth managers might charge, whilst allowing them to maintain control of their individual finances.
Ransom added: “Wealth managers are often slow to adapt, with investors paying the price for their lack of change and innovation over the years.
"Netwealth, on the other hand, retains the core elements of traditional wealth management while improving those areas where the industry has remained stagnant, such as fees, transparency, access to modern technology and overall client experience.
“Over the next five years we will continue on our mission to become a leading provider of wealth management in the UK, providing the best possible service for our clients and continuing to raise the bar for the rest of the industry.”
Edward Bonham-Carter became chairman of Netwealth in January.
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