AJ Bell reports advised customer numbers up 7%

Total advised customers for investment and SIPP platform AJ Bell rose 7% year-on-year to 177,000 in the first quarter. Total customer numbers increased by 32,000 in the quarter to close at 593,000, 18% growth year-on-year. The growth in total customers was primarily driven by a 23% year-on-year rise in direct customers which ended the quarter at 416,000. The platform and SIPP provider also reported record assets under administration of £90.4bn, a 13% rise year-on-year and a 1% rise over the quarter. Of these assets £57.2bn were held on the adviser platform. Gross and net inflows on the platform in the run up to the tax year end were significantly higher than the comparative quarter last year. Gross inflows for the quarter rose 18% to £4bn (2024: £3.4bn) and net inflows rose 19% to £1.9bn (2024: £1.6bn). However, much of this growth in flows came from the direct to consumer platform. The adviser platform reported net inflows of £0.5bn for the quarter, broadly steady from the £0.6bn of net flows reported in the first quarter of 2024. The platform’s investment management business saw a 29% year-on-year rise in assets under management which increased to £7.5bn. Net inflows held steady at £0.4bn. Michael Summersgill, CEO at AJ Bell, said the platform expected its strong growth trajectory to continue. He said: “We have started the second half of our financial year in a strong position. "Since the quarter end, global trade tariffs and broader macroeconomic uncertainty have created significant market volatility. This has led to increased D2C trading activity as customers use the flexibility of our platform to respond to changing market dynamics. The long-term investment outlook among customers is illustrated by the fact more than three-quarters of these trades were buys with the net investment totalling more than £300 million. “While recent volatility has impacted market levels, we have a proven track record of growing across different market conditions. There remains a significant structural growth opportunity in the UK platform market and our well-diversified revenue model enables us to continue to invest in our propositions and brand to drive long-term growth.” AJ Bell expects to announce its interim results for the six months ended 31 March on 23 May.

AJ Bell reports advised customer numbers up 7%

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