AJ Bell has reported record customer growth and strong inflows in its latest trading update, as demand from both advised and direct investors remained robust despite market volatility.
The platform added 50,000 net new customers in the three months to 31 March, taking total customer numbers to 723,000, up 22% year-on-year.
Growth was driven primarily by its direct-to-consumer (D2C) channel, which rose 9% in the quarter to 534,000 clients, while advised customers increased 2% to 189,000.
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Assets under administration (AUA) reached £108.7bn, up 20% over the year, although market movements reduced growth by 2% during the quarter.
Gross inflows hit a record £5.6bn, up 40% on the same period last year, while net inflows rose 42% to £2.7bn.
The D2C platform delivered its strongest quarter to date, with record customer growth and inflows.
The advised platform also posted record-equalling gross inflows, although this was partly offset by outflows linked to ongoing adviser consolidation.
In its investment arm, assets under management increased to £9.8bn, up 31% year-on-year, with net inflows of £0.3bn.
Chief executive Michael Summersgill said the performance reflected the “early benefits” of increased investment in the firm’s brand and propositions, alongside continued demand for low-cost, easy-to-use services.
He added that tax year-end activity remained strong, with the firm maintaining high service levels, including an average customer call wait time of just eight seconds.
Summersgill said that while market volatility weighed on asset values at the end of the quarter, “customer appetite to invest remained strong”, highlighting the structural growth opportunity across the UK platform market.
AJ Bell is due to publish its interim results for the six months to 31 March on 21 May.
