The total number of advised customers on AJ Bell’s platform business rose by 8 per cent over 2023, a trading update for the company has revealed.
AJ Bell reported 165,000 advised customers for the three month period ending March 31 2024, an increase on the same period in 2023.
This also represented an increase on a quarterly basis at 4 per cent higher than the final quarter of 2023.
The firm also reported the total number of customers on the platform increased by 19,000 in the first quarter of the year.
This meant the platform achieved a total customer milestone of half a million, almost reaching 503,000.
This represented an increase of 11 per cent when compared to the first quarter of 2023 and a 4 per cent increase when compared with Q4 2023.
AJ Bell chief executive officer, Michael Summersgill, said: “Surpassing half a million platform customers is a significant milestone for the business which reflects the continued success of our dual-channel model.
“Having listed in 2018 with just under 200,000 platform customers, this landmark demonstrates the strong execution of our organic growth strategy.
“We remain committed to providing low-cost, easy-to-use products that can be trusted by customers and advisers, and our continued investment into our customer propositions puts us in an excellent position to deliver further strong organic growth in the future.”
Inflows
Additionally, AJ Bell's net inflows were found to have increased by a third (33 per cent) in the first quarter of the year when compared to the same period in 2023.
Net inflows “significantly” increased year-on-year, rising from £1.2bn in Q1 2023 to £1.6bn in the first three months of this year.
A similar trend was found amongst gross inflows which saw a 36 per cent increase on a yearly basis, rising from £2.5bn in 2023 to £3.4bn in 2024.
“We saw strong momentum in the run up to the tax year end as improving retail investor sentiment, together with continued investment in our brand and propositions, helped to deliver £1.4bn of gross inflows in March alone, a new monthly record”, Summersgill explained.
This all led to AJ Bell’s platform business experiencing a 17 per cent year-on-year increase for its assets under administration.
This increase meant the platform achieved a “record” level of assets under administration of £80.3bn.
tom.dunstan@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
