Total advised customers at platform and SIPP provider AJ Bell rose 8% year-on-year in the quarter ending 31 December, according to a trading update today.
Total advised customers increased to 161,000.
Total customer numbers overall rose 12% year-on-year, and 2% over the quarter.
The platform had a total of 323,000 direct customers at the end of the quarter.
AJ Bell also saw record assets under administration, ending 2023 with £76.2bn in funds under management, a rise of 15% year-on-year and 7% over the quarter.
Gross inflows for the quarter ended 31 December were £2.7bn (2023: £1.9bn), with a 63% rise in net inflows to £1.3bn (2023: £0.8bn).
Michael Summersgill, CEO at AJ Bell, said recent changes made following the FCA’s recent clarification of its expectations on cash interest held on investment platforms would benefit customers by £14m a year.
He added that the platform expected to have a strong 2024.
He said: “Our dual-channel model has proven its resilience during a period of high inflation over the last 18 months, delivering consistent customer growth and net inflows.
“While this strong start to the year provides good momentum as we head into the busy tax year end period, we remain focused on the long-term growth opportunity that exists in the platform market and the investments that we are making into our propositions and pricing will further strengthen our long-term competitive position.”
The platform’s investments offering, AJ Bell Investments, also had a good quarter, with assets under management rising 53% year-on-year to £5.2bn, a rise of 11% over the quarter.
Net inflows for the quarter were in line with the prior year at £0.4bn.
