Advised customers rise 16% for AJ Bell

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The number of advised customers at investment platform AJ Bell have risen 16% over the past year.

The platform now has 141,856 advised customers, according to its latest trading update.

The number of advised customers rose 3% in the three months ended 30 June 2022.

Total customer numbers increased 18% over the past year to 417,503.

Net inflows for the quarter were in line with the previous quarter at £1.6bn, but weaker investor sentiment led to a year-on-year decline (£2021: £2.1bn).

Gross inflows for the quarter also fell year-on-year to £2.6bn (2021: £3.2bn).

Assets under administration fell by 5% over the quarter to £63.5bn, primarily due to adverse market movements.

During the quarter the FTSE All-Share Index fell by 6% and the MSCI World Index (GBP) fell by 9%.

Billy Mackay, managing director of adviser platform AJ Bell Investcentre, said: “A trend we are seeing more of in the advised market is firms giving consideration to the segmentation of their client base, with some shaping their offering to meet the varying needs of certain groups. This particularly applies to pensions where the simplicity of our Retirement Investment Account has seen demand grow amongst clients with more straightforward needs.

“We are also seeing strong demand for multi-asset investment options on the back of some firms considering outsourcing their investment processes and decisions. This is most typically via our range of Managed Portfolio Service options or our panel of third party MPS partners.”

Andy Bell, CEO at AJ Bell, said: “The advised market has remained resilient in the face of current market headwinds and the strength of our proposition helped to deliver net inflows of £0.9 billion.

“We have recently reduced several charges on our advised platform, AJ Bell Investcentre, utilising our scale to further increase the value that advisers can offer to their clients.

“The phased launch of Touch by AJ Bell starting later in 2022 will further expand our offering for advisers, helping them to cater for clients looking for a digital service model.”

Assets under management for fund management arm AJ Bell Investments closed at £2.5bn, a 25% rise year-on-year and 9% rise for the quarter. Net inflows were £271m, in line with the previous year.




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