AJ Bell platform attracts 63,000 new customers
AJ Bell onboarded 63,000 new customers to its platform in its financial year ending 30 September, with particularly strong growth within its direct-to-customer business.
In a trading update, the investment platform said total AUM had increased 8% to £56.6bn, up from £54.3bn at the end of June and £52.3bn in September 2019.
Advised customers accounted for 10,850 of the increase, with the total number of advised clients up 11 per cent to 108,900, while direct to consumer numbers increased by 52,000 and were up 43 per cent in the year.
Our focus on the needs of our customers and our easy-to-use platform has fuelled a 29% increase in platform customers"
Chief executive Andy Bell said: "Our focus on the needs of our customers and our easy-to-use platform has fuelled a 29% increase in platform customers, with particularly strong progress made in the direct-to-consumer market."
He added that the investment firm would continue to "enhance our platform propositions this year as part of our growth strategy."
Platform underlying net inflows were up 28% compared to the previous year, with D2C leading the way again with a rise of 50% to £2.1bn. Platform assets under administration (AUA) increased 11% on the previous year to sit at £49.7bn at the end of September 2020.
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