Good morning and welcome to your Morning Briefing for Friday 23 May 2025. To get this in your inbox every morning click here.
AJ Bell passes £90bn AUA as revenue and profit climb
AJ Bell has reported a 17% rise in revenue to £153.2m and a 12% increase in pre-tax profit to £68.8m, as its platform continues to deliver strong organic growth.
In the six months to 31 March 2025, customer numbers rose by 51,000 — up 9% — taking the total to 593,000.
Platform assets under administration (AUA) hit a new high of £90.4bn, supported by £3.3bn in net inflows and £0.6bn in positive market movements.
Advisers must take simplified advice seriously
Advisers should start taking simplified advice seriously, argues Jeremy Fawcett, head of Platforum. Direct-to-consumer (D2C) services are already gaining traction by offering ready-made investment solutions that are easy to access and increasingly popular.
These services are directly competing with advisers for clients with relatively simple needs by promoting their ‘guidance’ offerings as low-cost, user-friendly alternatives to full financial advice.
Their faster processes and lower fees stem from the fact they aren’t subject to the same stringent suitability requirements as advisers providing personal recommendations.
Competition in the smoothed fund market driving down costs
Rising competition in the smoothed fund space is helping to cut costs and boost returns for investors, according to Standard Life’s head of fund solutions, Andy Brown.
Speaking to Money Marketing, Brown said that for nearly 15 years, Prudential’s PruFund — launched in 2004 — was effectively the only player in the UK smoothed fund market. But now, there are several competitors.
“I think that’s down to technological improvements — the ability to plug in and out of systems really makes a difference,” said Brown.
Quote Of The Day
The state pension system has become so confusing that even when government has communicated with those who may have a claim, the complexity and jargon has put many of them off
– Helen Morrissey, head of retirement analysis, Hargreaves Lansdown, comments on the challenges the government face in resolving the issue of underpaid state pensions
Stat Attack
New FOI data from Quilter shows pension credit applications took up to 87 working days to process in December 2024 — far above the DWP’s 50-day target.
Between 29 July 2024 and 23 February 2025,
the DWP received 235,000 pension credit claims. This marks an
81%
increase compared to the same period the year before. In 2023/24,
77.7%
of claims were processed within the 50-day target. This figure is expected to fall in 2024/25 due to the claims spike.
When it come to public opinion on Winter Fuel Payment changes:
59%
of UK adults oppose the cuts.
78%
of over-55s are against the changes.
Source: Quilter
In Other News
The Finance & Leasing Association (FLA) has named Shanika Amarasekara MBE as its new director general.
She will succeed Stephen Haddrill, who is set to retire at the end of July, and will officially take up the role at the start of August.
Amarasekara brings extensive experience in financial services, innovation and public policy.
She most recently served as chief impact officer at the British Business Bank, where she led strategy, policy, sustainability, economics and public affairs.
The FLA Board said her appointment reflects the association’s continued focus on innovation, sustainability and regulatory engagement across the asset finance, consumer credit and motor finance sectors.
Independent Governance Group (IGG), the UK’s leading provider of professional pensions trusteeship and governance services, has made two senior appointments to its expanding business development team.
Charlie Stewart joins as client growth manager, bringing nearly a decade of experience in investment consulting and portfolio strategy across the pensions sector.
A chartered financial analyst (CFA), Stewart previously worked at Isio, where he advised defined benefit (DB) clients on investment strategy, ESG, TCFD compliance and bespoke credit-led CDI solutions.
Also joining IGG is Imran Rahim, appointed business development manager.
Rahim brings over 10 years’ experience in business development and bid management across professional services, technology and the public sector. He most recently served as bid manager at First Actuarial.
The appointments form part of IGG’s wider commercial growth strategy, aimed at deepening client relationships, adapting to changing market needs and delivering long-term value.
Investors shift away from US bond market on fears over Donald Trump’s policies (Financial Times)
World’s seven wealthiest countries agree to counter China’s trade practices (The Guardian)
Energy bills to fall for first time in a year from July (BBC)
Did You See?
In a profession where efficiency and accuracy are everything, financial advisers are always on the lookout for smarter ways to manage their business and better serve clients, writes Richard Shearwood, wealth consultant at Simplify Consulting.
Integrated technology has the potential to transform how advisers handle client relationships, execute investments and deliver financial planning,
So why does it still feel like so many firms are stuck juggling clunky, half-integrated systems?
Traditionally, advisers have relied on a patchwork of systems — CRM tools, financial planning software, investment platforms — often with little or no connection between them.
As a result, many are still spending valuable hours re-keying data, duplicating work and risking costly input errors. It’s 2025; surely the industry can do better?
