AJ Bell’s direct-to-consumer (D2C) business is expanding faster than its advised channel, helping the platform surpass £100bn in assets under administration for the first time.
For the year to 30 September 2025, platform AUA rose 19% to £103.3bn, driven by record customer growth across both channels.
The strongest momentum is in D2C, where customer numbers jumped 25% to 462,000 after sustained investment in brand, advertising and digital marketing. Advised customers also Rose, but at a more modest 6% to 182,000.
D2C net inflows reached £5.8bn, up from £3.9bn the previous year, with gross inflows hitting a record £8.8bn.
The advised platform delivered £1.7bn of net inflows, down from £2.2bn last year, despite record gross inflows of £7bn.
Outflows in the advised channel increased to £5.3bn, with AJ Bell citing heightened pension withdrawals prompted by Budget speculation and transfers linked to adviser consolidation.
Overall platform customer numbers increased 19% to 644,000, with total retail customers across the group rising to 657,000.
Chief executive Michael Summersgill said: “Our dual-channel model is delivering. The D2C business is growing rapidly as brand awareness reaches record levels, while our advised platform continues to deliver strong gross flows and attract new firms.”
The momentum drove financial performance too. Group revenue increased 18% to £317.8m, while profit before tax rose 22% to £137.8m. AJ Bell Investments benefitted from the broader growth, with assets under management up 31% to £8.9bn.
Summersgill said the dual-channel approach gives the firm an advantage as more people take control of their investments, while advisers continue to drive long-term flows.
“With two thirds of the market still held off-platform, we have clear runway for growth across both channels,” he said.
The group continues to streamline around its core platform strategy. The sale of its Platinum SIPP and SSAS business completes in November, enabling greater focus on the platform opportunity, with an estimated £3.7tn still held off-platform.
