Investment platform and SIPP provider AJ Bell has reported 6% growth in advised customer numbers (year on year) to 182,000 for the three months ended 30 September.

The platform has seen steady growth in its advised customer numbers for several quarters.

It has reported a quarterly growth of 6%-8% for the past three quarters, having reported an 8% increase for the year ended 30 September 2024.

Direct customer growth continued to be higher, according to the quarterly trading update, with a 25% increase in D2C customers for the platform to 462,000 for the year.

Total customer numbers increased by 102,000 to close at 644,000, up 19% in the year.

Assets under administration also continued to see strong growth, closing the quarter at £103.3bn, a rise of 19% in the year.

Both gross and net inflows were also higher than the same quarter in 2024. Underlying gross inflows for the year were up 21% at £15.8bn compared to £13.1bn in 2024. Underlying net inflows were £7.1bn, up 16% compared to the £6.1bn reported in 2024.

The platform’s investments business, AJ Bell Investments, reported net inflows of £1.3bn, down from £1.5bn in the previous year. Assets under management reached a record to £8.9bn, a rise of 31% over the last year from the £6.8bn in 2024.

Michael Summersgill, chief executive officer at AJ Bell, said: “Given the substantial market opportunity, we accelerated investment during the second half of the year. This was accompanied by a favourable market environment, which has supported revenue growth.”

The firm reported favourable market movements of £9.3bn, equating to 11% of opening AUA.

He said: “Our D2C platform maintained its strong momentum to report its best year to date, and our Advised platform delivered robust growth, with record gross inflows offset by heightened outflows, driven by elevated pension lump sum withdrawals and adviser consolidation.”

He said uncertainty around government policy “continues to cause disruption”, despite “positive progress” on targeted support measures to help more people invest.

Mr Summersgill said: “Speculation over pension taxation ahead of the November Budget, which has developed in the absence of a clear and lasting government commitment to pension tax stability, creates damaging uncertainty for customers and advisers.”

Looking ahead he said the platform market opportunity is “significant” and the structural drivers of growth remain strong. “Our dual-channel strategy, underpinned by ongoing investment in our brand and propositions, positions us well to deliver on this opportunity.”