Investment platform and SIPP provider AJ Bell has reported 7% growth in advised customer numbers (year on year) to 180,000 for the three months ended 30 June.

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

It has reported a quarterly growth of 7%-8% for the past two quarters, having reported an 8% increase for the year ended 30 September 2024.

Direct customer growth continues to be higher, according to the quarterly trading update, with a 22% increase in D2C customers for the platform to 440,000 for the quarter ended 30 June.

Assets under administration also continued to see strong growth, closing the quarter at £96.1bn, a rise of 15% over the last year and 6% over the quarter. The assets benefited from favourable market movements of 4% of opening assets over the quarter.

Both gross and net inflows were also higher than the same quarter in 2024. Gross inflows for the quarter were £4bn (2024: £3.7bn), and net inflows were £2.1bn (2024: £1.7bn). The platform attributed the strong flows to investment in its brand and propositions.

The platform’s investments business, AJ Bell Investments, reported net inflows of £0.4bn in line with the previous year (2024: £0.4bn). Assets under management increased to £8.1bn, a rise of 29% over the last year and 8% over the quarter.

The quarter saw the launch of AJ Bell’s new streamlined platform, AJ Bell Touch, which it claims will help financial advisers implement investment advice for clients more quickly and securely.

Michael Summersgill, CEO at AJ Bell, said the simplified advice platform would support advisers to broaden their target market and address the UK advice gap.

On financial results, he said the platform expects to see similar growth figures throughout the remainder of the year.

He also called on the Government for ISA reform.

He said: “Encouraging progress continues to be made on the regulatory framework for Targeted Support, which promises to provide customers who do not have access to financial advice with additional help making investment decisions.

"Alongside simplification of the ISA system, this could offer a powerful combination of measures, making it easier for people to invest and reducing friction between saving and long-term investment. We are encouraged that government continues to explore ISA reform and have committed to a public awareness campaign on investing, presenting an opportunity to help foster a stronger retail investing culture in the UK.”

AJ Bell added that the sale of its Platinum SIPP and SSAS business remained on track.