Advised platform customers rose 6% for AJ Bell to 182,000 (2024: 171,000) for the year ended 30 September.

Direct customers rose by 25% to 462,000 (2024: 371,000), taking total platform customers for both the advised and direct propositions to a record 644,000 (2024: 542,000).

Despite the rise in advised customers, AJ Bell’s adviser platform saw a fall in net inflows to £1.7bn (2024: £2.2bn) which the platform attributed to elevated client withdrawals with outflows of £5.3bn (2024: £4.3bn) in response to speculation over pension lump sum tax changes. Over the year the adviser platform recorded gross inflows of £7bn (2024: £6.5bn).

Advised platform assets under administration ended the year at £62.4bn (2024: £56.1bn), with market movements contributing £4.6bn.

The combined platform business recorded record assets under administration of £103.3bn (2024: £86.5bn). AJ Bell attributed the growth to a combination of strong net inflows of £7.5bn (2024: £6.1bn) and favourable market movements of £9.3bn.

The platform recorded record revenues for the year, with revenue rising 18% to £317.8m (2024: £269.4m), and profit before tax riding 22% to £137.8m (2024: £113.3m).

Diluted earnings per share rose 26% to 25.56 pence (2024: 20.34 pence).

Michael Summersgill, CEO at AJ Bell, said there continues to be significant growth opportunity in the platform market.

He said: “The broader long-term structural market growth drivers remain strong, as more individuals recognise the importance of taking control of their financial future.

“Looking ahead, I am confident in the outlook for both AJ Bell and the UK platform market. Our dual-channel platform, combined with our scalable operating model, positions us to capitalise on the significant growth opportunity. In FY26, we will continue to invest in the business, ensuring we are well-placed to deliver sustainable long-term business growth.”

In 2025 AJ Bell sold several non-core businesses as it looked to simplify its business model. This led to net outflows of £1.3 billion (FY24: £nil) from non-platform operations during the year, due to a withdrawal from a third-party SIPP administration arrangement.

The sale of the Platinum business, which completed in November 2025, resulted in outflows of £3.3bn in FY26.

The platform business expects further outflows during 2026 as it exits its remaining third-party SIPP arrangement.

AJ Bell’s investments business saw a 31% growth in assets under management to a record £8.9bn (2024: £6.8bn), with net inflows of £1.3bn (2024: £1.5bn).