Net inflows rose 182% year-on-year to £4.3bn for wealth manager and Financial Planner Quilter in the first half of the year.

In today’s half year financial results, the firm said it had reduced by £6m its provision to cover potential remediation for ongoing advice given by appointed representatives in the Quilter Financial Planning network.

The firm had set aside £76m but reduced the figure having submitted its Skilled Person report to the FCA and having had initial conversations with the regulator regarding the implementation of a potential remediation programme.

Total assets for the wealth manager increased 6% since year end to £126.3bn (12% up year-on-year), with a positive contribution from markets despite market turbulence.

Growth in assets was spurred by the Quilter Platform. Platform assets under administration increased 8% to £92bn since year-end. In the first half the wealth manager’s platform net inflows of £4.2bn were up 92% year-on-year, and represented 10% of opening assets.

Total assets under management by WealthSelect, the Quilter Platform’s managed portfolio service, reached £21bn at the end of the half, an increase of 14% from December.

Adjusted profit before tax increased 3% to £100m (H1 2024: £97m).

Quilter topped the adviser sales channel for platforms in the first quarter of 2025, with gross sales of £4bn, according to platform consultant Fundscape.

The affluent segment, which includes the Quilter platform, delivered core net inflows of 9% of opening assets (H12024: 5%).

During the half, the wealth manager added 14 Quilter Restricted Financial Planners, taking the total to 1,454.

In the results announcement Steven Levin, chief executive officer at Quilter, said that he believed that the FCA's 'Targeted Support' guidance plans could prove a growth area for Quilter.

He said: “The Advice Guidance Boundary Review (“AGBR”) which introduces “Targeted Support” represents the most significant change to UK retail financial services regulation since the Retail Distribution Review over ten years ago. Over time, we expect that Targeted Support will allow a much broader range of options to UK households who need help with Financial Planning and will allow this to be provided in a manner that best suits their requirements.”

Quilter’s high net worth segment also delivered an improved performance, with net inflows of 3% of opening assets (H1 2024: 1%). New gross flows were £1.5bn, with an easing of outflows leading to net flows of £464m (H1 2024: £107m).

Group revenues grew by 2% to £337m reflecting higher management fee revenues which were partially offset by lower investment revenues generated on shareholder funds.