Quilters’ total assets under management and administration climbed 7% in the year to 31 December to £106.7bn, the firm has reported.
Much of the uplift was owing to rising markets, with core business net inflows falling to £832m from £2.1bn in 2022.
The inflows to the business were counterbalanced to some degree by the firm’s IFA channel experiencing a net outflow of £200m, versus a £400m inflow in 2022.
Despite the outflows, Quilter said it increased its share of new business in the IFA market to 8% from 7.4% in 2022.
Adjusted profit before tax increased by 25% to £167m from £134m. Revenue rose by 3% to £625m, supported by interest on corporate cash balances. Adjusted diluted earnings per share climbed 19% to 9.4p.
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Chief executive Steven Levin (pictured) said: “2023 was a year of strong delivery. We wrote a higher level of new business and delivered record profitability through higher revenues and 3% lower costs. Our affluent segment is delivering strong growth while our high net worth segment is investing in growth which will be realised over the next few years.
“The structural need to save for retirement combined with our growth plans and focus on operational efficiency, supported by a strong balance sheet, means we are well positioned as market conditions improve.”
Coinciding with the results statement, Quilter announced it is rebranding its financial adviser school to the Quilter Academy.
The firm said it will ‘evolve’ the school from being primarily focused on helping prospective advisers attain a qualification, to an academy, which aims to give students further practical help and a role as a financial planner post-qualification.
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The academy will provide training to achieve the Level 4 Diploma in Financial Planning. Following the qualification further training will help students transition from education into a being a financial planner. Full-time and part-time courses are available.
Chris Jones, academy director at Quilter, said: “Gaining a financial advice qualification is just the first step in learning the skills needed to be a financial adviser.
“The Quilter Academy will take someone new to the industry, perhaps from a previous career, someone returning to work, or post-graduates from university, and form them into a well-rounded financial adviser with all the skills needed to hit the ground running.
“On top of this, Quilter will help find roles for those who qualify both within its national businesses and its network.”
