Advised platform assets rose by 3.82% in the last quarter of 2024, according to data from The Lang Cat.
Total assets were up 12.54% versus the fourth quarter of 2023 to £616.23bn.
Advised platform outflows were up 6.96% to £16.54bn versus the third quarter and 16.48% versus the same time a year earlier.
This was more than offset by net sales rising 54.77% to £4.38bn, versus £2.83bn in the third quarter.
The Lang Cat said outflows spiked around the time of the Budget announcement on 30 October.
In individual platform terms, Quilter, Aviva, Transact end the year as they started it, all making the top three for gross and net advised sales. They were followed by Nucleus and AJ Bell Investcentre.
Quilter has repeatedly broken both its own records and those for the channel and did it again in the last three months of the year.
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Rich Mayor (pictured), senior analyst at The Lang Cat, said: “Last time out we mentioned that we expected a spike in outflows in the final quarter of 2024, before returning to normal and platforms have been telling us that’s the case. The Budget caused a spike in withdrawals particularly in GIAs and pensions, but they’ve dropped off since.
“The proposed changes to IHT and pensions was the biggest surprise in November, and we’ve researched advice professionals to see how they’re thinking of mitigating the changes.
“Increasing use of onshore bonds, as well as trust planning, and utilising gifting more are the most popular plans on the table at the moment, and all effect platforms,” Mayor continued.
“Bond sales are on the up in 2024, and while they’re still dwarfed in overall gross sales by those going into pensions and ISA, for example, the nature of the products with regards to tax and withdrawals make them much stickier products for platforms.”
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