The top five adviser platforms, including Quilter, Aviva, Transact, Hubwise and AJ Bell, accounted for 129% of net sales in 2024, as the rest of the industry struggled with outflows.
Outside of the top five platforms, the rest of the industry lost £3.9bn in net sales throughout the year. However, a year of strong returns buoyed the platforms, creating growth in the year of £24.5bn outside the top five. Still, the top cohort accounted for near two thirds of platform growth.
Quilter finished the year with the highest net sales, at £5.6bn, followed by Aviva at £4.6bn and Transact at £3.2bn. The trio also had the most growth within advice platforms.
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Across all-channel platform growth, Fidelity and Aegon topped the charts, both with growth of £16.9bn. They were followed by HL, AJ Bell, and Quilter.
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Bella Caridade-Ferreira, CEO of Fundscape said: “The industry turned a corner in 2024. Gross flows were strong but outflows dragged on the net figures. The overall economic and political outlook may be gloomy but there are reasons to be optimistic and the ISA season should be comparatively buoyant.
“Looking further ahead there are reasons to be cheerful. Demand for advice will increase as clients factor in inheritance and capital gains tax into their long-term plans. In addition, the advice guidance boundary review and targeted support should give more consumers access to long-term investments and create a pipeline of additional business for advice firms and platforms.”
This story was written by our sister title, Portfolio Adviser
