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Platform and SIPP provider AJ Bell has promoted CFO Michael Summersgill to the newly-created role of deputy chief executive officer.

Investment platform and SIPP provider AJ Bell has changed the terms on its Managed Portfolio Service funds to reduce risks and costs for advisers.

Investment platform AJ Bell has reported a 15% rise in advised customers year on year, and 4% over the third quarter, in its latest trading update.

Total platform customers grew 32% year on year, and 6% in the quarter, as direct to consumer customers rose 42% (8% in the quarter). The platform now has 353,299 customers, of which just over a third (122,757) are advised.

Total platform net inflows increased by 40% over the prior year to £2.1bn, with just over half (£ being advised (a 57% growth year on year in advised net inflows).

Platform assets under administration closed the quarter at £63.1bn, a 32% rise year on year and a 9% rise in the quarter.

Assets under management at the platforms investment management business, AJ Bell Investments, increased 186% year on year and 43% over the quarter to £2bn. Total net inflows in the quarter were £524 million, including a one-off inflow of £253m.

Andy Bell, CEO at AJ Bell, said: “In the advised market, third quarter platform inflows were up 57% compared to the prior year. The introduction of simplified pension options is proving particularly popular with advisers as it provides them with different price points and flexible investment options to cater for a diverse range of client needs.

“We also continue to see strong demand for our in-house investment solutions. There is growing awareness amongst financial advisers of the value and performance that our managed portfolio service is delivering to their clients and our multi-asset funds continue to prove popular with advisers and retail customers alike.

“As we head into the final quarter of our financial year, we remain focused on providing an excellent service to our customers and continuing to support our people as we navigate the current wave of the pandemic. Looking further ahead, the structural growth drivers for our sector remain strong and we are well placed to deliver further growth across our platform.”

The latest data from HMRC reveals an “astonishing” 40% of high earners failed to take out an ISA in the 2018/19 tax year.

Pension savers hoping to see their retirement pots in one place online under Pension Dashboards may have to wait until at least 2025 under the timetable for schemes to connect to Dashboards.

Wealth manager and platform firm AJ Bell is to relaunch its recently acquired mobile phone fintech Adalpha as an app-based platform called ‘Touch by AJ Bell'.

Andy Bell, CEO of platform and SIPP firm AJ Bell, has warned that proposed new anti-scam rules on pension transfers risk undermining thousands of legitimate transfers.

Advised net inflows held steady at £900m for investment platform AJ Bell for the quarter ending 31 March, as advised customers rose 14%.

Platform and SIPP provider AJ Bell has added the Aquis Stock Exchange (AQSE) to its online trading platform to expand the investment choices available for clients.

AJ Bell, the SIPP and platform provider, has acquired mobile phone fintech Adalpha to increase its digital offering to financial advisers.

AJ Bell is buying the Adalpha group of companies, including Ad Alpha Solutions, for an undisclosed sum.

Adalpha is developing a mobile-focused investment platform proposition for financial advisers which allows transactions and account details to be done mostly via a mobile phone. 

AJ Bell says the Adalpha platform will only be available via financial advisers.

According to the FAQs released today: “Adalpha is currently developing a simplified platform proposition for financial advisers delivered to customers via a mobile and tablet app. In essence, advisers will be provided with the software infrastructure they need to support an entirely digital service model for clients who are suited to that form of relationship and advice process.”

Manchester-based AJ Bell says it believes that this ‘simplified proposition’ has the potential to complement the company’s existing adviser platform business, AJ Bell Investcentre. 

Adalpha’s staff will join AJ Bell.

Andy Bell, chief executive of AJ Bell, said: “Financial advisers need a variety of propositions to match a diverse range of client needs. The Adalpha team are working on a simplified, mobile focused platform service that will broaden our offering to financial advisers and help them service a wider base of clients.” 

Dave Tanner, chief executive of Adalpha, said: “Our vision has always been to develop technology that helps financial advisers service a greater number of clients. Advisers should have the choice and capability to deliver their service remotely or face-to-face. As part of AJ Bell, we will be able to further develop our mobile led services and help increase clients’ engagement with their adviser.”

AJ Bell was established in 1995 and operates in the advised and direct-to-consumer sectors via AJ Bell Investcentre (adviser) and AJ Bell Youinvest (direct-to-consumer). It offers SIPPs, ISAs and General Investment / Dealing Accounts.

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