Online investment platform, AJ Bell has made a strong start to its 2026 financial year, underpinned by solid customer growth, record assets, and resilient inflows despite a challenging UK policy backdrop. The company’s shares have risen to 470.20p, up 28.20p (+6.38%) year-to-date, reflecting positive investor sentiment following continued operational momentum.
For the three months to 31 December 2025, AJ Bell added 29,000 new platform customers, taking the total to 673,000, a 20% increase year-on-year. Growth was driven primarily by its direct-to-consumer (D2C) offering, which rose 26% over the year to 488,000 customers, while advised customers increased to 185,000. This highlights the strength of AJ Bell’s dual-channel model, which targets both retail investors and advisers.
Platform assets under administration (AUA) reached a record £108.0bn, up 21% year-on-year and 5% over the quarter. The increase was supported by favourable market movements of around 3%, alongside robust customer activity. Gross inflows hit a quarterly record of £4.6bn, up from £3.6bn a year earlier, while net inflows totalled £1.5bn, slightly ahead of Q1 FY25.
AJ Bell Investments also continued to grow strongly, with assets under management (AUM) rising to £9.5bn, representing 32% annual growth. Quarterly net inflows of £0.3bn were marginally lower than last year but still indicate sustained demand for AJ Bell’s managed solutions.
Management noted that inflows were partially offset by elevated outflows linked to UK Budget uncertainty, particularly around pensions. Customers nearing retirement increased withdrawals by approximately £500m compared with the same period last year, amid speculation over potential pension tax changes. The company cautioned that repeated fiscal uncertainty risks discouraging long-term retail investing, calling for greater stability in pension policy.
During the quarter, AJ Bell completed the sale of its Platinum SIPP and SSAS non-platform business, transferring £3.3bn of AUA and 3,400 customers, further sharpening its focus on scalable platform operations.
Overall, AJ Bell entered FY26 with strong momentum, growing scale, and record assets. The year-to-date share price gain suggests markets are encouraged by the company’s ability to attract customers, grow assets, and navigate policy-driven headwinds while continuing to invest for long-term growth.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
To contact Richard, please see his Invesdaq profile.
