AJ Bell Q3 trading update: Record inflows and D2C growth lift platform assets above £120 billion

AJ Bell's third-quarter update delivered record platform inflows, rapid customer growth and a sizeable increase in assets. The direct-to-consumer, or D2C, platform was the standout contributor, although buoyant investment markets also provided a substantial lift.

For the three months ended 30 June 2026, platform customers increased by 39,000 to 762,000. Platform assets under administration, known as AUA, rose to £121.5 billion, while total AUA including non-platform assets reached £123.1 billion.

The main question for investors is how much of the quarter's progress came from customers choosing AJ Bell and how much came from rising markets. The answer is encouraging but mixed: organic net inflows reached a record £3.0 billion, while market and other movements added a larger £9.8 billion to platform AUA.

AJ Bell's key Q3 figures

Metric	Q3 2026	Change or comparison
Platform customers	762,000	Up 23% year on year and 5% in the quarter
Advised customers	191,000	Up 6% year on year and 1% in the quarter
D2C customers	571,000	Up 30% year on year and 7% in the quarter
Platform AUA	£121.5 billion	Up 26% year on year and 12% in the quarter
Platform gross inflows	£6.0 billion	Up 50% from £4.0 billion
Platform net inflows	£3.0 billion	Up 43% from £2.1 billion
Total AUM	£11.4 billion	Up 41% year on year and 16% in the quarter
Investment business net inflows	£0.8 billion	Up from £0.4 billion

AUA is the value of assets held or administered through AJ Bell's services. Assets under management, or AUM, refers to money invested in AJ Bell's own funds or Managed Portfolio Service, including assets held through third-party platforms.

D2C growth remains the main engine

AJ Bell added 37,000 D2C customers during the quarter, taking the total to 571,000. That accounted for most of the platform's overall increase of 39,000 customers.

D2C gross inflows were £3.7 billion and outflows were £1.3 billion, producing net inflows of £2.4 billion. That was ahead of the £2.2 billion recorded in the previous quarter and £1.5 billion of underlying net inflows in the equivalent quarter last year.

D2C AUA consequently increased from £44.5 billion to £51.4 billion. Of that £6.9 billion quarterly rise, £2.4 billion came from net inflows and £4.5 billion from market and other movements.

This matters because strong customer acquisition can create a larger base from which AJ Bell may generate future platform activity. However, the announcement does not disclose revenue per customer, customer acquisition costs or the profitability of recent growth, so investors cannot assess the financial return on marketing investment from this update alone.

Advised platform growth was steadier

The advised platform closed the quarter with 191,000 customers, an increase of 2,000. Its gross inflows reached £2.3 billion, compared with £1.7 billion a year earlier, while net inflows were £0.6 billion.

That net inflow figure matched the equivalent quarter last year, although management described advised gross inflows as another quarterly record. AJ Bell said recent changes to its distribution approach were gaining traction.

Advised AUA rose from £64.2 billion to £70.1 billion. Net inflows contributed £0.6 billion, with market and other movements adding £5.3 billion.

The contrast between the two channels is clear. D2C is delivering much faster customer growth and the larger share of net inflows, while the advised operation remains the bigger pool of assets and provides a second route to market. Management views this dual-channel strategy as an important competitive strength.

Markets supplied a powerful tailwind

Favourable market movements represented 9% of opening platform AUA during the quarter. Across the platform, market and other movements added £9.8 billion, compared with £3.0 billion from net inflows.

This does not take away from the record organic performance, but it is important context. Asset-based platform and investment businesses can benefit when markets rise because the value of assets they administer or manage increases. The reverse can apply during weaker periods.

Total AUA, including non-platform assets, advanced from £110.2 billion to £123.1 billion. Of the £12.9 billion increase, total net inflows contributed £3.0 billion and market and other movements contributed £9.9 billion.

Investors should therefore separate two positive developments: AJ Bell attracted record net new money, and investment performance or revaluations gave reported asset levels an additional boost.

Investment business doubles quarterly net inflows

AJ Bell's investment business also had a record quarter. Total AUM increased to £11.4 billion, up 41% over the year and 16% during the quarter.

Net inflows reached £0.8 billion, double the £0.4 billion reported for the comparable period. Closing AUM included £9.1 billion held through AJ Bell's platform and £2.3 billion held through third-party platforms.

Growth here gives AJ Bell participation in both platform administration and investment management. The announcement does not provide the revenue, profit or margin contribution from the investment business, so the direct earnings effect is not disclosed.

AJ Bell also plans to reduce the annual charge on its core Managed Portfolio Service range from 0.15% to 0.12% from 1 October 2026. A Managed Portfolio Service, or MPS, is a professionally managed portfolio generally offered through financial advisers.

Lower pricing may support competitiveness and future asset growth. The trade-off is that charging less can reduce fee income on each pound managed unless scale, inflows or efficiency offset the reduction. AJ Bell did not quantify the expected financial effect.

What investors should watch next

The update is operationally strong. Customer numbers, gross inflows, net inflows, platform AUA and investment AUM all moved higher, with several measures reaching quarterly records.

The principal positives are the pace of D2C customer acquisition, the rise in organic net inflows and increasing demand for AJ Bell's own investment solutions. The advised platform's record gross inflows also suggest progress is not limited to one channel.

The main caution is that markets accounted for most of the quarterly increase in assets. There is also no updated information on revenue, profit, margins, costs or full-year guidance in this announcement.

AJ Bell entered its final quarter with strong operating momentum. Attention now turns to whether record inflows can be sustained, whether recently acquired customers translate into attractive financial returns, and how the lower MPS fee affects the balance between competitiveness and revenue.