AJ Bell Reports Record Q2 Growth with 50,000 New Customers and £2.7bn Net Inflows

AJ Bell Q2 trading update: record customer growth and £2.7 billion net inflows stand out

AJ Bell has put out a very strong Q2 trading update, and the headline numbers are hard to ignore. The investment platform added a record 50,000 customers in the three months to 31 March 2026 and delivered record platform net inflows of £2.7 billion.

For retail investors, that matters because this is a scale business. More customers and more money on the platform can support future revenue growth, provided those assets stick around and market conditions do not turn too ugly.

The big picture here is simple. AJ Bell is still attracting new investors at pace, especially on the direct-to-consumer side, even while markets were volatile enough to knock asset values back during the quarter.

AJ Bell key Q2 numbers: customers, assets under administration and inflows

Metric	Q2 2026	Q2 2025	Change
Total platform customers	723,000	593,000	Up 22%
Quarterly customer increase	50,000	32,000	Record
Platform AUA	£108.7 billion	£90.4 billion	Up 20%
Gross inflows	£5.6 billion	£4.0 billion	Up 40%
Net inflows	£2.7 billion	£1.9 billion	Up 42%
Total AUM	£9.8 billion	£7.5 billion	Up 31%

AUA means assets under administration, which is the value of customer assets held on the platform. AUM means assets under management, which refers to money invested in AJ Bell’s own funds or managed portfolios.

AJ Bell direct-to-consumer growth is the real engine in this update

The standout part of this RNS is the direct-to-consumer, or D2C, business. Customer numbers on that side rose to 534,000, up 28% over the last year and 9% in the quarter alone.

D2C net inflows were £2.2 billion, compared with £1.4 billion in the same quarter last year. Gross inflows reached £3.5 billion, up from £2.2 billion. That is a big step up and suggests AJ Bell’s proposition is landing well with self-directed investors.

Management says this reflects earlier investment in the brand and product range. It also says inbound account transfers from other platforms were stronger, which is particularly encouraging because transfers tend to show customers are making an active decision to switch, not just opening a spare account.

In plain English, AJ Bell appears to be taking share. That is exactly what investors want to see from a platform business with plenty of room to scale.

Advised platform remains solid, but adviser consolidation is still a headwind

The advised platform also grew, though the pace was more measured. Customer numbers increased to 189,000, up 7% year on year and 2% in the quarter.

Advised gross inflows were £2.1 billion, matching the previous quarter and up from £1.8 billion a year earlier. Net inflows were £0.5 billion, unchanged from the same period last year.

That is respectable rather than spectacular. AJ Bell says strong growth was partly offset by anticipated outflows linked to ongoing adviser consolidation. That means some advisory firms are merging or restructuring, which can lead to assets moving around.

I would read that as a mild negative, but not a red flag. The key point is that the advised business is still bringing in money overall, even with that pressure in the background.

Market volatility hit AJ Bell asset values, but customer appetite stayed strong

There is one obvious wrinkle in the update. Despite the very strong inflow performance, platform AUA only grew 1% in the quarter to £108.7 billion because market and other movements knocked £2.0 billion off platform assets.

AJ Bell says market movements reduced AUA growth by 2% in the quarter. That is a useful reminder that platform businesses are partly at the mercy of markets, because falling asset values can weigh on fee income even when customer activity remains healthy.

The company also noted that market levels improved after the quarter end. That sounds reassuring, but investors should keep a cool head. The RNS does not disclose the financial impact of that improvement, so it is best treated as context rather than a number you can bank on.

AJ Bell AUM growth adds another positive layer to the investment case

The investment business also moved forward, with total AUM increasing to £9.8 billion from £7.5 billion a year earlier. That is up 31% year on year and 3% in the quarter.

Within that, platform AUA held in AJ Bell funds or managed portfolios rose to £7.7 billion from £5.8 billion. Assets held via third-party platforms rose to £2.1 billion from £1.7 billion.

The small blemish is that net inflows into the investment business were £0.3 billion, down from £0.4 billion a year earlier. That is not disastrous, but it is one of the few areas in the release where momentum was not stronger than last year.

Why AJ Bell service levels and Trustpilot ratings matter more than they look

At first glance, details like an average eight-second wait time for customer services might sound like corporate window dressing. In platform land, they are not. Service matters, especially around the tax year end when investors are rushing to use ISA and pension allowances.

AJ Bell says it maintained excellent service standards during its busiest period and highlighted a 4.9-star Trustpilot rating and Which? Recommended Provider status for an eighth consecutive year. Those are not hard financial metrics, but they support retention and help win transfers from rivals.

For a platform trying to compound growth over years, decent service can be a real commercial advantage. Low costs may win attention, but trust and reliability help keep assets on the books.

What AJ Bell investors should watch before the interim results in May

The next checkpoint is the interim results on 21 May 2026. This trading update is operationally strong, but it does not disclose profit, margins or revenue, so investors still need the full half-year numbers to judge how much of this growth is feeding through financially.

The main things I would watch are:

• Whether strong net inflows translate into better revenue and earnings momentum.
• How much recent market volatility affected average asset levels, not just quarter-end balances.
• Whether D2C customer acquisition remains this strong after the tax year-end rush.
• Any further comment on adviser consolidation and whether it continues to hold back the advised business.

Is this AJ Bell RNS positive for shareholders? My verdict

Yes, this looks like a positive update. Record customer growth, record gross inflows and record net inflows are exactly the sort of signals you want from a platform operator, especially in a choppy market backdrop.

The strongest feature is the breadth of the performance. This was not just markets lifting everything. In fact, markets got in the way, and AJ Bell still delivered excellent customer and flow growth.

There are a couple of softer spots. Market volatility trimmed asset growth, the advised side is dealing with industry consolidation, and investment business net inflows were lower than last year. But those negatives do not outweigh the main story.

My read is that AJ Bell is executing well and showing that its low-cost, digital-first model is resonating with customers. If the interim results back this up with solid financial delivery, investors are likely to view this as another step in the right direction.