Advised platforms hit record gross sales of £92.82 billion in 2025, up from £79.97 billion in 2024, the Lang Cat has found.
The consultancy’s latest annual State of the Platform Nation report showed that despite a volatile start to the year with trade wars impacting growth in the first quarter, assets under management surpassed £750 billion by the end of the year, with asset movement of existing assets forming the bulk of growth.
Amongst advised platforms, Quilter, Transact, Aviva, Nucleus and AJ Bell InvestCentre all increased market share during 2025. Quilter set a new industry high of £16.44 billion for gross sales, followed by Transact with £10.55 billion and Aviva with £10.28 billion. The three platforms account for 89% of advised net sales and 62% of positive net sales, the Lang Cat said.
The D2C market also had a strong year with platforms including Interactive Investor, AJ Bell and Moneybox posting net sales comparable to three top advised platforms, with only Quilter recording more in the advised space.
The survey showed that outflows continued from advised platforms, reaching another record high of £72.37 billion, up from £65.73 billion in 2024. Budget rumours caused a spike in the second half of the year, stoking fears around tax free cash being taken away.
Meanwhile, regulation continues to shape investor behaviour, with previous changes to CGT allowances and forthcoming changes to inheritance tax leading to a surge in sales of platform investment bonds, with onshore sales up 67.9% and offshore up 27%.
Rich Mayor, senior analyst at the lang cat, said: “SOTPN highlights 2025 was an eventful and record-breaking year for platforms in terms of sales, growth and outflows, with rumour and speculation around the budget playing a big role in the latter.
“Changes to CGT allowances this April and IHT implications means advisers were reigniting interest in products like on and offshore bonds. We don’t see this changing soon so platforms who offer, service and integrate these products are likely to fare better than those who don’t.
“The rise in DIY investing we saw during the pandemic does not appear to have slowed as the D2C market has enjoyed huge growth. Interactive Investor has half a million clients now, AJ Bell is just short of that, and Money box added nearly 400,000 clients in 2025 taking their total to 1.5 million. This can have huge implications for the advised sector, especially as we move into a targeted support world.”
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