AJ Bell has seen its pre-tax profits grow by 29 per cent to £21.7m, boosted by demand for SIPPs.
The firms' retail customer base grew by 17 per cent to 164,000 at the end of September 2017, capitalising on the continued shift away from “old life office products to investment platforms”.
Assets under administration for the firm (AUA) increased by 25 per cent to £39.8bn, driven by strong net inflows of new business onto its investment platforms, accounting for £6.4bn, a 78 per cent increase on the previous year.
According to AJ Bell, pensions freedoms have also boosted the demand for SIPPs, as its revenue increased by 17 per cent to £75.6m.
AJ Bell chief executive, Andy Bell, said that its new investment solutions have been well received by advisers and it will continue to build on the feedback it has received on the platform.
Commenting on the results, Bell said: “Huge parts of the platform market are bogged down in expensive re-platforming projects which will continue to hamper them in 2018. We are well past that and our pace of organic growth means we have no need for acquisitions to increase our scale.
“Our focus is on continued investment in our existing platform to benefit advisers and customers. We aim for our platform to be the easiest to use and the best value in the market, underpinned by quality service and support.”
The firm is continuing its dividend policy with a 10 per cent increase to 28.25p per share, resulting in a shareholder pay-out of £11.6m.
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