Gross flows rose to a record high of £27.5bn for adviser platforms in the first quarter of the year, a 17% rise year on year (Q125: £23.5bn).
Net inflows for adviser platforms were also the highest seen since 2022, according to the latest data from analysts Fundscape.
Despite disruption in equity markets following the launch of President Trump’s war on Iran in March, net flows for adviser platforms jumped to £6.4bn for the quarter. This represents a rise of 121% from £2.9bn for the fourth quarter of 2025, and a 25% rise from Q1 2025 (Q125: £5.1bn).
Despite rising gross and net flows, assets for adviser platforms fell £4.3bn (0.5%) in the first quarter to £778.6bn. However, the FTSE All World and S&P 500 fell by 3.5% and 5.4% over the quarter, due to global geopolitical uncertainty.
Quilter saw particularly strong growth amongst the adviser platforms in the first quarter, seeing 18% of all adviser channel platforms’ gross flows and a 44% of net flows, and holding the top spot on both tables.
Aviva also had a strong quarter with 11% of gross flows and 25% of net sales in the adviser channel. Transact saw 11% of gross flows and a 21% of net flows.
The remaining adviser platforms saw gross inflows of £11.45m net outflows of £520.8m.
Top 5 adviser platforms by net sales Q126
Platform | £m | % |
Quilter | 2,824.8 | 44.3 |
Aviva | 1,624.3 | 25.5 |
Transact | 1,329.8 | 20.9 |
7IM | 619.0 | 9.7 |
AJ Bell | 500.0 | 7.8 |
Source: Fundscape, 14 May 2026
For all platforms, including D2C, gross flows were £51.3bn, a rise of 10% year on year (Q125: £46.8bn).
Net flows were £13bn, a rise of 15% from the £11.3bn net flows seen in Q1 2025.
Assets remained flat with a £4m growth to £1,322.4bn.
Bella Caridade-Ferreira, CEO of Fundscape said: “Q1 was a strong quarter despite the impact of the Iran war. The underlying demand for advice and long-term investment remains intact. Budgetary changes have redirected a wedge of flows into bonds, and the trend will continue to grow as more platforms add bonds to their product ranges. For now, Quilter, Aviva and Transact are capitalising.
“Looking ahead to the second quarter, the ISA season will cushion the industry, and the advice pipeline looks comparatively healthy. But much depends on whether the geopolitical and domestic noise settles before the end of the quarter. If it does, Q226 could yet surprise on the upside. Anything beyond that is wishful thinking.”