Despite market turmoil in recent times, platforms enjoyed their best net sales for 3 years in Q1, according to platform consultant Fundscape.

Gross sales reached a record of £47bn with £24bn, more than half, through the adviser channel.

Quilter topped the adviser sales channel with a new high of £4bn in net sales while Aegon topped the all channel section with £10.6bn in sales.

Fundscape said: “Despite Trumponomics, looming IHT changes and persistent economic uncertainty, investors remained resilient.

“Gross flows reached a record £47bn (£24bn via adviser platforms), while net sales delivered their strongest performance in three years, rising sharply against the previous quarter. Several platforms set new records. Quilter posted new highs for both gross and net sales, breaking through £4bn and £2bn respectively for the first time.

“Transact also hit a new gross sales peak, while its net flows were above £1bn for the first time in three years. These successes reflect the strength of Quilter and Transact’s propositions and adviser support.”

Fundscape said that against a “volatile geopolitical backdrop”, it was no surprise to see stock markets yo-yoing throughout the first quarter and dragging down platform industry assets. Nevertheless, robust net sales helped assets remain steady at £1.1trn (£687bn for adviser platforms). However, without Nucleus’s addition of c£7bn in Third Financial assets, total assets would have fallen. 

Bella Caridade-Ferreira, CEO of Fundscape, said: “Despite global turmoil, the UK stock market rose 5% in Q1, providing investors with a timely buy signal and driving tax-year-end business to new heights. It was a strong quarter for most platforms. 

“Looking ahead, 2025 is shaping up to be a positive year for the platform sector. There have already been two base rates cut with more expected, which should encourage investors out of cash and into investments. Harder to predict is what will happen in Q2 — Trump’s Liberation Day coincided with the last week of the tax year, so ISA activity is likely to have been hit hard.”

Source: Fundscape

Source: Fundscape

• The Platform Report published by Fundscape covers a total of 19 platforms and Fundscape estimates platform coverage is 98% of the platform universe.