There were record gross sales and outflows for advised platforms in the last quarter of 2025.
Gross sales climbed 12.91% to £26.01bn in Q4 2025.
There was a total of £92.83bn in gross sales during 2025, including transfers of existing business onto platforms as well as new money being invested.
Outflows hit new highs during the quarter with £21.87bn withdrawn as Budget rumours ran rampant.
Advised platform AUA grew by 4.12% to £738.63bn, despite the high outflows.
The spike in outflows means net sales this quarter were £4.15bn, -19.55% compared to the previous quarter and -12.31% on Q4 2024.
Annual net sales for the year were £20.46bn though, up 43.62% on 2024’s total of £14.24bn.
Rich Mayor, senior analyst at consultants The Lang Cat, said: “The last quarter of 2025 sums up the theme of the year, albeit a bit more dramatically. Gross flows onto platform have been repeatedly record-breaking and we’re in the position now that the best five quarters for the past 10 years have been the last five.
“While the demand for advice is arguably as high as it’s ever been, gross sales include transfers between platforms and we’re seeing larger books of business moving more seamlessly when a new platform is chosen, or when a firm is acquired.”
He said the other dominant themes were rumour and volatility. “The beginning of the year saw volatile markets during the trade tariff negotiations but advised clients steadied the course and outflows fell from where they ended in 2024.”
Mr Mayor said the second half of the year was dominated by the pre-Budget rumour mill. “It started towards the end of the summer holidays and spiked in the final quarter.”
He said platforms have been reporting that outflows have since returned to more normal levels just as they did at the end of 2024 “but platforms and advisers will be hoping that this doesn’t become an annual tradition.”