Quilter has said it intends to provide an update on its review into ongoing advice fees in March.
It committed to undertake the review of historical data and practices across the Quilter Financial Planning network of appointed representative firms in March 2024.
A skilled person was then appointed to carry out the independent review the following month.
It came after the Financial Conduct Authority (FCA) wrote to 20 of the biggest advice firms in February 2024, requesting information about their ongoing advice fees.
At the time, Quilter has said the review may result in the company incurring “remedial costs” – but said it was “too early to quantify” how much they would be.
Quilter provided the timeline for the ongoing advice update in its Q4 2024 results, published today (22 January).
The results show the firm reported record core net inflows of £5.2bn in 2024.
Performance in Q4 was the strongest of the year, with core net inflows of £2bn, representing 7% of opening assets under management and administration (AuMA).
Quilter also recorded record quarterly platform net inflows of £1.9bn, representing 9% of opening AuMA.
The strength of Quilter’s platform proposition has been demonstrated by higher business volumes.
Fourth quarter Quilter channel gross and net inflows onto the platform increased by 22% and 32%, respectively, year-on-year.
IFA channel gross inflows onto the platform increased by 91% year-on-year, while net IFA inflows of £1.2bn were significantly higher compared to Q4 2023.
Overall, group AuMA stood at £119.4bn at the end of December 2024.
In the high-net-worth (HNW) segment of Quilter’s offering, new business remained strong.
Ahead of the Budget on 30 October, it said it experienced some “asset repositioning” as clients accelerated disposals ahead of expected changes in capital gains tax.
However, despite these higher outflows in October, fourth quarter net inflows of £208m represented 3% of opening AuMA.
Finally, the Affluent segment of Quilter’s business also delivered another strong quarter, with year-on-year increases in gross inflows of 58% to £3.9bn.
Quilter chief executive Steven Levin said: “Our performance in 2024 demonstrates the strength of our two scale distribution channels.
“We are the UK’s largest discrete adviser platform and, we believe, the fastest growing among our larger company platform peers.
“Our scale and distribution reach makes us uniquely positioned both to serve our customers well and to benefit from the secular growth opportunity that the UK wealth market offers.”
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