The firm also saw IFRS profit before tax (attributable to shareholder returns) more than doubling from £7m to £18m.

Assets Under Management and Advice rose by 13% year on year from £101.7bn to £113.8bn.

While the inflows and profit figures showed strong growth the firm also confirmed it would press ahead with a review of how its appointed reps served clients.

The firm also confirmed that its Quilter Cheviot investment arm has received regulatory approval to provide advice from September. Quilter said the move would allow it to bring its advice and investment management teams together in a single regulated entity. A phased client transition will be completed by the end of Q1 2025.

CEO Steven Levin said 2024 first half performance saw “record first half adjusted profit”, higher platform flows and “very significant growth in the IFA channel” as well as good progress on efficiency initiatives.

He said: “We delivered a strong performance in the first half of 2024, combining record adjusted profit, consistently strong Quilter channel flows, significantly increased Platform IFA flows, and good progress on delivering our efficiency initiatives. Our work to transform Quilter is delivering tangible results, but we have more to do to reach the ambitious goals we have set for ourselves.”

Core gross inflows of £7.4 billion were up 35% (H1 2023: £5.5 billion), with the second quarter contribution higher than the first, the firm said.

Quilter said there was good performance from the Quilter channel in both High Net Worth and Affluent segments and significantly improved IFA channel flows onto the Quilter Platform.

One potential cloud on the horizon is a review of part of its appointed rep network.

In its preliminary results in March, the group committed to undertake a review of historical data and practices across the Appointed Representative firms in the Quilter Financial Planning network. The review will investigate if the AR Firms in the QFP network met their ongoing servicing obligations to customers and, if not, "remediate customers" appropriately.

Quilter said that following discussion with the FCA, this review is being conducted by a Skilled Person, and the Skilled Person was appointed in June. The group expects to provide an update on the review by early 2025.

The interim dividend of 1.7 pence per share is equal to one third of last year’s Total Dividend (H1 2023: 1.5 pence per share).

Looking ahead, Mr Levin said the firm expects lower second half investment income reflecting a gradual decline in interest rates and planned capital investment to grow our business.

He added that the new UK Government has the potential for changes in other taxes, such as CGT or IHT and this is likely to stimulate demand for financial advice. He said the firm was “actively positioning” itself for the Advice Guidance Boundary Review which may pave the way for limited-advice financial products.