Total advised customers rose 7% year-on-year to 168,000 for investment platform AJ Bell, according to a trading update from the firm today.

Total customer numbers were 528,000 at the close of the quarter ended 30 June, a year-on-year rise of 13% and a 5% rise of the three months.

The platform broke through the 500,000 customer mark earlier this year.

The platform held £83.7bn in assets under administration as at 30 June, up 20% over the last year and 4% in the quarter.

For advised clients, assets under administration rose slightly over the quarter to £54.9bn. The adviser platform saw inflows of £1.7bn, partially offset by outflows of £1.2bn, leaving net inflows of £0.5bn for the quarter. This was in line with the same quarter of last year.

Gross and net inflows also both rose with the platform reporting quarterly gross inflows of £3.7bn (Q3 2023: £2.4bn) and net inflows of £1.7bn (Q3 2023: £1.1bn).

In the previous quarter (ended 31 March) the platform had seen £1.9bn in outflows due to transfers-out and cash withdrawals.

For the quarter ending 30 June the platform also benefited from £1bn in market movements (net of charges and taxes).

The platform’s investment management arm had a particularly strong quarter with assets under management rising 47% year-on-year and 9% in the quarter to £6.3bn. Of this £3.4bn was held on AJ Bell’s adviser platform.

Michael Summersgill, CEO of AJ Bell, said the platform expects to continue on its current growth trajectory.

He said: “We enter the final quarter of our financial year with strong momentum. Our dual-channel strategy and continued investment into our brand, technology and products puts us in an excellent position to capture further market share gains in both the advised and D2C platform markets.”