Financial Planner and wealth manager Quilter has reported core net inflows of £1,507m for the quarter ended 30 September.

The net inflows represented 5% of opening assets under management and administration and were significantly higher than the strong first and second quarter levels of £810m and £923m respectively.

The firm had £116.2bn in client assets under management and administration at the end of the quarter.

The Financial Planner’s high net worth segment saw a significant turnaround with net inflows of £284m, in comparison to £116m of net outflows reported for the same quarter in 2023.

Gross flows increased to £817m, versus £775m and £757m in Q1 and Q2 respectively.

The firm’s affluent segment saw third quarter net inflows of £1,322m, in comparison to £151m in the third quarter of 2023.

Annualised gross sales per Quilter adviser were £3.1m for the third quarter, in line with the first and second quarter of this year.

The platform business also saw increased business volumes during the quarter. The platform reported quarterly net inflows of almost £1.5bn, representing 7% of opening assets under management and administration.

The IFA channel for the platform saw a 76% increase in gross inflows year-on-year with net inflows increasing to £821m (Q3 2023: £187m outflow). The Quilter channel for the platform saw gross inflows increasing 22% and net inflows increasing 31% year-on-year.

Steven Levin, CEO of Quilter, said that while the third quarter was a strong one, the upcoming Budget on 30 October could cause issues for the market.

He said: "While we look to the future with confidence, the upcoming UK Budget has introduced an unwelcome degree of uncertainty to the market.

"Given the importance of a stable tax and regulatory framework for individuals to plan their financial future with confidence, we believe that any meaningful changes proposed to the structure of UK pensions and savings should only be implemented after an appropriate period of industry-wide consultation. Additionally, any changes should incorporate transitional arrangements, as has been the general practice to date. We look forward to continued engagement with the UK Government in this regard."

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.

In its latest quarterly results, Quilter said that a skilled person was appointed to undertake this work in June 2024, and the firm expects to be able to update on the outcomes of this work in early 2025.