Gross inflows into Quilter’s platform from IFAs rose 91% year-on-year during the fourth quarter of 2024.

The platform saw £1,255m of net inflows from IFAs in the quarter, in comparison to £6m of inflows in the fourth quarter of 2023.

Overall gross and net inflows onto the platform through all channels increased by 22% and 32% respectively (year on year) with the platform seeing £1,919m of net inflows in the fourth quarter. The inflows during the quarter representing 9% of opening assets under management and add advice for the platform.

The Quilter group reported record net inflows of £2bn in the fourth quarter, leaving the wealth management group with core net inflows of £5.2bn for 2024.

The fourth quarter net inflows were 30% higher than the previous record recorded in the previous quarter, and were significantly ahead of the firm’s first half quarterly run-rate.

Quilter’s affluent segment delivered a strong quarter with a 58% increase in gross inflows to £3,914m (year-on-year). Lower year-on-year outflows contributed to fourth quarter net inflows of £1,832m (Q4 2023: £287m).

The high net worth segment saw gross inflows of £767m for the quarter, broadly in line with previous quarters. Despite higher outflows in October ahead of the Budget, the segment saw fourth quarter net inflows of £208m (Q4 2023: £76m net outflows).

Quilter channel annualised gross sales per Quilter Adviser were £3.3m in the fourth quarter, modestly higher than the £3.2m achieved in the first half.

Steven Levin, CEO of Quilter, said its fourth quarter results demonstrate how the strategic initiatives the firm has put into place over the past few years have started to deliver results.

He 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 amongst 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."

The wealth manager also updated investors on its ongoing skilled person review as part of the FCA’s ongoing advice review. The firm said it expects to be able to provide some insight into this review within its 5 March financial results.