Quilter’s Record Flows Cement Its Lead in the UK Advised Wealth Race
Another Record Half
Quilter kicked off its 2026 interim results with a refrain that is becoming familiar to investors: “Core net flows were up to a record GBP 6 billion. That’s up over 30% on last year and 2025 was a record too.” (“Core net flows were up to a record GBP 6 billion. That’s up over 30% on last year and 2025 was a record too.” — Steven Levin, CEO · 2026-08-06) The company is clearly firing on all cylinders, with the dual-channel model of platform and HNW advice delivering compound growth of over 100% in net inflows since 2023.
The platform business is the engine room. Assets under administration now stand at GBP 118 billion, up from GBP 69 billion in June 2023. The market share of new business has risen from 12% to 18%. As CEO Steven Levin put it, “We are the largest and fastest-growing platform amongst the large advice industry players.” (“We are the largest and fastest-growing platform amongst the large advice industry players.” — Steven Levin, CEO · 2026-08-06) The trajectory is supported by a structural shift in the industry: flows are consolidating into a handful of winners, and Quilter is taking about 50% of the industry’s total net flows.
Flow Momentum Meets Margin Discipline
What makes this report particularly encouraging is that growth is being achieved without sacrificing profitability. Adjusted profit rose 12% to GBP 112 million, while the operating margin held at 30% despite elevated investment in technology and branding. CFO Mark Satchel noted, “Costs are in line with the guidance I set out in March as we continue to invest in the growth of the business.” (“Costs are in line with the guidance I set out in March as we continue to invest in the growth of the business.” — Mark Satchel, CFO · 2026-08-06) The cost guidance for the full year remains between GBP 530–540 million, with the company confident in the scalability of its platform model.
The margin story is underpinned by a focus on adviser productivity, which has risen from GBP 2.7 million to GBP 3.9 million per adviser over the past few years. This is not just about process improvement; the company has rolled out “market-leading AI tools” (“market-leading AI tools” — Steven Levin, CEO · 2026-08-06) to free up adviser time. Management believes productivity can double in the medium term, a view that underpins confidence in further margin expansion.
We have materially beaten that again this reporting period.
Raising the Bar on Net Flows
Perhaps the most important strategic update in this release is the decision to abandon the old 4–5% net flow guidance. “From the position of strength we have placed ourselves in, our expectation is that we should continue to achieve peer-leading net flows, which we expect to be above 4% to 5% for the foreseeable future.” (“From the position of strength we have placed ourselves in, our expectation is that we should continue to achieve peer-leading net flows, which we expect to be above 4% to 5% for the foreseeable future.” — Mark Satchel, CFO · 2026-08-06) This is a formal acknowledgement that the company has moved into a new league. The Net flow performance is now firmly peer-leading, with net inflows at 9% of opening assets, up a full percentage point year-on-year.
The Targeted Support initiative, which leverages the new Quilter Invest direct-to-customer business, is still in its infancy but is being positioned as a long-term growth driver. The unique twist is the partnership model with advisers, where advisers can refer smaller clients to Quilter Invest while retaining oversight. This is a smart way to address the advice gap without cannibalizing the core advice business.
What to Watch
The key risk remains the U.K. political environment. With speculation ahead of an October budget, CEO Steven Levin was direct: “Continuous speculation is very unhelpful and continuous changes in long-term regimes like pension regimes, which are sort of a long-term commitment, effectively a contract between the sort of government and the citizens about how tax works on pensions.” (“Continuous speculation is very unhelpful and continuous changes in long-term regimes like pension regimes, which are sort of a long-term commitment, effectively a contract between the sort of government and the citizens about how tax works on pensions.” — Steven Levin, CEO · 2026-08-06) While the advised business is more resilient than D2C platforms to such speculation, it remains a watch item.
Another area to monitor is the revenue margin, which continues to drift lower as clients move towards passive and blended solutions and as average account sizes grow. However, this is a positive dynamic: more assets and more clients at the expense of a few basis points of fee rate. The operating leverage in the model should more than compensate.
Overall, this is a company that has clearly found its stride. The combination of record flows, market leadership in both platform and MPS, and a credible path to mid-30s operating margins makes Quilter a name to watch in the U.K. wealth sector.