Advised platform assets under administration (AUA) increased by 4.12 per cent to £738.6bn in the fourth quarter of 2025, despite outflows reaching record highs due to pre-Budget speculation, analysis from The Lang Cat has revealed.

This also represented an increase in advised platform AUA of 14.1 per cent year-on-year.

New business onto platforms reached another all-time high in the fourth quarter, totalling £26bn and beating the previous, short-lived record set in Q3 2025 (£23bn).

Gross sales in 2025 totalled £92.8bn, comfortably the best year for new business on advised platforms.

These gross sales included transfers of existing business onto platforms alongside new money being invested.

Despite the record-breaking figures, pre-Budget speculation contributed to £21.9bn of outflows in Q4 2025, the highest quarterly outflows on record.

The annual total outflows also hit a record high, totalling £72.4bn last year.

These high outflow levels meant net sales for the fourth quarter of 2025 were £4.15bn, down by 19.6 per cent on the previous quarter and by 12.31 per cent year-on-year.

However, annual net sales were £20.5bn in 2025, an increase of 43.6 per cent on 2024’s total of £14.42bn.

“The last quarter of 2025 sums up the theme of the year, albeit a bit more dramatically,” commented The Lang Cat senior analyst, Rich Mayor.

“Gross flows onto platform have been repeatedly record-breaking and we’re in the position now that the best five quarters for the past ten years have been the last five.

“While the demand for advice is arguably as high as it’s ever been, gross sales include transfers between platforms and we’re seeing larger books of business moving more seamlessly when a new platform is chosen, or when a firm is acquired.

“The other dominant themes were of rumour and volatility. The beginning of the year saw volatile markets during the trade tariff negotiations but advised clients steadied the course and outflows fell from where they ended in 2024.

“The second half of the year saw the pre-Budget rumour mill start towards the end of the summer holidays and spiked in the final quarter.

“Platforms have been telling us that outflows have since returned to more normal levels – just as they did at the end of 2024 - but platforms and advisers will be hoping that this doesn’t become an annual tradition.”

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