Investment platform users rise to all-time high in Q1
Customer numbers rise an average 3.1% across all providers
DIY investment platforms and robo advisers saw account numbers soar to an all-time high during Q1, amid growing investor appetite and despite the coronavirus stockmarket crash, according to analysis from Boring Money.
Assets held by the UK's DIY and robo platforms fell 13.4% in Q1, the research firm said, but that was largely attributed to the sharp falls in global stockmarkets rather than a loss of appetite from investors.
In fact, customer numbers on average rose 3.1% across all providers.
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Holly Mackay, managing director at Boring Money, said: "Although it is too soon to have a fuller picture of what Q2 numbers will look like, we know that investor appetite remains high. We anticipate customer numbers will continue to grow.
"Platforms have reported strong trading activity and we have not seen the exodus that other market crashes have heralded in the retail space.
"Our research indicates that after the crash, 54% of investors were planning on buying, with trackers and global solutions being the preferred route. Just 2% reported they were planning to sell."
The average fall in assets across the UK's six largest providers - Hargreaves Lansdown, interactive investor, Fidelity, AJ Bell, Barclays and Halifax - stood at 15.1%
Robo advisers saw mixed results, with some seeing growth of as much as 14.4% and others declining by 5.9%.
Vanguard, meanwhile, bucked the trend, posting 14% growth in assets to reach £2.6bn in the UK. The US-based firm also saw the fastest growth in customer numbers, at 35%.
Hargreaves Lansdown saw growth of 7.4%, outstripped by both PensionBee and AJ Bell Youinvest at 14% and 13% respectively.
