Bank of America upgrades Quilter to 'Neutral' on adviser headcount growth

‘Passed the trough’

Bank of America has upgraded Quilter to a ‘Neutral’ rating following the firm’s results yesterday (8 August), noting that it has “passed the trough”.

Analysts Andrew Sinclair, David Barma and Freya Kong cited Quilter's growing financial adviser headcount, gaining nine throughout H1 (0.6% growth) after a 19% decline since 2020. Quilter shares surge 13% on profits jump despite weaker inflows The analysts had previously cited the "relentless decline" in adviser headcount as their "key reason to be bearish", but the turnaround had pushed their expectations for the firm. "This is critical for us. We believe financial adviser headcount is Quilter's 'right to win' and that it acts as a leading indicator for future new business flows," ...