Advised platforms record highest ever outflows in 2023

More money was taken out of platforms in 2023 than in any other year. Outflows were £14.89bn in the final quarter of 2023 alone, and £53.18bn for the year, up by more than a third (36.34%) on 2022's total of £39.01bn. The Lang Cat said the record outflows "showcase the persistent trend" of increasing withdrawals from individual savings accounts (ISA) and pensions across various platforms. Despite the outflows, advised platform assets and gross sales showed signs of improvement in the final quarter of 2023. Assets under management for advised platforms (21 in total) increased by 5.3...