More customers are opting for our simple no-nonsense subscription pricing, and the benefit of a trusted reliable service that offers fresh investment insights.
Richard Wilson, ii Chief Executive, says:
“I am pleased to report another quarter of consistent growth, ending a year which has seen record levels of new customer subscriptions, asset flows, and trading volumes. More customers are opting for our simple no-nonsense subscription pricing, and the benefit of a trusted reliable service that offers fresh investment insights.
25% of our new customers in the quarter are under 35 and showing an interest in investing for their financial future – many for the first time. We also experienced strong net transfer volumes from existing investors. Over 80% of transfers made were inbound, primarily from life companies and other DIY investment platforms.
During one of our busiest trading periods to date, which included the announcement of the Pfizer vaccine breakthrough on 9 November, we focussed on maintaining a reliable service and our Trustpilot score remains excellent at 4.7, the highest in the sector.
The appeal of ISAs is obvious, given uncertainty over future taxation rates, and particularly stocks and shares ISAs instead of cash ISAs in a low interest environment. There was a 240% increase in ISA accounts opened with ii versus the same period in 2019 (Q42020: 8,780, Q42019: 2,537).
Pension investors are increasingly realising that moving to our flat-fee pension can help them to retire with more. Our year-on-year growth in new SIPP accounts was up 123% (Q42020: 2,853, Q42019: 1,279) and net transfers were up 107% (Q42020: 4,260, Q42019: 2,060). Half of transfers to ii were customers from life companies taking advantage of the huge savings to be made.
We continue to promote the interests of retail investors, and have created the Private Investor Index to provide an important barometer for investor trends and performance. We also enhanced our ethical investing offering by expanding our Quick Start range and broadened our rated list to ACE 40 from ACE 30.
The new financial year has begun in line with our expectations, with strong asset flows and account opening. In 2021 we will continue to invest in enhancing customer experience and service to support the investment needs of our growing customer base.”
*New customer and net new business numbers do not include customers and assets acquired as a result of the Share Plc acquisition in July this year.
To find out more about ii’s strong business model and how we have evolved as a business you can view our recent quarterly trading updates, HY 2020 trading update and results from the last three financial years below.