Our customers recognise the value of our transparent and modern pricing model, which delivers clarity and long-term savings.
Richard Wilson, ii Chief Executive, says:
"I am pleased to report continued strong growth in an unprecedented and challenging environment. We have welcomed record numbers of new customers, including a significant increase in younger investors, and seen record levels of new assets added to the ii platform.
Our customers recognise the value of our transparent and modern pricing model, which delivers clarity and long-term savings. Independent research shows that using our monthly subscription service a typical ISA customer*[i] can save over £30,000 in fees over 30 years compared to Hargreaves Lansdown and over £15,000 compared to AJ Bell. And earlier this year we announced free regular investing on all UK products as we continue to make long-term investing simpler and cheaper.
It is important to us that we help investors to make the choices that are best for them. Our recommendations are proudly impartial, featuring investment trusts, funds, ETFs, and active and passive options. Since launching the UK’s first ethical rated list in 2019, we have continued to add features to help investors who want to explore this important and growing area.
To assist in navigating these uncertain times our customers have been able to take advantage of ii’s tools and insight, particularly our popular news hubs on the impact of Covid-19 and on international trading. We have also further digitised document handling, mindful that customers may have less access to solicitors and postal services.
Our overarching priority throughout the pandemic has remained the welfare of ii staff, the vast majority of whom have worked remotely throughout. I am proud to say that through their efforts all customers have continued to have full access to all services the Group normally provide; we have not furloughed any staff nor have we sought any Government assistance. Indeed, we have hired a significant number of staff in the period to meet increased demand.
On 3rd July we completed the acquisition of Share Plc and we are now working on migrating these customers onto the ii platform, enabling them to benefit from our depth of product and original insight, and our cost-effective, class-leading service.
A safe harbour for our customers’ assets has never been more important. ii has a resilient operating model with diverse revenue streams and derives around 30% of its revenue from monthly fee income, which is not dependent on trading volumes, stock market movements or interest rates. Thanks to our digital efficiency the company will remain profitable even in a low interest rate or reduced trading volume environment. As well as being robustly profitable the company has a strong balance sheet with net assets of £144m and no debt.
To find out more about ii’s strong business model and how we have evolved as a business you can view our HY 2020 trading update, Q1 2020 trading update and results from the last three financial years below.