Direct investment platforms are growing faster than the advised market. Is this simply a story about apps and advertising—or an early signal that people are changing the kind of help they want?
By Steve Conley, Founder, Academy of Life Planning
30 September 2026
For years, the familiar message has been: financial decisions are complicated, so find someone you can trust to make them with you—or for you.
But what happens when people have better tools to understand those decisions themselves?
A Citywire article published on 29 September reports quarterly growth of 12% for direct-to-consumer investment platforms, compared with 9% for the advised market.
One quarter cannot establish a lasting change. But it raises a question worth taking seriously:
Are these indicators pointing to a greater shift from advice to agency?
What the evidence actually tells us
Direct-to-consumer, or D2C, platforms allow people to open and operate investment accounts directly, rather than accessing them through an adviser.
Separate research from Fundscape puts D2C assets at £590.5 billion at the end of the second quarter of 2026, up 11% over the quarter. It also reports record quarterly net inflows of £12.7 billion. Its figures are a separate measure from Citywire’s headline comparison.
There is supporting evidence at provider level. AJ Bell’s update for the quarter ending 30 June shows its D2C customer numbers growing by 7%, compared with 1% in its advised channel. Net inflows were £2.4 billion and £0.6 billion respectively.
These figures show substantial activity in the direct channel. They do not tell us whether those customers previously used advisers, are investing for the first time, or are combining direct investing with professional help.
Nor does faster growth in platform assets prove better investment performance. Asset growth includes market movements, contributions, transfers and withdrawals. AJ Bell reported favourable market movements equivalent to 9% of opening platform assets that quarter.
If direct investors achieve comparable or better returns after charges at comparable risk over meaningful periods, that would strengthen the case for managing investments independently. These particular figures do not establish that result.
The case for agency deserves evidence strong enough to carry it.
Apps remove friction. Can AI build capability?
An app can make it easier to open an account, contribute money and see what you own. Advertising can bring that option to your attention. AJ Bell explicitly credits its low-cost, easy-to-use proposition and investment in brand and marketing for its growth.
AI introduces another possibility: helping people understand the decision before they act.
Used thoughtfully, it can help someone explore unfamiliar language, organise information, compare assumptions and prepare questions for a professional. It can also produce confident mistakes. Its usefulness depends on checking important information and recognising when specialist help is needed.
Our interpretation is that these tools could reduce some of the barriers that previously made people dependent on an intermediary. The platform figures do not measure that effect yet.
Still, it is worth asking whether the next stage of digital finance will be about more than convenient transactions.
Access lets you act. Agency helps you understand why you are acting.
Direct does not automatically mean independent
Removing an adviser does not remove commercial incentives.
A direct platform still has a business model. Its commercial interests may influence what it promotes, how it presents choices and what behaviour it encourages.
An investor can own the account while still following someone else’s agenda—whether that comes from advertising, an influencer or an AI answer they have not questioned.
So the important test is not simply whether someone invests directly. It is whether they can understand their options, recognise uncertainty, assess costs and risks, and make a choice that fits their life.
Agency includes the ability to say: “I need help with this.” It also includes deciding whose help to seek, what question to ask and what the service is worth.
A different role for human expertise
Imagine someone approaching retirement. Operating an investment account may be relatively straightforward. Deciding how work, health, family responsibilities, housing and income fit together may require much deeper thought.
That person might want help planning their next chapter, testing assumptions or navigating a difficult decision. They may need a regulated adviser, solicitor, accountant or another specialist for a particular issue.
The opportunity is to make that expertise available around the person’s needs, while strengthening their ability to manage everyday decisions themselves.
For professionals, the question becomes: what capability does the client gain from working with me?
Investment performance is one possible source of value. Others include helping someone avoid a consequential mistake, understand a complex situation or follow through on a plan. Each deserves to be made clear and assessed against its cost.
People do not need to beat the experts to benefit from owning their decisions.
What would confirm the shift?
We should watch more than platform assets. Useful evidence would include:
- Sustained growth in direct customer numbers and net contributions across several providers and market conditions.
- Research explaining whether people are leaving ongoing advice, entering investing for the first time or using both channels.
- Comparisons of outcomes after all relevant charges, allowing for risk and investor behaviour.
- Evidence that people understand their choices better, avoid harmful mistakes and seek expertise when appropriate.
That final measure matters most to the Academy. A bigger direct market could coexist with widespread confusion. Growth becomes meaningful for our mission when it comes with greater human capability.
The alternative we are building
At the Academy of Life Planning, agency means being able to understand, choose and act in your own life.
Our approach connects AI tools, education and practical planning with human support. Total Wealth Plans provides the AI operating system; the Total Wealth Planner provides human support when needed. The person owns their plan and remains the decision-maker.
The principle is continuous agency, episodic expertise.
We see the latest platform figures as a signal worth investigating. They are consistent with a market in which more people access investments directly. Whether that develops into a broader shift towards agency depends on the capability and support built around them.
That is the opportunity we want to help create.
The next question is not only, “Who do you trust with your money?” It is, “What would help you trust your own judgement?”
Explore the Academy’s approach at academyoflifeplanning.com, or start your life-planning journey at totalwealthplanner.com.
Source note: This article responds to Citywire’s publicly accessible headline and introduction, alongside independently published Fundscape research and AJ Bell results. It does not reproduce or summarise the discussion behind Citywire’s sign-in requirement.
