Financial services platform Hargreaves Lansdown saw a dip in shares after attracting a record number of new customers in the last year, which pushed up its costs.
Hargreaves attracted 233,000 net new clients and £8.7bn of net new business in the period, taking its total client base to 1.645m and assets to £135.5bn.
Chris Hill, chief executive officer, says investing has seen a generational shift, and a move to digital services.
“The pandemic has accelerated two trends that were already evident to us: a permanent shift to digital; and a change in the demographic mix. Demand for our digital services has soared with 393 million digital visits and 98% of trades being done online.
“In FY21, 83% of our new clients were under 55, as we saw younger clients showing an interest investing and saving, prioritising financial resilience as they benefit from the transition of wealth from older generations.”
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