Hargreaves Lansdown (HL) has signed up its millionth client following what it described as a fundamental shift in investor behaviour in the last five years.
Client numbers at the Bristol-based firm have more than doubled from 432,000 in June 2012. The rise of mobile investor has played a key role in the client surge, it said.
According to HL, nearly 60% of visits to its website are now via mobile and tablet, compared to less than 20% just five years ago.
Additionally 72% of those aged 18 – 19 accessed the HL website via mobile in October 2017 compared to 56% in February 2017
The firm also noted that fund trades via mobile had almost quadrupled, while share trades more than doubled in the last two years.
'Our digital and mobile strategies have also been key to our success,' said HL chief executive Chris Hill.
'The way people want to manage their money is moving rapidly from the desktop to mobile devices and we have seen significant change over the last five years.'
HL launched a mobile app at the beginning of the year, with updated features like a fingerprint log in, stop losses and limit orders on trades, and overseas share dealing.
It said it had seen an increasing proportion of both fund and share trades being placed via the app.
'Online still remains investors’ favourite way of placing fund trades, with 82.7% of deals placed this way in Q3. The remaining proportion of deals were placed by telephone and post (4% and 4.6% respectively),' the firm said.
'Meanwhile there has also been an increase in the proportion of share trades being placed via app, from 10.1% in Q1 to 15.9% in Q3 2017. In the latest quarter 82.2% of share deals were placed online, with the remaining portion being placed either by telephone or by post (1.4% and 0.5% respectively).'
HL said it now has over 550,000 downloads of its mobile app.
It added that three in every five new accounts opened on mobile are by people aged 19 – 35. This compares to just one in five accounts on traditional desktops.
Meanwhile nearly half (48%) of all mobile trades are completed by people aged 44 or under, according to the firm. This compares to just 25% of all desktop trades completed by the same age bracket.