Just about 3 in 10 advisers modified platform in previous yr






Just about 3 in 10 advisers (28%) have modified a number of in their most popular platforms within the closing three hundred and sixty five days, in step with a brand new survey.

The determine is a vital upward push at the earlier yr when just one in 5 (19%) modified a platform.

In step with figures from Defaqto’s newly-released annual Platform Carrier Assessment for 2023, advisers are now not proscribing themselves to a unmarried monetary services and products platform.

Defaqto says this alteration in technique could also be a transfer by way of advisers to “beef up reports” for his or her purchasers forward of the Client Accountability law which arrives this summer season.

The yearly survey carried out by way of the scores and knowledge supplier, seems at how happy monetary advisers have been with their most popular suppliers and known the place expectancies have been being met.


Aviva stays advisers’ most popular platform supplier and has larger make stronger by way of 5% this yr. Quilter remained in 2nd position.

In one of the most most effective strikes on the most sensible of the desk, Constancy Adviser Answers gained sufficient nominations to nudge AJ Bell and Transact into fourth and 5th positions respectively and take 3rd position.

In general, 16 suppliers gained enough adviser nominations as most popular suppliers to be awarded a Defaqto provider score.

Defaqto Survey: Best 10 most popular suppliers

  1. Aviva
  2. Quilter (Outdated Mutual Wealth)
  3. Constancy Adviser Answers
  4. AJ Bell
  5. Transact
  6. abrdn (for Wrap)
  7. abrdn Carry
  8. Hubwise Securities
  9. Aegon Platform
  10. Wealthtime

Supply: Defaqto

Hubwise was once the platform with the best build up in make stronger. The vast majority of the decrease part of the desk remained in line with closing yr, excluding Advance by way of Embark and Nucleus Monetary Crew.

Defaqto added that post-Covid advisers have been “extra assured” about converting platforms. The selection of advisers converting platforms has been continuously expanding every yr since 2018, excluding a slight drop in 2021.

Darren Winfield, perception guide (Wealth Control), at Defaqto, mentioned: “The consolidation of the monetary recommendation marketplace, this means that we’re seeing a decline within the selection of small companies, may be impacting platform distribution offers.

“Advisers are shifting purchasers over to their most popular platform and even changing into platform operators themselves to scale back prices for purchasers and meet their PROD necessities. Advisers want to have readability with their number of platform and be ready for Client Accountability and make certain that their platform of selection may be able.” 

Defaqto additionally known the highest acting suppliers in 11 provider house classes together with new industry management, reporting and technical help.

Wealthtime and True Attainable made a lot of appearances within the most sensible 3 placements for pleasure throughout all classes, as they did in closing yr’s evaluation, and have been joined this time by way of Hubwise.

Nucleus Monetary Crew and Constancy Adviser Answers additionally accomplished a just right set of pleasure rankings with 5 appearances apiece within the most sensible 3 for pleasure.

General, the business is assembly or exceeding advisers’ expectancies in six of the provider house classes. That is up from most effective 4 closing yr, highlighting a marked growth in adviser pleasure, Defaqto mentioned.

The overall Platform Carrier Assessment 2023 is to be had right here.

• Defaqto carried out the survey of economic advisers between August and September 2022.

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