Advisers back smaller platform market

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Two thirds of advisers say a smaller platform market would be good for the industry.

A Money Marketing poll of 130 advisers reveals 67 per cent back platform consolidation, with 33 per cent against.

Last week, Standard Life announced its acquisition of Axa’s Elevate platform, while L&G is thought to be close to a deal on Cofunds.

The Standard Life deal sparked speculation the long-expected consolidation of the platform market may now begin apace.

Platforum estimates that the deal will make Standard Life the third largest adviser platform based on retail assets with a combined AUA as at 31st December 2015 of £37.06bn, behind Cofunds and FundsNetwork.