Royal London expects the migration of Ascentric assets to the new Bravura-backed platform to be completed by the end of the year.
Money Marketing reported in July Royal London-owned platform Ascentric had transferred just 10 per cent of assets to its new platform with no date confirmed for the next phase.
However, Royal London chief executive Phil Loney has now confirmed more advisers will be moved onto the new platform in the second half of the year and expects the migration to be completed in 2018.
He adds the migration is “going well” and Royal London is “not getting as much noise as other people” when it comes to replatforming.
Loney cites figures in Royal London’s half-year trading results published today as evidence it is holding market share in the platform space despite the challenges of deploying new technology.
These show Royal London’s platform business reported gross inflows of £1.4bn, which was the same result as the first half of 2017.
Net flows were also the same as the first half of 2017 at £612m while assets under administration in the platform business increased by 5 per cent to £15.1bn from £14.4bn at 31 December 2017.
Royal London is spending £600m to upgrade IT on all platforms across the business which includes the new platform.
Loney adds: “We are not taking a big bang approach to launching the platform and our gradual approach shows we are testing and fixing things.
“We are excited about the future and believe there is a need for a platform which offers high-net worth individuals multiple investment solutions.”