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Elevate tops The Platforum Q2 leaderboard

Holly Mackay Platforum 200
Holly Mackay

Axa Elevate has topped The Platforum leaderboard for the second quarter of 2012, with Nucleus in second place and Transact in third.

Skandia came in fourth place, with Sippcentre rounding out the top five.

The leaderboard, published last week, examines platforms’ overall performance in terms of financial strength, percentage increase in assets under administration and price on a quarterly basis. It also includes reviews from around 1,800 advisers.

Nucleus topped the “user leaderboard”, which is voted for by advisers, for the fifth consecutive quarter. Transact and Novia came second and third respectively.

Data from The Platforum shows Elevate’s assets under administration grew 7 per cent from £4bn to £4.3bn over the quarter while Nucleus’ assets increased 4 per cent from £3.8 bn to £3.9bn.

Transact’s assets increased 0.1 per cent from £11.39bn to £11.4bn, while Skandia saw its AUA fall 3 per cent from £40.2bn at the end of Q1 to £39bn at the end of Q2.

Sippcentre increased its assets by 3 per cent from £12.2bn to £12.6bn.

The Platforum’s figures show total platform assets have fallen 0.6 per cent to £189.2bn at the end of Q2, compared with £190bn at the end of Q1. The Platforum attributes the drop to volatile markets.

Murphy Financial associate partner Adrian Murphy says: “There are a lot of firms out there that are in the early stages of platform adoption and like the security of life company backing. That is probably one reason why Axa Elevate is seeing such large growth and popularity.”

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  1. Phillip Charlton 6th October 2012 at 5:39 pm

    I am bit disillusioned with this survey having read some bazaar results.

    Clearly some advising are voting “up” platforms without comparing with other platforms. One platform I have used has dated and poor reports compared to the new boys, yet gets a good score.

    Another has a good score for BDM support, but doesn’t really offer a BDM service!

    And as for the platforms where advisers have a vested interest in their success due to shareholdings – they will NEVER vote “up” another platform!

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