Fidelity FundsNetwork was the most popular platform among IFAs in the last 12 months, according to research by financial consultants NMG.
The NMG May IFA Census, which was published last week at the Tax Incentivised Savings Association’s wraps and platforms seminar, shows that FundsNetwork was used by 40 per cent of IFAs in the 12 months to May 31, closely followed by Skandia with 39 per cent and Cofunds with 35 per cent.
The study shows over 90 per cent of advisers now use platforms, with fund range the most important driver for platform selection, followed by charging structure.
Advisers say they place over half of new business on platforms and believe that will rise to almost 80 per cent of new business within five years.
Axa Elevate has the most loyal IFAs, with 100 per cent of advisers saying they are likely to continue to use it.
Two-thirds of advisers use between two and four platforms and only 5 per cent use five or more different platforms.
NMG executive director Jonathan Gunby says: “The really important thing for platforms is scale. The larger platform providers will find that high use is accompanied by high loyalty from advisers.”
Concept Financial Planning managing director Paul Richardson says: “Even though the likes of Fidelity and Skandia have got market share, the most important thing is making money and providing a great service and the smaller guys can do that.”