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The Platforum: Which advised platforms are seeing the biggest growth?

Assets on advised platforms rose to £274.41bn as at the end of March, a jump of 3.4 per cent for the quarter.

The latest UK Adviser Guide, released this week, shows the biggest assets under administration movers were Cofunds, Standard Life, Skandia and FundsNetwork, although unlike the end of 2013, only Cofunds added over £1bn to its AUA figure. In a period of slower growth for platforms in comparison to Q4, only two platforms with over £1bn AUA saw percentage gains in double figures in Q1 14. They were Aegon and Aviva registering increases of 22 per cent and 13 per cent respectively. 

Sales through platforms have started the year strongly and data from Matrix Solutions shows £11.33bn of new business was written on platforms in Q1, up from £11.12bn in Q4.

Only the big three platforms – Cofunds, FundsNetwork and Skandia – have consistently remained in the top five by AUA since 2009. Standard Life, James Hay, Transact, SEI and AJ Bell Sippcentre have all moved in and out at various stages; sometimes due to growth, more often due to platforms changing how they report data.

Platforms have made a strong start to the year, but it feels slightly muted when compared to the finish they made in 2013. They have got some interesting challenges, and opportunities, ahead what with the Budget and the launch of the New Isa in July. There is also the potential to offer further retirement and drawdown services to consumers, should there be a big shift from annuities.”

Freddie Findlater is head of adviser platforms at The Platforum

Platforum market share May 2014.jpg
Platform AUA as at 31st March 2014

Cofunds

£65.61

FundsNetwork

£48.70

Skandia

£29.52

Standard Life

£20.33

Transact

£15.65

James Hay

£15.64

AJ Bell Sippcentre

£14.08

Elevate

£7.89

Ascentric

£7.63

Nucleus

£6.78

Others

£42.58

Total

£274.41

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. How interesting – all insurance company owned platforms – I wonder how much business was ” transfer ” business, or churned ? I will be interesting to see how much of each platform is ” New Business ” , and how much is transfer/churned ?

  2. @ Ian Lees 8.23
    It is totally irrelevant as we are being encouraged by the regulator to revisit clients interests and if “cheaper” or better products out there or the client will be no worse off then they should be moved. Really need to get away from thinking that all transfers/re-reg etc are “churning”. This term is banished to the history books along with commission. If it is in the clients best interest to move then it should be done and we should be paid for product sale. It is the regulators view that cheap is best and while this is rarely true in investments who are we to argue? Don’t get too hung up on it Ian. Business is business and this type of business can be of benefit to the clients and profitable for us.

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