Transact has replaced Axa Elevate at the top of The Platforum leaderboard for the third quarter of 2012, with AJ Bell Sippcentre in second place and Elevate in third.
The leaderboard has been published today and looks at platforms’ performance across financial strength, percentage increase in assets under administration, functionality and price on a quarterly basis. It included the reviews of 2,400 advisers. Nucleus came in fourth place with Skandia in fifth.
True Potential topped the “user leaderboard”, which is voted for by advisers after ousting Nucleus which had been top for five consecutive quarters. Nucleus and Transact came in second and third respectively while Sippcentre and Seven Investment Management made up the top five.
Figures from The Platforum show Transact saw assets under administration increase 5 per cent in Q3 to £12bn from £11.4bn in Q2, Sippcentre assets rose 9 per cent from £12.6bn to £13.7bn.
Elevate saw its AUA rise 11 per cent to £4.8bn from £4.3bn with Nucleus increasing assets 8 per cent from £3.9bn to £4.3bn. Skandia’s assets increased 4 per cent to £40.6bn from £39bn in Q2.
The Platforum figures show total platform assets now sit at £205bn, compared to £191bn at the end of Q2, an increase of 7 per cent.
The Platforum managing director Holly Mackay (pictured) says: “We are careful to position The Platforum leaderboard with advisers as a collection of many factors, rather than a specific recommendation. We try to help them match their requirements to any one platform’s strengths.”
Forty Two Wealth Management partner Alan Dick says: “Transact does exactly what it says on the tin. It does not make outlandish promises or try to offer lots of bells and whistles and that is why it is consistently rated highly.”