Advisers removing clients' assets from platform giants

Laura Miller
clock • 2 min read

Advisers are moving clients' assets away from old-style fund supermarket platform giants that typically favoured rebates, ahead of next April's switch off of the payment method, according to research by Platforum.

Figures from a Q2 report by the research and consultancy firm, quoted in a white paper by adviser-controlled platform Nucleus, suggested advisers are walking away from older provider-owned fund supermarkets. The latest Platforum report asked advisers from which platforms they were moving clients' assets away. Cofunds topped the list at 50% of responses, followed by FundsNetwork at 37% and Old Mutual with 24% (see graph below).     Nucleus said the figures relate to the use of rebates to pay for the cost of the platform and to facilitate adviser trail commission, which wil...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Wealthtime signs ten-year deal with Wipro to overhaul platform

Wealthtime signs ten-year deal with Wipro to overhaul platform

The firm will use Wipro's artificial intelligence

Sahar Nazir
clock 01 April 2025 • 2 min read
Adviser platform assets up to £616.2bn in 2024

Adviser platform assets up to £616.2bn in 2024

Strong advised platform new business throughout 2024

Jenna Brown
clock 19 March 2025 • 3 min read
Aberdeen's Kenny: 'We need to get our flows into positive territory'

Aberdeen's Kenny: 'We need to get our flows into positive territory'

CDO on service, technology and ‘moving the dial’

Isabel Baxter
clock 13 March 2025 • 4 min read