Behind the Headlines: Will the big three platforms continue to dominate?
The UK platform market remains fiercely competitive, but the gap between the leaders and the chasing pack is becoming increasingly difficult to ignore.
Aviva, Quilter and Transact are attracting the lion’s share of adviser business, strengthening their positions through consistent net inflows, growing assets under administration (AUA) and sustained investment in technology, products and adviser support.
As platform assets approach the £1trn mark, the question is no longer whether these firms are leading the market – it is whether anyone, realistically, can catch them.
Platforum figures show that adviser platform AUA grew 13.6% during 2025, to £991bn, while gross flows rose 18.4% compared with the previous year.
The platforms that stand out will be the ones that offer easy access to well-structured, high-quality and usable data
Much of that activity has been driven by asset transfers between platforms, alongside increased withdrawals from pensions, Isas and general investment accounts as clients spend more and bring forward gifting ahead of the upcoming inheritance tax (IHT) reforms.
Recent trading updates from the ‘big three’ reinforce that trend. Quilter recorded quarterly net inflows above £3bn for the first time during the three months to 31 March, with adviser platform inflows rising 22% year on year.
Transact attracted £2.4bn of net inflows during the first half of its financial year, helping funds under direction climb to £77.8bn, while Aviva reported £1.6bn of adviser platform net inflows in the first quarter as wealth assets under management reached £233bn.
From leaders to laggards
Fundscape chief executive Bella Caridade-Ferreira believes the market is becoming increasingly polarised. Her firm’s latest platform report categorises the UK advised platform market into ‘leaders’, ‘laggards’, ‘leapfroggers’ and ‘lynchpins’.
“The UK platform industry has stopped behaving like one industry,” she says.
“The leaders are running their own race, the laggards are running out of road, and the platforms in the middle are working out which way they need to go. The cost of backing the wrong platform has never been higher.”
Smaller platforms often have more capabilities and can deliver more personalised customer service and support
The report suggests scale is becoming increasingly self-reinforcing. Larger platforms are attracting more assets, giving them greater resources to invest in technology, service and product development, making them even more attractive to advisers.
Why are the leaders pulling away?
Platforum analyst Lottie Bussell-Ahern believes the answer lies in the breadth of the leading platforms’ propositions, rather than scale alone.
“All three benefit from having an in-house onshore bond – a popular alternative for IHT planning with the upcoming rule changes,” she says.
Top three platforms take ‘lion’s share’ of new business
“This doesn’t necessarily pull in new business, but is more likely to cement relationships that are already there, allowing the platforms to embed themselves within advisers’ investment propositions.”
Recent IHT reforms have increased adviser demand for integrated estate planning solutions, giving providers with life company heritage and onshore bond capabilities an additional advantage.
That ability to offer multiple wrappers under one roof is becoming increasingly valuable as advisers review clients’ retirement and estate planning strategies.
The most successful platform will be determined by three factors: service, price and technology
Rather than selecting individual products, many firms are increasingly choosing a platform partner capable of supporting their centralised investment proposition across a wide range of client needs.
Parmenion chief customer officer Sarah Lyons agrees that the tax context has strengthened the position of providers with integrated propositions.
“The changing tax environment has given platforms with life companies an advantage,” she says.
“They’re able to offer integrated bond wrappers, and that’s delivered a significant portion of their growth.”
Can scale alone guarantee success?
While few dispute that scale matters, there is less agreement over whether it will remain the defining competitive advantage.
Larger platforms can spread technology investment across bigger asset bases, negotiate lower costs and invest more heavily in adviser support. But many industry observers argue that, as the market matures, size alone will not guarantee future leadership.
The changing tax environment has given platforms with life companies an advantage
Financial Technology Research Centre founder and chief executive Ian McKenna believes that scale remains important but is only one part of the equation.
“Scale delivers significant benefits but, given the pace of change in the current world, I think it is only one of the factors that are significant,” he says.
“I can certainly see there being major players, but I also expect to see room for niche firms being able to meet specialist needs. Technology will be a huge enabler.”
Bussell-Ahern shares a similar view. She says advisers continue to value scale, but warns that it does not automatically generate stronger new-business performance.
“Platform scale does not always translate into new-business flows, as demonstrated by the falling market share of certain legacy platforms,” she says.
The UK platform industry has stopped behaving like one industry. The cost of backing the wrong platform has never been higher
“Smaller platforms often have more capabilities and can deliver more personalised customer service and support – a key factor in platform selection for many advisers.”
As pricing and product ranges become increasingly similar across the market, Bussell-Ahern believes advisers are paying greater attention to how platforms fit within their proposition rather than simply comparing charges.
Technology becomes the next battleground
If the first generation of platform competition was driven by price and investment choice, the next may be defined by data, integration and artificial intelligence (AI).
McKenna believes that the introduction of the Data (Use and Access) Act 2025 and the gradual rollout of Open Finance will fundamentally reshape the competitive landscape.
“The challenge to all platforms over the next few years is how they address the impact of data liberation legislation,” he says.
Advisers need resilient, sustainable and customer-focused platform partners they can trust
“As Open Finance is rolled out, consumers will be able to require anyone holding their data to share it with whoever they wish.”
Greater data portability is likely to make it easier for advisers and clients to compare platforms, while also creating opportunities for deeper integration between platforms, back-office systems and financial planning software.
McKenna believes that technology partnerships, APIs (application programming interfaces) and greater data portability will become increasingly important as advisers expect platforms to integrate seamlessly with the rest of their technology stack.
“Transact and Quilter have made major moves relating to technology,” he says.
“Ultimately, technology will become a huge enabler over the next few years as the Data (Use and Access) Act and Open Finance are implemented. The most successful platform will be determined by three factors: service, price and technology.”
Given the pace of change in the current world, I think scale is only one of the factors that are significant
For Lyons, the next battle will be over data.
“Data is the highest-value currency for any platform,” she says.
“As advisers look to build their own capabilities, the platforms that stand out will be the ones that offer easy access to well-structured, high-quality and usable data. This will become even more important as the opportunities presented by AI continue to develop.”
The debate over platform selection has also shifted. Where advisers once focused heavily on cost, Lyons believes many firms are now placing greater value on service quality, technology and operational resilience.
“We’ve seen a pivot away from price to value,” she says.
“Quality is winning and those with proprietary technology are consistently at the top of the service ratings. Increasingly, service is driving platform selection.”
She also cautions that further consolidation may not automatically benefit advisers or their clients.
All three leaders benefit from having an in-house onshore bond – a popular alternative for IHT planning with the upcoming rule changes
“Consolidating platforms is difficult, costly and high risk, and everyone feels the pain,” she says.
“What might look great on a PowerPoint slide can be a nightmare to execute. The resulting disruption is bad for customer confidence and for the platform sector’s reputation.”
The road to 2030
The opportunity remains significant. The UK wealth market is currently worth around £2.4trn, while Fundscape expects platform assets to reach £1.5trn by 2030.
Whether today’s market leaders remain on top may ultimately depend on how well they adapt to the next phase of competition.
For Lyons, success will be determined less by size than by ownership and control of the technology that underpins the adviser experience.
The leaders are running their own race while the laggards are running out of road
“Ownership of technology, service, priorities and costs will win,” she says.
“Advisers need resilient, sustainable and customer-focused platform partners they can trust. The ongoing dependency on outsourced technology providers and the race to the bottom on price will become real challenges for the profession.”
Today’s market leaders have built formidable advantages through scale, investment and adviser relationships. But, as Open Finance, AI and greater data portability reshape the advice process, the next decade is unlikely to be won on size alone.
Platforms that combine technology, service and trusted partnerships are the ones most likely to define the next chapter of the ever-changing UK platform market.
Momodou Musa Touray is chief reporter for Money Marketing
