Skandia most popular platform for IFAs
Data from unbiased.co.uk ranks most popular platforms and finds 93 per cent of IFA firms are now using platforms or fund supermarkets to trade on behalf of their clients.
The most popular platform being used by IFAs was Skandia Investment Solutions with Fidelity FundsNetwork and Cofunds a close second and third.
The research found the average number of platforms used by an IFA firm is three, while one third of IFAs use one or two platforms and 12 per cent of IFAs state they use in excess of six platforms.
The fourth most popular platform was Standard Life, followed by Transact, Elevate, Aviva, James Hay, Ascentric and 7IM.
Karen Barrett, chief Executive of unbiased.co.uk, said there was clear dominance from the "big three" platforms which was set to continue in the future.
However, she said: "Hardly a month goes by without new platforms or platform innovations being launched and we expect to see further new market entrants in the future.
"Interestingly, what we are seeing is that IFAs who use more than two platforms are using one of the big three to carry out more generic areas of client business but are utilising others for more specialist services.
"Being Retail Distribution Review (RDR) ready is not just about reaching a standard of qualification, it’s also an opportunity to reassess current systems and business strategy; platforms are becoming an increasingly used technology for IFAs to cost effectively manage their clients assets and as this area of industry develops to meet the needs of IFAs I think we will see more and more pick up."