Nucleus and Transact wrap up poll victory

CoreData found most advisers use more than one platform with 33.6 per cent using two platforms and 26 per cent use three platforms.

Mr Craig said: "Looking ahead though, the use of multiple platforms could be a hindrance to greater efficiency at advisers' businesses.

"It also suggests that advisers are not getting everything they want from a single platform, despite the fact that 51 per cent of advisers say more efficient administration systems are a core driver for them."

Ken Davy, chairman of SimplyBiz, said: "What we believe is practical is to put certain types of clients into different wraps. That is a perfectly logical and efficient way of an IFA meeting the needs of their clients.

"There will be wraps that claim to be suitable for all clients but in practice it would be unwise for an IFA to become wholly dependent on one wrap provider. It has the potential to jeopardise the independence of advice."