The managing director for marketing and distribution for Axa Wealth said Elevate’s sales increased 11 per cent to £855m in the half year ending 30 June while total assets rose to £4.3bn. The platform now accounts for more than half of the company’s individual sales.
Top five platform providers:
Elevate has also been the driving force behind Axa Self Investor, a self-directed investment platform that was launched recently.
He said Axa Wealth has confirmed it will continue to invest more than £10m a year in Elevate to keep it competitive, with fixed term deposits and user interface functions planned as the next enhancements.
Mr Thompson said: “As the retail distribution review is coming into force advisers are shopping around for platforms that can best meet their clients’ needs post the regulatory change. We have been working hard to make Elevate stand out, and it is pleasing to see the effort is recognised.”
Nucleus is currently sitting in second place, followed by Transact, Skandia and Sippcentre, according to Platforum figures.
The ranking is determined in half by a platform’s recent quarterly financial performance, percentage increase of assets under management, functions and price. The other half is determined by opinions based on those criteria from more than 2000 advisers.
“It is important to note that different advisers have different client profiles, and therefore different needs. Those that work with small clients may be sensitive to price, while others may focus more on asset growth”, said Holly Mackay, founder of Platforum.
Advisers’ opinions were collected by using a platform analysis tool through which they can set weightings of different criteria to reflect their priorities.