Novia boss: Lack of profit will hurt platforms in 2020

Mike Barrett, consulting director at the Lang Cat, said: "There is definitely a sense of glass half full/half empty when looking at the platform market at the moment.

"On one hand most providers have had a challenging year for new business flows, with the second half of 2019 being especially tough. The reduction of DB transfer monies, combined with market volatility and Brexit/Election nervousness means most platforms will be glad to see the back of 2019.

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"As to what 2020 brings, it really comes down to how long you believe the market nervousness will continue.

"Advisers I speak with talk of 'pent up frustration' from clients, holding back investing until the markets are a bit calmer.

"This is obviously hard to predict, but if the markets can display a bit more stability 2020 could be a decent year for advisers and platforms."