Will private equity change platforms?

Jennings added the biggest development in the platform market had been the fact the barriers to entry were now lower than they had been at any point in the past.

He said: "If you look at it now, the ability for different business models to emerge - either leveraging capability that's already been prebuilt or packaging up different capabilities to build a proposition - is significantly easier than it was 15 years ago so that's probably driving a different lens onto the platform industry.

"That barriers to entry point is really quite important. There isn't a huge amount of advancements in technology - what you have got actually is people utilising the technology we've got for better propositions and I think we're getting better at solving the problems that we had."

Marsh agreed, adding that in the platform market it was difficult for advisers and clients to "vote with their feet" and he predicted that as it became easier for advisers to leave platforms, this would drive the development of technology.

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