Quilter was dubbed the most recommended adviser platform in 2024 by Defaqto, followed closely by Aviva.
There was a substantial gap between the two leading platforms and the rest of the providers in the top 10.
Transact was slightly ahead of AJ Bell, and Abrdn featured in the top 10 twice without reaching the volumes of the top two adviser platforms.
Top 10 adviser platform products 2024
| Position | Provider | Platform | % of top 10 |
| 1 | Quilter | Quilter Investment Platform | 27% |
| 2 | Aviva | Aviva Platform | 24% |
| 3 | Transact | Transact | 10% |
| 4 | AJ Bell | AJ Bell | 10% |
| 5 | Fidelity | Fidelity Adviser Solutions | 7% |
| 6 | Aegon | Aegon Retirement Choices(ARC) | 6% |
| 7 | Abrdn | Abrdn Wrap | 5% |
| 8 | Abrdn | Abrdn Elevate | 5% |
| 9 | Scottish Widows | Scottish Widows Platform | 3% |
| 10 | True Potential | True Potential Platform | 3% |
Of the top 10 platforms, seven held a Defaqto gold service rating in 2024.
Defaqto Insight consultant Darren Winfield said that, with technology upgrades and transfer issues now in the past for most adviser platforms, the marketplace is “more robust” for advisers.
“However, the impact of the Consumer Duty over the past year has brought charges and cash interest rates into view,” he suggested.
“The Financial Conduct Authority expects advisers to go beyond researching the platform.
“Instead, advisers are required to conduct firm due diligence before entrusting the platform with their clients’ assets.
“This should include an analysis of whether the overall cost to the consumer provides fair value as well as the risk of foreseeable harm endangering that expected customer outcome.”
Platforms outlook: Finally, improved flows and a flight to quality
Quilter proposition director Jenny Davidson said: “We are incredibly proud to be recognised as the most recommended adviser platform for 2024 by Defaqto.
“We are committed to providing the best service possible to meet the evolving needs to adviser and their clients.
“We strive to deliver a platform that not only supports advisers in their day-to-day operations but also enhances the overall client experience.
“We would like to extend our thanks to all the advisers who have placed their trust in us. We remain dedicated to continuously improving our platform, alongside advisers, to ensure it remains the best choice for their clients.”
The findings are drawn from research software Defaqto Engage, which is used by 8,600 advisers in the UK.
The data includes around 18,000 funds and 2,800 discretionary fund manager MPS portfolios, platforms and products.
It depicts the most popular single asset solutions chosen through the software, by a representational cross section of the UK financial adviser market.
Not sure how Aviva made it on there. They are only good for new business. Not servicing. Would be good to have some details about the criteria.