Adviser platform assets in the UK have exceeded £1tn for the first time, highlighting the central role of digital wrappers in the evolving advice market, driven by strong growth in pensions and onshore bonds.
Adviser platform assets have crossed £1tn for the first time, underlining how digital wrappers have become central to the UK advice market, according to research from Platforum.
The consultancy said assets under administration on adviser platforms rose to £1.04tn at the end of the second quarter, up 8.9% on the previous quarter and 18.9% compared with a year earlier, helped by buoyant equity markets. Platforum said the figure marks a major shift from the early days of the sector, which emerged around a quarter of a century ago alongside the launch of individual savings accounts in 1999.
What began as a back-office administration tool has become, in Platforum’s view, the main route through which advisers hold and manage client investments. The research director, Richard Bradley, said advisers had steadily migrated away from paper-heavy processes towards online platforms and that these systems are now “a core part of the advice ecosystem”.
Platforum estimates that adviser-only platform assets stood at £853bn at the end of June after stripping out direct-to-consumer, workplace and institutional money reported by some providers. On that basis, Quilter moved ahead of Nucleus to become the largest adviser platform by advised assets.
The sector’s long-term growth has not been evenly spread across all firms. Bradley noted that many platform brands have come and gone, but names such as Transact, Fidelity Adviser Solutions, formerly FundsNetwork, and Aegon Platform, formerly Cofunds, have remained prominent since the market’s formative years.
The latest growth also comes against a backdrop of strong demand for pensions and, increasingly, onshore bonds. Platforum said pensions made up more than half of net inflows in the quarter, but advisers are also turning to onshore bonds as they seek alternatives ahead of inheritance tax changes due in 2027.
According to the research, Quilter, Aviva and Transact accounted for 96% of net inflows into onshore bonds during the period. Bradley said the changing mix of retirement and estate-planning needs was reshaping platform business, adding that demand for onshore bonds had risen over several years and was likely to favour firms able to offer a joined-up retirement and inheritance tax proposition.
The broader platform market has continued to expand rapidly. The Lang Cat reported that advised platform assets reached £616.2bn at the end of 2024, while gross sales in the sector hit a record £92.82bn in 2025, with assets under management passing £750bn by year-end. Aviva also reported that its adviser platform assets reached £50bn in 2024, alongside stronger net flows and growth in its wider wealth business.
- https://www.moneymarketing.co.uk/news/adviser-platform-assets-top-1tn-platforum-says/ – Please view link – unable to able to access data
- https://www.professionaladviser.com/news/4411040/adviser-platform-assets-gbp616-2bn-2024 – Advised platform assets increased by 3.8% in the fourth quarter of 2024, reaching £616.2 billion, according to data from The Lang Cat. This growth was driven by strong new business throughout the year, with gross sales peaking at £20.92 billion in Q4, up 42.76% from the same period in 2023. Despite a rise in outflows, the net inflows remained positive, indicating robust demand for advised platforms. ([professionaladviser.com](https://www.professionaladviser.com/news/4411040/adviser-platform-assets-gbp616-2bn-2024?utm_source=openai))
- https://www.professionaladviser.com/news/4410105/avivas-adviser-platform-assets-hit-gbp50bn-2024 – Aviva’s adviser platform assets reached £50 billion in 2024, with net flows increasing by 104% to £4.3 billion. The wealth business also saw a 17% growth in assets under management, totalling £198 billion. Operating profit stood at £129 million, reflecting strong performance in the platform sector. ([professionaladviser.com](https://www.professionaladviser.com/news/4410105/avivas-adviser-platform-assets-hit-gbp50bn-2024?utm_source=openai))
- https://www.professionaladviser.com/news/4527997/advised-platforms-gross-sales-hit-93bn-2025 – Advised platforms achieved record gross sales of £92.82 billion in 2025, up from £79.97 billion in 2024 and £63.47 billion in 2023, as reported by The Lang Cat. Assets under management surpassed £750 billion by the end of the year, with the top five platforms—Quilter, Transact, Aviva, Nucleus, and AJ Bell Investcentre—increasing their market share. ([professionaladviser.com](https://www.professionaladviser.com/news/4527997/advised-platforms-gross-sales-hit-93bn-2025?utm_source=openai))
- https://www.moneymanagement.com.au/platforms-fum-falls-below-1tn – Funds under management (FUM) at wraps, platforms, and master trusts declined to $982.5 billion by the end of March 2023, a decrease of 1.9% from the previous year. This decline was attributed to a 5.9% drop in inflows to $164.7 billion, although outflows rose by only 3.2% to $150.5 billion. ([moneymanagement.com.au](https://www.moneymanagement.com.au/platforms-fum-falls-below-1tn?utm_source=openai))
- https://www.withintelligence.com/insights/global-billion-dollar-club-report-h2-2023/ – The global hedge fund industry had 524 firms managing more than $1 billion at the end of 2023, according to With Intelligence’s Global Billion Dollar Club Report. These firms collectively managed $3.13 trillion in assets, nearly 5% more than the previous year, accounting for around 80% of total hedge fund industry assets. ([withintelligence.com](https://www.withintelligence.com/insights/global-billion-dollar-club-report-h2-2023/?utm_source=openai))
- https://www.pwc.com/gx/en/news-room/press-releases/2023/pwc-2023-global-asset-and-wealth-management-survey.html – PwC’s 2023 Global Asset & Wealth Management Survey revealed that global assets under management fell to $115.1 trillion in 2022, nearly 10% below the 2021 high of $127.5 trillion. The survey projected a rebound by 2027, with AUM reaching $147.3 trillion, representing a compound annual growth rate of 5%. ([pwc.com](https://www.pwc.com/gx/en/news-room/press-releases/2023/pwc-2023-global-asset-and-wealth-management-survey.html?utm_source=openai))
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports that adviser platform assets have reached £1.04tn, marking an 8.9% increase from the previous quarter and an 18.9% rise compared to the same period last year. This suggests the data is current and reflects recent market developments. However, without access to the original publication date, it’s challenging to confirm the exact freshness of the content. The article appears to be based on a press release from Platforum, which typically warrants a high freshness score. Nonetheless, the lack of a clear publication date introduces some uncertainty regarding the timeliness of the information. Additionally, if earlier versions of this narrative have appeared more than seven days prior, it would be prudent to flag this as a concern. Given the absence of specific dates, a cautious approach is warranted. Therefore, the freshness score is set at 8, acknowledging the potential for earlier publications.
Quotes check
Score:
6
Notes:
The article includes direct quotes from Platforum’s research director, Richard Bradley. However, without access to the original press release or source material, it’s difficult to verify the authenticity and context of these quotes. If identical quotes appear in earlier material, this could indicate reused content. Conversely, if no online matches are found, it raises concerns about the verifiability of the quotes. Given the lack of independent verification, the quotes cannot be fully substantiated, leading to a reduced score.
Source reliability
Score:
7
Notes:
The article originates from Money Marketing, a UK-based publication focusing on financial services. While Money Marketing is a known entity within its niche, it is not as widely recognised as major news organisations like the BBC or Reuters. Additionally, the article appears to be based on a press release from Platforum, a consultancy specialising in platform research. This raises concerns about the independence of the source, as the content may be summarised or rewritten from the original press release. Without access to the original press release, it’s challenging to assess the accuracy and completeness of the information presented. Therefore, the source reliability score is set at 7, acknowledging the potential for bias and the need for independent verification.
Plausibility check
Score:
8
Notes:
The claim that adviser platform assets have reached £1.04tn, marking an 8.9% increase from the previous quarter and an 18.9% rise compared to the same period last year, is plausible given the growth trends in the financial services sector. However, without access to the original data or independent confirmation, it’s difficult to fully verify the accuracy of these figures. The article mentions that the growth is ‘helped by buoyant equity markets,’ which aligns with known market trends. Nonetheless, the lack of independent verification and the reliance on a single source introduce some uncertainty. Therefore, the plausibility score is set at 8, reflecting the need for further confirmation.
Overall assessment
Verdict (FAIL, OPEN, PASS): REVIEW
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports that adviser platform assets have reached £1.04tn, based on research from Platforum. While the figures are plausible and the content is freely accessible, the reliance on a single source without independent verification raises concerns about the accuracy and completeness of the information. The lack of access to the original press release and the absence of corroborating sources further complicate the verification process. Therefore, a REVIEW verdict is recommended, with a medium level of confidence, pending further independent verification.