The financial planning landscape continues to evolve, with advice platforms playing an increasingly dominant role in wealth management. According to Fundscape’s latest Platforms Report, the top five advice platforms now account for two-thirds of all growth, highlighting a strong concentration of assets among a few key players.

For financial planners, this raises important questions about platform choice, service quality, and the long-term implications of consolidation. This month, we explore what’s driving this shift and what it means for advice firms. We also cover Goldman Sachs’ recent downgrade and BP’s strategic shift back toward oil and gas, both of which could have implications for investment strategies.

 

Advice Platforms: A Growing Influence on the Advice Market

Strong stock market performance throughout 2024 boosted platform assets to a record £1.1 trillion, with adviser platforms accounting for £697 billion of this total. Fundscape’s data reveals that while the market as a whole has grown, a select few platforms are seeing the biggest gains.

The top five platforms leading the charge are:

• Quilter
• Aviva
• Transact
• Aegon
• Fidelity

In the adviser-only segment, Quilter, Aviva, and Transact led the way, posting record-breaking gross and net sales. These three firms have consistently ranked at the top for three consecutive quarters, reflecting strong demand for professional financial advice and investment solutions.

For financial planners, this dominance raises key considerations:

• Are your clients benefiting from the best platform pricing and service?
• How resilient is your chosen platform to market shifts and technology changes?
• What impact will platform consolidation have on competition and adviser influence?

 

Why Are the Big Players Dominating?

Several key trends are fueling the consolidation of growth within these major platforms:

1. Multi-Channel Strength

Platforms that operate across advised, direct-to-consumer (D2C), workplace pensions, and institutional markets—such as Aegon, Fidelity, and AJ Bell—are seeing strong inflows across multiple business lines, making them more resilient to client withdrawals and market downturns.

2. Growing Demand for Financial Advice

As clients navigate complex tax and inheritance planning, the value of financial advice has never been clearer. Fundscape’s CEO, Bella Caridade-Ferreira, highlighted that demand for advice is expected to increase, particularly as clients seek guidance on inheritance tax and capital gains tax planning.

3. Regulatory Developments Creating Opportunities

The advice guidance boundary review and targeted support initiatives could bring more consumers into the financial planning ecosystem. Platforms positioned to support both full-service advice and streamlined guidance models may see additional inflows as more clients seek investment solutions.

4. Platform Efficiency & Technology Enhancements

Larger platforms are investing in automation, reporting tools, and user-friendly interfaces, making it easier for planners to manage client portfolios efficiently. However, as firms scale, there’s also a risk that service levels may decline, impacting the client and adviser experience.

 

Goldman Sachs Downgraded as Dealmaking Slows

For financial planners managing high-net-worth and corporate clients, the investment banking slowdown is worth noting.

Goldman Sachs was recently downgraded from ‘outperform’ to ‘market perform’ by KBW, due to a slower-than-expected start to dealmaking in 2025.

Key takeaways for planners:

• The bank’s valuation surged nearly 50% in 2024, but rising inflation, interest rate uncertainty, and cautious corporate sentiment have stalled mergers and acquisitions activity.
• Goldman’s revised share price target of $660 (down from $690) reflects a more measured outlook on corporate deal flow and investment banking profitability.

 

BP’s Strategic Shift: Reducing Renewables, Increasing Oil and Gas Investment

Energy remains a crucial consideration for investment portfolios, particularly for planners working with ESG-conscious clients.

BP has announced plans to reduce its renewable energy investment and increase annual spending on oil and gas to $10 billion. This signals a more cautious approach to energy transition investments, reflecting profitability concerns in renewables and a short-term focus on shareholder returns.

Implications for financial planners:

• Clients invested in ESG funds may need portfolio reviews to ensure alignment with their ethical investing goals.
• Oil and gas exposure could present short-term growth opportunities, given the sector’s higher margins and recent demand trends.
• BP’s pivot suggests a more challenging environment for renewables, meaning planners may need to scrutinize clean energy funds and their long-term growth potential.

 

What This Means for Financial Planners

The increasing dominance of a handful of platforms presents both opportunities and challenges:

✅ More investment options & better pricing – Consolidation means larger platforms can negotiate better fund charges and offer a wider range of investment products.

✅ Enhanced technology & automation – Tools for portfolio reporting, risk analysis, and client engagement are improving, making it easier for advisers to scale their businesses.

⚠️ Risk of platform dependency – If an advice firm relies too heavily on a single provider, it may lose flexibility if pricing, service levels, or product offerings change.

⚠️ Regulatory shifts require careful planning – The evolution of advice regulations could impact how planners engage with clients, making it crucial to stay ahead of compliance updates.

Meanwhile, BP’s shift in energy strategy and Goldman Sachs’ cautious investment banking outlook suggest that sectors previously seen as high-growth (clean energy, investment banking) may face headwinds, while more traditional industries (oil and gas) could benefit in the short term.

 

Final Thoughts

With platforms consolidating, markets shifting, and sector trends evolving, financial planners play a crucial role in helping clients navigate uncertainty. Whether it’s choosing the right platform, balancing traditional vs. ESG investments, or adapting to changing regulations, the key is to stay informed and proactive.

At We Complement, we’re committed to supporting financial planners with insights, tools, and strategies to help them deliver the best outcomes for clients.