Defaqto has published a list of the adviser platforms it has identified as being the most recommended by value for 2024.

The list comes from Defaqto’s whole-of-market data, which includes more than 18,000 funds, 2,800 discretionary fund manager (DFM) managed portfolio service (MPS) portfolios, platforms and products.

Quilter topped the table as the most recommended adviser platform in 2024, making up 27 per cent of the top 10, closely followed by Aviva with 24 per cent.

Defaqto identified a “substantial” gap between the two leading platforms and the rest of the providers in the top 10.

Transact came in third with 10 per cent of the top 10, followed AJ Bell, Fidelity, and Aegon.

Abrdn featured twice in the top 10 in seventh and eight place with its Wrap and Elevate platforms respectively, with Scottish Widows and True Potential rounding off the top 10.

Of the top 10 platforms, seven held a Defaqto gold service rating in 2024 (Quilter, Aviva, Transact, AJ Bell, Fidelity, Abrdn Elevate, and True Potential).

Commenting on the list, Defaqto Insight consultant, Darren Winfield, said: “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 Consumer Duty over the past year has brought charges and cash interest rates into view.

“The FCA 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.”

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