Platform service delivery leadership ‘shifting’ to smaller and specialist providers

Platform service leadership is shifting as smaller and specialist providers increasingly outperform more established platforms, despite not being among the most widely used, according to Defaqto.

Defaqto has published its 2026 Platform Service Ratings, based on a survey of advisers nominating and selecting platforms based on their service delivery over the past 12 months.

The findings highlighted a growing divergence in the platform market, with adviser usage still concentrated among established brands.

However, it also showed that service leadership was shifting towards smaller and specialist providers.

While offerings from Aviva and AJ Bell remained among the most nominated platforms based on adviser usage, Defaqto found that firms such as Fundment, Parmenion, and Wealthtime were challenging them when it came to service delivery across key disciplines.

Fundment ranked first overall for service, followed by Quilter and Parmenion, while Transact and Wealthtime completed the top five.

Other platforms in the top 10 were Morningstar Wealth Platform, Fidelity Adviser Solutions, 7IM, AJ Bell Investcentre, and True Potential Investments.

Defaqto said the findings suggested that while scale and brand recognition continued to influence adviser platform choice, consistent service delivery was emerging as a key differentiator, especially for providers outside the traditional market leaders.

“Fundment has had an incredible year, coming from nowhere to be considered top of all but one of the service disciplines we have surveyed on,” commented Defaqto production manager for star and service ratings, Andrew Duthie.

“Parmenion and Wealthtime also come in the top five despite not appearing in the most nominated providers. Both showing they clearly have a devoted adviser following.

“It is interesting that advisers continue to nominate the well-known names in the survey – ranking many of them in the top 10 recommendations over the last 12 months. Quilter and Transact are well nominated and highly performing in service, justifying the faith advisers put in them.”

The most nominated provider list was topped by Quilter, followed by Aviva, AJ Bell Investcentre, Transact, and Fidelity Adviser Solutions.

Aberdeen, Scottish Widows Platform, Aegon Platform, Aegon Retirement Choices (ARC), and True Potential Investments rounded off the top 10.

Defaqto noted that most platforms were performing in line with, or slightly above, adviser expectations across key service areas.

New business administration remained the most important discipline for advisers and was also the area where platforms performed most strongly.

“This year’s survey should act as a reminder to the traditional platforms not to let their service standards drop, particularly after new business has been placed, as others who are aware of the ongoing need for quality service will always be there waiting to take their place – and as word spreads could look to make inroads into their numbers,” Duthie said.

“Advisers should also be thinking about the importance of the service they receive, and how it impacts their clients, alongside their other typical considerations when carrying out platform due diligence and research.”

Providers awarded a Defaqto Gold Service Rating for 2026 included: 7IM, Aberdeen, Aegon Platform, Aegon Retirement Choices (ARC), AJ Bell Investcentre, Aviva, Fidelity Adviser Solutions, Fundment, Morningstar Wealth Platform, P1 Investment Management, Parmenion, Quilter, Scottish Widows Platform, Transact, True Potential Investments, and Wealthtime.

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