Spoiled for choice advisers drive platform competition

New analysis has identified how financial advisers are narrowing their choices and therefore generating increased competition between the major investment platforms.

The latest Investment Trends Adviser Technology Needs Report has confirmed a growing body of research revealing that financial advisers are simply using fewer platforms than they have in the past.

It found that advisers now use an average of just two platforms, down from 202 in 2022 and that, more importantly, they are funnelling a growing share of new business into a single provider.

In 2025, 71% of new client inflows are directed to the adviser’s primary platform, up from 65% in 2022, reflecting advisers’ focus on simplicity, efficiency, and deeper integration,” the Investment Trends analysis said.

Commenting on the findings, Investment Trends director, Cameron Spittle said advisers are no longer spreading flows across multiple platforms.

“They’re backing the ones that meet their expectations and can facilitate their preferred investment philosophy,” he said. “This consolidation is deliberate and accelerating. For providers, retaining primary status is no longer about brand, it’s about delivering real usability, functionality and value.”

The report also highlights a growing divergence in adviser technology strategies. One in four advisers (23%) now prefer a single, end-to-end solution, up from 18% last year, while nearly the same proportion (22%) favour open architecture with seamless integration. However, a significant 36% remain agnostic, and another 9% are unsure of their ideal setup.

“Technology spend has climbed to $38,000 per practice and it is more important than ever for platforms to be able to integrate seamlessly,” Spittle said. “Regardless of whether advisers prefer a fully integrated solution or best-of-breed technology stack.”

The Investment Trends report suggested that artificial intelligence is yet to make a major difference, noting that platform-based AI use cases and integration remain limited, but adviser demand for more sophisticated tools is growing.

It said 61% of advisers now use AI, mostly via third-party solutions for simple tasks, but are increasingly seeking embedded, workflow- aligned tools to support more complex functions such as strategy development (62%) and meeting preparation (61%).

“AI has moved beyond the hype, advisers are engaging with it, and they’re signalling what they want next,” said Spittle. “Interestingly, when asked about their preferred access points for AI, advisers favour integration within their advice software, especially for client-facing and strategic tasks.”