MPS Proposition Comparison Report 2025
Assets in discretionary MPS reached £190bn, up £46bn in the 12 months to Q3 2025, representing 32% year-on-year growth. Asset growth was aided by favourable markets and the continued shift away from advisory models. Growth was more concentrated this year with the top two firms capturing 25% of total market assets and the top five firms, 42%.
This report, updated twice-yearly, forms part of NextWealth’s research and insight on the investment propositions of financial advisers. It details quarterly and annual asset growth, compares costs and fees and propositions. This year we explore key themes such as market positioning, sources of growth, portfolios for drawdown, tailored models and unitised MPS.
Who is the report for
This market report quantifies assets in discretionary MPS, compares propositions from leading providers and tracks changes over time. It is for anyone who wishes to better understand the UK discretionary MPS market, including for strategic planning, market assessments, board reports and broader general research purposes. The report can be used by:
- DFMs to benchmark their proposition against the competition, including pricing, proposition, platform availability, assets and asset growth.
- Asset managers to identify the fastest growing DFMs, to fine-tune distribution efforts and to better understand the ambition of their DFM partners.
- Platforms to prioritise DFMs to add to the platform, develop functionality to support DFMs in managing money on behalf of advised clients, and to better understand emerging propositions.
- Financial advice businesses to understand the proposition and differentiators of their DFM partners and to benchmark their own investment proposition.
- Private equity firms and consolidators to identify takeover targets and to position their pitch to suit the needs of this changing market.
What does the report cover
The report also explores:
- Retirement portfolios
- Sustainable ranges
- Strategic and tactical asset allocations
- Risk rating providers
- Compliance frameworks
Methodology
- Interviews with 22 representatives of DFMs operating MPS on platform.
- Data requests completed by 55 DFMs. Data is as at 30th September 2025.
- Pricing analysis was conducted across 423 portfolios.
- Survey of 296 financial advice professionals, conducted in June and July 2025.
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Suggested citation
NextWealth, December 2025. MPS Proposition Comparison Report 2025. https://nextwealth.co.uk/research/mps-proposition-comparison-report-2025/.