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.

The results presented in this report are based on data requests from DFMs, interviews with representatives of those firms, surveys of financial advice professionals and our knowledge and expertise of the UK financial advice and platform market.