This week, we’re launching Platforms Unpacked, a new guide for advisers providing an in-depth look at the evolving platform models available to advice firms. More than a technical deep dive, it explores how these models align with the most fundamental elements of advice businesses, from their business models and culture to their strategic priorities and ambitions.

Our goal is to help advice firms take a balanced and informed view of platform models, cutting through the noise around which model is ‘best’. Our view remains unchanged: the right platform choice is the one that aligns most closely with client needs and enables advice firms to do what they do best.

This is an evolving market, and platform decisions need to be forward-looking, not just focused on short-term pain points like user experience, integrations and inefficiencies. That’s why we also take a look at where we believe platforms are headed next.

One of our interviewees for Platforms Unpacked summed it up by saying “I want it to just work like a really good platform that the client barely even notices”. For platforms to succeed in future, they must excel at their core function: delivering reliable investment administration with a high-quality service experience that feels ‘white glove,’ even in a commoditised market.

The power of data

Data will play an increasingly critical role in platform evolution. We anticipate key developments in three areas:

1. Data openness: platforms will enhance their ability to provide valuation and transaction-level data to advice firms, enabling comprehensive reporting across client assets without requiring custody of those assets
2. Smarter client visibility: instead of attempting to house every asset type, platforms will facilitate a holistic view of total client wealth, supporting advisers and their clients in better financial oversight
3. Data-driven compliance: platforms will leverage data-enabled compliance tools to automate and evidence suitability reviews, stress-testing and regulatory reporting, enhancing efficiency and oversight

For our Platforms Unpacked guide we are grateful to our sponsoring partners: Aegon, Embark, P1 Platform and Third Financial. Each offers a different platform model proposition yet all were keen to come together to support healthy debate and knowledge-sharing for the benefit of the advice community.

Read the full guide here.

What’s next?

The Platforms Unpacked guide comes hand-in-hand with our latest market report, Platform Shakeout, which examines the structural, regulatory and technological forces shaping platform propositions and decision-making. More on this here.

We’ll be discussing and debating all of these trends at our annual conference, NextWealth Live, which takes place on 18^th March 2025. With fewer than 45 tickets remaining, secure your spot now!

Looking forward to the conversation

Julie Best
Insight Director, NextWealth