have thrown themselves in with a one big strategic partner without the full commercial case for doing it,” he said. If a platform provider changes, for example, the cost to an advisor of moving to a new one can be expensive and disruptive for clients. Another issue, he said, is that some platforms offer far more services and products than an advisor is likely to want to use, which means a large amount of the offerings are wasted and not worth the expense.

Some advisors, such as those wondering about succession planning, might prefer to develop their own solution, giving them more control and the ability to earn fees on top of their advice charge, he said. 

“Some of the most innovative and successful businesses in the UK advice space, such as True Potential and Fusion Wealth, have shown just how great an impact integrated technology solutions can have, and we expect increasing numbers to follow suit as the advice landscape continues to evolve,” he added.