Elevate has grown its assets under administration from £3.5 billion ($5.7 billion) to above £4 billion so far in 2012.

The approaching Retail Distribution Review, which is designed to increase advisors’ qualifications and stamp out the use of commission payments, has forced some IFAs to go out of business or sell up, also encouraging network and franchised business models to gain market share.

“2012 is undoubtedly going to be a year that alters the adviser landscape and changes the way many advisers conduct their business with the implementation of RDR,” said David Thompson, managing director of marketing and distribution, AXA Wealth.