The long-term prospects of the retail wealth management industry remain robust despite facing headwinds such as geopolitical uncertainty, rising costs, volatility and a shifting regulatory framework, according to a new study.

Platform assets set a new high of £1.1trn in 2024, with adviser platforms accounting for £697bn, new data from consultancy Fundscape shows.

Net investment sales via platforms fell 30% in the latest quarter to £5.4bn compared to the previous quarter as investors scrambled to protect assets before the Budget.