Sales on the AXA Elevate platform rose by 87 per cent in the third quarter to £1.1bn.

Platform sales now represent 41 per cent of all AXA Wealth sales, up from 23 per cent in the same period last year.

The high increase in sales brings the total platform assets under administration at the end of Q3 to £3.1bn.

Total AXA Wealth assets under administration stand at £18.3bn, up from £16.7bn in the same period last year.

Assets on Architas, the AXA Wealth investment company, grew by 33 per cent to £8.7bn.

Bancassurance partnerships with Clydesdale and Yorkshire Bank and Brittania Building Society helped bancassurance volumes grow by 23 per cent to £293m.

AXA Wealth chief executive Mike Kellard says the firm is focused on making the Elevate platform a business solution for advisers.

He said: “Many wrap providers are behind the curve with regards platform usability, partly owing to them still having a hill to climb to get them RDR-ready.

“As AXA Wealth is already prepared for RDR, we are able to focus on making Elevate not only a comprehensive online business solution for advisers but also a new platform user interface that is intuitive and simple to use.”

The firm expects to grow its assets to £45bn by 2015.