The Quilter Investment Platform and Aviva Platform were the two most recommended adviser platforms in 2024, substantially ahead of their rivals, according to new data.

The two platforms accounted for 51% of adviser platform recommendations made through Defaqto’s Engage Financial Planning software in 2024.

Defaqto claims its software is used by over 8,600 advisers in the UK.

The two platforms were followed by Transact and AJ Bell who both received 10% of recommendations each.

Abrdn’s platforms featured twice within the top 10, but did not reach the volumes of the two top adviser platforms, even if combined. Its Abrdn Wrap platform received 5% of recommendations and its Abrdn Elevate platform also received 5%.

Top 10 Adviser Platform Products 2024

1. Quilter – Quilter Investment Platform
2. Aviva – Aviva Platform
3. Transact – Transact
4. Fidelity – Fidelity Adviser Solutions
5. Aegon – Aegon Retirement Choices
6. Abrdn – Abrdn Wrap
7. Abrdn – Abrdn Elevate
8. Scottish Widows – Scottish Widows Platform
9. True Potential – True Potential Platform

Source: Defaqto Engage data, 22 January 2025.

Of the top 10 platforms, 7 held a Defaqto gold service rating in 2024, demonstrating the importance of service to financial advisers.

Darren Winfield, insight consultant at Defaqto, said: “With technology upgrades and transfer issues now in the past for most adviser platforms, the marketplace is more robust for advisers.

“However, the impact of consumer duty over the past year has brought charges and cash interest rates into view. The FCA expects advisers to go beyond researching the platform. Instead, advisers are required to conduct firm due diligence before entrusting the platform with their clients’ assets. This should include an analysis of whether the overall cost to the consumer provides fair value as well as the risk of foreseeable harm endangering that expected customer outcome.”

The Engage software is powered by Defaqto’s data which it said covers more than 21,000 funds, platforms, DFM MPS, and products, with recommendations of £43bn going through the system each year.