Small players beat supermarkets on service - Platforum

Novia has been voted best platform by IFAs using the Platforum as the smaller players win the ratings battle.

Top of the platform consultancy's leaderboard is Novia, followed by Nucleus, Transact and Standard Life while larger players Fidelity, Cofunds and Skandia languish at the bottom of the table.

According to the Platforum, Praemium, Novia and Nucleus grew at the fastest rate based on reported assets during a strong first quarter for the industry as a whole which saw total platform AUA increase 10.7%.

The industry group's quarterly research indicates total platform assets stood at £101.6bn at the end of the quarter with every major platform - except Transact and Elevate - reporting a higher percentage growth rate than Q4.

The findings suggest the smaller players are providing the best levels of service and are growing most rapidly, albiet from a smaller base.

Nucleus chief David Ferguson (pictured) today revealed the IFA-owned wrap hit profitability in April, with total assets on the platform now standing at over £1.5bn