Nucleus and Standard Life revealed as IFAs’ primary platforms

IFAs favour Nucleus and Standard Life as their main platforms of choice, research from the Platforum suggests.

According to the consultancy's Adviser Platform Guide, IFA-owned Nucleus and Standard Life are the two platforms most likely to be used by advisers as their primary platform in terms of percentage of assets under advice.

Cofunds and Fidelity FundsNetwork were the most likely to be the secondary platforms, according to the research.

The Platforum managing director Holly Mackay (pictured) said the fact more adviser firms are opting for a dual-platform strategy is an "interesting dynamic" helping platforms better understand the relationship they have with their users.

"It should not be seen as primary is good, secondary is bad," she said. "We believe there is room in the market for lots of different type platforms and we welcome the increasing differentiation we are seeing."

Mackay added the trend towards dual platform use also reinforces the FSA's preference for multi-platform strategies. But she warned of the dangers of advisers adopting too many providers.

"Increasing adviser nerves about administrator errors are just one example of why using too many platforms can be a bad idea," she said.