FASA 2023
Platforms

Platforms

Much like other parts of the investment ecosystem, the platform sector has continued to face tough times in 2023.

According to data gathered by consultancy the Lang Cat, advised platform net sales reached £2.8bn in the second quarter of 2023, down 38 per cent on the first quarter and the lowest quarterly net sales total on record.

On top of this, surging inflation and interest rates have meant the private equity deals seen in recent years now appear to be on hold.

And the continued consolidation in the sector has seen some notable names combined to create larger entities, all of which comes with the inevitable challenges of continuing to deliver great service while dealing with technology integration and cultural assimilation.

All this means the platforms that have guided advisers and their clients well through these difficult times have found success at this year’s Financial Adviser Service Awards.

One of the platforms to be recognised for its service this year is Embark.

Jackie Leiper, chief executive of Embark Group, said: “I am absolutely delighted that the benefits of continued investment in our adviser support team, platform and services have been felt by advisers and recognised through their votes in these awards.

“It means a lot to us and I'd like to acknowledge the efforts of all our teams involved for their hard work in delivering this great result.”

Platform Fundment was also awarded Most Improved for 2023, securing a greater number of votes this year than in previous years as well as improving its overall scores.

damian.fantato@ft.com