Clients are becoming more focused on belt-tightening than investing, they say.

Only a third of Planners expect to increase business placed on their main platform over the next year, according to a CoreData study.

That’s down from nearly half who expected to use platforms more in 2021.

Meanwhile, Planners say they are more likely to consider using tools and support services to manage vulnerable clients when choosing a platform than last year, up from 45% in 2021 to 53% now.

The proportion of Planners using platforms on a daily basis has fallen from 71% last year to 55%.

Andrew Inwood, founder and principal of CoreData, said: "Platforms may be in for a bumpy ride over the next few months as the cost-of-living crisis and volatile markets dent investor sentiment and fund flows."

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He predicted that the platforms that will emerge as winners are those able to support advisers best, "through a sublime service offering, flawless functionality and wide product range."

Transact is the most used platform, followed by Quilter, Aviva and Abrdn, according to the survey results.

Annuities and income drawdown are the most popular products on platforms, reflecting the better annuity rates offered in 2022, linked to rising gilt yields and interest rates.

Next in popularity are full SIPPs, followed by discretionary investment management services.

But demand for investment trusts and ETFs has dropped considerably, a third in the case of investment trusts and a fifth for ETFs.

The top allocation driver prompting Planners to use one platform over another is better value for the client, according to the research.

That highlights a client-first mentality ahead of the incoming Consumer Duty rules, said CoreData. Other drivers are simpler to use, better reporting and low error rates.

Service, functionality and retirement advice services are the top three satisfaction drivers on platforms, showing the ongoing importance of platforms performing well in these core areas.