Some 197 firms joined the wrap this year, bringing the total number to 969, up from 772 last year.

Firms each held an average of £7.9m on the wrap.

Standard Life platforms accounted for 194,200 customers with total platform assets under administration of £10.6bn. However, overall assets under administration fell in the third quarter from £200bn in June to £191bn.

Net inflows in the first nine months for the retail fees business, excluding conventional with profits, were up 51 per cent to £689m.

It also saw a 26 per cent year-on-year increase in Sipp customers with total customers reaching 127,700 and assets under administration reaching £15.9bn.

David Nish, chief executive of Standard Life, said: “Standard Life has performed well during the first nine months of this year and we remain on track to transform the operational and financial performance of the Group.

“Our institutional and corporate business continued to grow, although at a slower rate, while inflows into retail propositions have held up well as we continued to add new customers and advisers to our platforms.”

He said Standard Life was well-placed to grow in the future due to the opportunities with the RDR and pension reforms.

“With the RDR less than 15 months away, our retail business has scale and momentum and is ideally positioned to continue to drive asset growth through our leading platform propositions.

“The quality of our corporate pension offering together with the opportunities created by the RDR and the pensions reform will provide us with an increased flow of new business over the medium to long term.”