Investment platform pricing and underlying investment management costs have almost doubled in significance to UK advisers over the past two years.

Using current figures on the size of the market, more than 6,500* UK advisers (26.4%) cite platform and fund manager costs as the single most important consideration in 2012 – up from 3,775* in 2010 according to the annual CoreData Research UK Investment Platform Study.

In 2011 the figure was 22% (5,500*).

In a choppy market, the cost is now a more important decision driver for many advisers and takes precedence over a range of products, range of tools and services, brand, ownership structure, ability to white label and many other potential influences.

CoreData’s study of 1,245 UK advisers also reveals the hunt for yield in a low-interest-rate environment is very real for clients at and post retirement.

In terms of adviser satisfaction with their main platform provider, the study finds that a combination of service (23.0%), functionality (20.0%) and support (19.7%) account for around two-thirds of the overall statistical drivers of adviser satisfaction with the platforms they use.

Reporting capability, which has little influence on adviser satisfaction with their main platform (6.8%), leads the satisfaction driver model for secondary platforms with an influence of more than a quarter at 28.7%.

Meanwhile, advisers cite the availability of full Sipps, annuities and income drawdown products as high on the wish list of products they would like to access via a platform.

Other factors advisers would want to include a broader range of products and greater flexibility as well as improved service, administration, and support.

Satisfaction among advisers is on the rise, perhaps reflecting the fiercer-than-ever competition pervading the market. And with inflows stuttering in 2012, platforms seem to be going the extra yard to keep advisers happy.

Almost three in 10 (29.1%) advisers would recommend their main platform to another adviser, which is up from 19.7% last year and 21.8% in 2010.

As part of the study, CoreData Research UK carries out analysis of 40 service level metrics which result in platforms being categorised into three groups – Large, Medium and Emerging Platforms.

This year, Transact is deemed the overall best platform in the industry and also the best Large Platform. Nucleus takes first place in the Medium platform group and Parmenion takes the trophy for the Emerging category.

In terms of those highly commended, AJ Bell’s Sippcentre rated well within the Large category, Seven IM in the Medium category and True Potential in the Emerging category.

In the overall category, the commended platforms are Parmenion and Seven IM which were jointly commended in the section.

Skandia was commended in the Large platform category, Ascentric for the Medium and Novia for the Emerging.

*Based on an estimate of 25,000 licenced financial advisers in the United Kingdom.