Platforms lift the bar as adviser expectations surge; HUB24 retains leadership
Investment Trends has released the 2025 Platform Competitive Analysis and Benchmarking Report, revealing a marked uplift in adviser expectations and intensifying competition across functionality, service and security.
HUB24 retains the top overall position in 2025, while also topping four categories. Netwealth and Praemium follow closely, underscoring the tight competitive environment among leading providers. BT Panorama, AMP North and Macquarie Wrap also performed strongly across multiple categories.
Investment Trends recalibrated its benchmarking methodology this year, increasing weightings in high-priority areas and removing commoditised features. As a result, overall scores moderated across the market, reflecting a more demanding assessment framework rather than a slowdown in innovation.
“The bar has been raised materially,” said Julian Cappe, Head of Research at Investment Trends. “Advisers are placing greater weight on integration quality, workflow efficiency and service responsiveness. We have been impressed with the significant investments that platforms have made in innovation, but expectations have risen even faster.”
New category awards reflect shifting adviser priorities. Macquarie Wrap led in Cybersecurity, while Netwealth ranked first in Service. More than 20% of advisers now rank security among their top three criteria when selecting a platform, reinforcing its rise from a compliance consideration to a core decision driver. Likewise, poor service was a driver in 50% of cases where advisers stopped using a platform, underscoring the commercial impact of responsiveness and execution.
“Cybersecurity and service are no longer supporting features, they are decisive factors in platform selection,” Cappe said. “Competitive advantage will lie with providers that can combine robust security, practical innovation and consistently strong execution.”
Efficiency pressures continue to shape adviser behaviour. With more time spent on client-facing activities, advisers are prioritising intuitive, frictionless platforms that reduce administrative burden.
At the same time, platforms continue to navigate the trade-off between value and cost. With advisers under pressure to deliver competitive pricing, many providers are introducing simpler, lower-cost investment menus.
Artificial intelligence is gaining traction across the ecosystem; our research shows that 60% of advisers are now using AI within their practice, including 27% who report using it extensively. Advisers are primarily leveraging AI for client communications, while platforms are focusing on operational efficiency and service enhancements. Meanwhile, heightened cyber threats and regulatory scrutiny are prompting further investment in identity verification, authentication and approval controls.
The findings underscore how platform competitiveness is increasingly defined not by feature breadth alone, but by execution, integration depth and operational resilience.
About the report
The Investment Trends’ flagship 2025 Platform Competitive Analysis and Benchmarking Report is based on qualitative benchmarking via data collection and interviews with platform providers from September to December 2025 covering functionality available to platform users as at 31 December 2025.
