While growth was “relatively healthy” over the past year, The Lang Cat’s report warned of “tougher times to come”.

The Scottish-based consultancy described the £207bn figure as the most significant stat in its research. This represented 54% of total platform AUA (based on AUA of £386.21bn as at Q2 2016).

The report stated: “Overall, the sheer size of this figure reflects the fact that the UK platform market is going through a period of major transition, with so much in flux as no-one yet knows whether the various deals and tech switches that are already underway will lead to positive outcomes for advisers and their clients.”

The £207bn figure has been a result of “a combination of the takeovers currently being carried out and the scale of re-platforming taking place in the market”, The Lang Cat said.

It also indicated the volume of advisers that have been faced with uncertainty as a result of this re-platforming, the researchers stated.

Total net profit for 2016 was £31.86m, down from £33.88m for the previous year but growth remains “relatively healthy” at a similar level to the 20% in 2015.

But the report warned of “tougher times to come”.

An early sign of this was that the net-to-gross ratio across the sector is on the decline, according to the research, which stated that in conjunction with the overall healthy growth, means that there was more money flowing out of platforms altogether.

According to the research the net-to-gross ratio across the sector has been on the decline, which could be an early warning sign.

Net-to-gross for 2016 was down to 62.70% from 66.72% in 2015.

The study stated that, in conjunction with the overall healthy growth, this meant that there was more money flowing out of platforms altogether.

The report said: “A small part of this can be attributed to pension freedoms and a maturing sector – although critical mass is likely to be some way off – but we don’t think it is all ‘good outflows’.”

This could be viewed as the “canary in the coal mine, indicating that a lot more money is starting to flow out of platforms” or due to a advisers using more off-platform products.

The report stated: “But whichever way you choose to look at it, it’s clear that platforms are having to work harder to keep inflows in a healthy positive position.”

There was “no sign of large pricing changes” as figures stayed broadly the same, the report added.

In a summary it stated average prices as the following:

ISA/GIA

£100K: 0.30%

£250K: 0.28%

£500K: 0.26%

PENSION

£100K: 0.38%

£250K: 0.32%

£500K: 0.28%

The figures are contained in the firm’s latest guide entitled Quick And The Dead: State Of The Platform Nation.