The platform industry "nudged" into a collective profit for the first time in its history in 2012, according to figures compiled by Altus.
More than half of all platforms are now reporting a profit, according to Altus.
Platform assets under management grew by more than 20% last year while revenue increased by less than 6%.
In another first for the industry, the average yield on platform assets dropped below 40bps for the first time in 2012.
Altus noted the variation in average yield across platforms ranged from between 15bps and 90bps.
Head of consultancy at the group Kevin Okell said this decline would put further pressure on platform providers to reduce costs.
He said: "The accounts we analysed relate predominantly to 2012, during which the average yield on platform assets under administration fell below 40bps - another less welcome first for the platform industry.
"That means costs must continue to come down and it will be interesting to see if the industry has managed to sustain the 2012 improvement when this year's accounts get filed over the next 12 months."
Lack of innovation for solutions
Some 2,000 consumers affected
Achievements, charity work and other happy snippets
Appetite has suffered since Brexit vote
'Failure to pay attention can result in enforcement'