Nucleus is considering launching a direct-to-consumer (D2C) platform in an effort to better serve the 6,000 orphaned clients it currently redirects to Hargreaves Lansdown each year.
Nucleus is currently an IFA-only platform, owned in part by its member firms, but it has identified a need to branch out into the D2C space in order to tackle the problem of orphaned clients.
With IFAs increasingly concentrating on higher net worth individuals, platform providers have been left to deal with the resulting orphaned clients, whose assets remain on those platforms.
David Ferguson (pictured), chief executive of Nucleus, said the plans are in the early stages but acknowledged the platform needs to address the issue of orphaned clients.
"There is a problem to be solved. We are in discussions with users about it," he said.
Earlier today a note from Morgan Stanley analysts Anil Sharma, Bruce Hamilton and Jon Hocking flagged Nucleus' ambitions in the area.
"The CEO of Nucleus indicated their advisers referred 6,000 customers to Hargreaves Lansdown every year," they said.
It is not the first time Nucleus' has eyed a D2C move.
Two years ago the platform revealed plans to roll out a white-labelled execution-only wrap for advisers to use with their clients, though this service is also still to launch.
The platform, which launched in 2006 and is 51%-owned by the IFA firms that use it, had a successful 2013, making an operating profit of £500,000 in the first six months of the year.
It first became profitable in 2012 after making £31,000 in the first quarter.
Assets under management, meanwhile, stood at £5.3bn by the middle of last year, having grown at an annual rate of 38%.
However, a D2C platform sitting alongside the advised platform would enable the business to expand more rapidly, and is part of a wider trend which is seeing major platforms focus on more than one type of user.
It will also enable the group to retain those clients it currently has to send on to D2C platforms.
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