Retail banks are the most likely driver of consolidation in the platform market, according to a leading back-office provider.
Advisers should consider the ownership of a platform when doing their due diligence as foreign-owned platforms are historically more likely to pull out of the market, according to Ascentric managing director Hugo Thorman.
In the US, the largest stocks began a retreat after weeks of gains with the benchmark Dow Jones down 19.34 points to 9,350.73 in early exchanges.
In the US, blue-chip stocks trailed as investor sentiment turned cautious after a two-week rally.
Wall Street share prices fell back in early trade as poor results from Microsoft dragged tech stocks downwards.
American Express is not relaxing its vetting principles for doing deals with IFAs over use of its wrap account, but is widening the list of potential contacts as it moves to add services to the platform.
Financial services giant American Express has launched a wrap platform for UK intermediaries, but says only those IFAs that fit its user-profile will be invited to the party.