If scale always wins, Parmenion shouldn't be doing this well.
A few weeks ago I posted about platform flows concentrating. Aviva, Quilter and Transact taking double the net flows of every other platform combined.
Last week the Defaqto service rankings came out. Parmenion landed at third. Only one of the flow giants made the top three for service.
Now their full year is out. Record gross flows of £3.3bn. AUMA up 25% to £16.4bn. The UK's most recommended adviser platform (Investment Trends 2025). 15 years in the Platforum top three. £19.2m EBITDA.
Scale matters. Service still moves money.
The flow giants will keep taking their share. But the chasing pack still has plenty to play for if the service proposition is strong and the people behind it are good enough to win the right firms.
The platforms gaining ground are the ones spending time with smaller, growing adviser firms before they need them. They build credibility before the platform review starts.
I'm working a few of these distribution briefs right now and the same pattern keeps coming up.