But not everyone is convinced of the need to offer the cheapest deal; clients just want a platform that works and seems efficient.

As the financial advice industry evolves into a more segmented sector, with different types of clients using different services, so we are likely to see the rise of the direct to consumer platform. These allow clients to make their own decision, sometimes with the help of research from the likes of Hargreaves Lansdown.

But experts suggest this does not spell the end of the IFA/client relationship, or the demise of the adviser platform.

Direct to consumer platforms will work for those with simple transactions or small amounts of money to invest; those with complex needs, such as administration of a pension, will still resort to a financial adviser. Many think clients will evolve to using a number of outlets for their variety of needs.

For those already using adviser platforms, IFAs will need to put in place plans for the move to unbundled charging for legacy business. The deadline is April 2016 — already in place for new business — and advisers need to work out the best plan of action. Should they transfer everyone now, should they move into different funds or even different platforms?

Everything is up in the air in the platform sector at present, and it might take time for the dust to settle.

Melanie Tringham is features editor of Financial Adviser