Mill predicts: "Over the next five years, advisers will increase digital connectivity with their clients, evolving their propositions so they are a profitable blend of people and digital contact.

"The advent of new tools will make financial planning a more real-time, collaborative experience for the client."

As Kenny says: "Platforms may now be a mainstay of the UK financial services, but as a once famous song goes: 'We have only just begun'."

simoney.kyriakou@ft.com