Unlocking the next phase of MPS growth: Connecting platforms and MPS more effectively

Morningstar Wealth & the lang cat. (2026, April). Unlocking the next phase of MPS growth: Connecting platforms and MPS more effectively.

• Managed Portfolio Services (MPS) have evolved from a specialist outsourcing option into a core component of Centralised Investment Propositions (CIPs) , becoming a defining feature of the UK advice market.

  
  

• A significant 87% of surveyed advice firms have a documented CIP , indicating a highly structured approach to investment governance.

  
  

• CIP capability is considered 'very' or 'extremely' important by 83% of firms when selecting platforms, as platforms and MPS function together as a single delivery system.

  
  

• The practical limits of expanding MPS are driven by cost and value perception, tax considerations, adviser desire for control, client complexity, and platform limitations.

  
  

• The profession anticipates continued growth in MPS usage , with 27% of firms expecting material increases and 19% anticipating some further growth.

  
  

• Operational frictions such as tax handling, cash management, and reporting transparency act as primary constraints on wider MPS adoption.

  
  

• Unlocking the next phase of MPS growth will require providers to reduce workflow friction, facilitating a combination of new adoption and operational gains.

Knote: We think MPS (UK version of TAMPS) are poised for lift-off in the UK the way TAMPS were poised for lift-off 10 years ago in the US. Come join us and our friends at The Wealth Mosaic at their conference "UK MPS: a view into the future" as we attempt to explain why and what is going to happen next. It's in London on May 14th: More here