HUB24 got the highest score on Investment Trends latest 2022 Platform Benchmarking and Competitive Analysis Report of 91.5 per cent, compared to Netwealth's 90.7 per cent.
Praemium, BT Panorama and Mason Stevens ranked third (89.9 per cent), fourth (84.7 per cent) and fifth (83.3 per cent) respectively.
The report is based on a review and audit of the features and functionality offered to planners by investment platforms in Australia and is assessed across more than 500 different criteria.
"All platforms have particularly sharpened their focus on the investment menu," said Paul McGivern, director at Investment Trends.
Investment Trends also said that all platforms have improved their functionality over the past 12 months. Platforms have expanded the number of managed account models and ESG is another area of focus.
"This year, several platforms have introduced new integrations with third-party ESG ratings and analytics providers, as well as reporting and other resources to support the provision of ESG advice," McGivern said.
Retirement income has also been at the centre of a range of initiatives by some platforms following on from the introduction of the retirement income covenant - which requires superannuation funds to consider the retirement requirements of members - in July 2022.
"This has translated into a material step up in the range of annuities, capital-protected funds, and longevity protection funds added to the investment menu, as well as the development of new retirement calculators and modelling tools," McGivern said.