Home > IFA Industry > Technology for IFAs
Zurich sees heavy pre-RDR adviser platform indecision
Almost half of advisers have still not chosen the platform they will use to service their clients, a survey by Zurich has claimed.
The figures show that with less than a year until implementation of the retail distribution review, 44 per cent of advisers have signed up to at least one platform, 40 per cent have still to choose a platform and 16 per cent do not intend to sign up to a platform at all.
Of those who have not decided what platform to use, 26 per cent said they were too busy trying to keep their business afloat, 22 per cent said they needed help to choose the right platform and a fifth said they were too busy preparing for the RDR.
Asked how many platforms they will use, 47 per cent said they would use just one, 30 per cent said they would use two, and 18 per cent said they planned to sign up to three or more platforms.
Adrian Nash, head of wealth propositions for Zurich, said: “There are still a large number of advisers out there who are yet to choose what platform to use, with some admitting that they need help to choose the right one for their business model.
“A good platform should be able to fit all business models and a good platform provider should be able to help the adviser segment their client base to make best use of their platform.”
”RDR is clearly a big focus for many advisers, but platforms are an important part of making RDR implementation a success and platform providers should be providing support for advisers with this.”
Nick Lincoln, director of Watford-based Values to Vision Financial Planning, said: “I have chosen one platform for most of my clients. I do have some legacy clients on others. I think you can have one platform for all your clients if you are careful about the clients you want to engage with. If clients do not hit various benchmarks, I do not take them on.
“For IFAs with thousands of clients, they probably cannot have just one platform for all of them. I know the FSA is keen that firms need a good reason to have just one platform.
“I think I have a good reason because of the smaller number of clients I have.
“The issue is that the FSA views platforms as a product, but advisers who use them properly view them as a service. They are just offering a series of tax wrappers.”
