Nucleus updates due diligence guidance

The eight-page guide, Questions Advisers Should Ask Platforms Today, focuses on areas advisers should investigate when choosing a platform.

It lists six key areas, financial sustainability, charging and fund manager rebates, the range of assets, re-registration and legacy products, tools and inducements and single platform use and values.

Holly Mackay, managing director of the Platforum, said: “We would echo Nucleus’ comments about the increasing interest and awareness of due diligence. As well as this being an adviser responsibility, we also think platforms need to step up and be a lot clearer about what sorts of advisers they work well with, and what sort of clients the platform best suits.

“As a group, we find Nucleus quite clear about the types of adviser practices with whom it works well, and this due diligence document will be an important read for any adviser evaluating the market.”

John Moore, chairman of the Nucleus IFA advisory board and director of IFA firm Central Investments, said: “We have updated our due diligence guide not only because of its huge popularity, but also because we have seen how advisers have realised this is a vital element in choosing the right platform for their client bank.

“Advisers need to select the right platform match in terms of their IFA firm’s processes, culture and philosophy – cultural fit is vital and we feel platforms should not try and be all things to all people.”