Adviser Guides
Guide to picking a platform - part 2
Many areas of the platform market, such as pricing, are a potential minefield to navigate and compare.
The second in FTAdviser’s two-part Guide to picking a platform tackles what questions to ask a wrap provider, registering clients and demonstrating that the fund supermarket you selected is suitable for your clients.
Answers supplied by the FSA, Jeremy Mugridge, platform specialist of Skandia, Bill Vasilieff, chief executive of Novia, and Alastair Conway, sales and marketing director of Cofunds.
IN THIS GUIDE
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Q: How do I switch my clients’ assets?
Some platforms do not offer re-registration off platform.
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Q: Can an IFA use only one platform?
The FSA has issued a factsheet specifically on advisers using platforms and their independent status (factsheet dated 07/11).
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Q: How do I ensure a platform is best for business?
The due diligence process will help ensure the IFA chooses the best platform for their business, according to Jeremy Mugridge, platform specialist...
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Q: How do I ensure a platform is best for my client?
Checking whether a platform is suitable for a client is an important consideration, as platforms may not be suitable for all clients, warned Jeremy...
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Q: How do I show the platform is best for my client?
The due diligence process carried out by an adviser needs to be documented to provide evidence as part of the suitability process.
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Q: How will I be paid for registering my client?
Advisers can arrange with the client to be paid a fee directly from them, or they can agree for a fee to be paid from their investments.
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Q: What should I ask a platform provider?
The FSA outlines nine key areas.
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Q: How important is the platform’s ownership?
It is key for an adviser to know the platform is sustainable, according to Jeremy Mugridge, platform specialist of Skandia.