Advisers cite client transfer speed as key platform concern
Financial strength of platforms moves up list of key issues, rising five places compared to previous survey.
Advisers have identified the speed of processing client applications as the most important factor of using a platform, reflecting a perceived focus on client transfers to platforms in the lead up to the Retail Distribution Review, according to research from Defaqto.
Publishing the results from its latest platform survey, the research company said that 345 financial advisers who use platforms rated 37 aspects of provider service and identified “processing timeliness” as the single most important aspect of platform service.
The survey notes that four out of the top 10 most important disciplines fall under the category of administration of new business.
This pips the previous favourite, “ease of doing business”, which fell to fourth place behind “integrity” and “staff competence” respectively.
One of the biggest movers in the survey was “financial strength”, which rose five positions to rank 16 in the 2012 survey.
“Client segmentation” has been ranked consistently last through the most recent three consecutive surveys.
Fraser Donaldson (pictured), insight analyst for funds at Defaqto, said: “Most advisers will be concentrating on becoming RDR-ready and part of this will involve moving suitable clients to a platform.
“Most advisers will want to have their clients in place on the most suitable platform in time for RDR implementation, so it is no wonder that the speed of client processing is of the essence.”
“Determining the speed with which key administrative tasks are carried out should be an essential part of due diligence for advisers researching potential product and service partners.
“All platforms have seen considerable growth in assets and how they are coping with increased scale administratively is crucial.”
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