Platform and fund costs top priority for advisers, study
Service, functionality and support combine for two-thirds of overall drivers of adviser satisfaction.
Advisers are placing and increasing amount of importance on investment platform pricing and fund manager costs, research from CoreData suggests.
In a study of 1,245 advisers, more than a quarter cited platform and fund manager costs as the single most important consideration in 2012. This percentage is up from 22 per cent in 2011 and 15.1 per cent in 2010.
In terms of adviser satisfaction with their main platform provider, the study finds that a combination of service (23 per cent), functionality (20 per cent) and support (19.7 per cent) account for around two thirds of the overall statistical drivers of adviser satisfaction with the platforms they use.
Meanwhile advisers cite the availability of full self-invested personal pensions, annuities and income drawdown products as high on the wish list of products they would like to access via a platform.
Other factors advisers would want include a broader range of products and greater flexibility as well as improved service, administration and support.
Earlier this month (6 August), research company Defaqto claimed it was speed of doing business that advisers looked for when it came to using platforms, more than any other factor.
Craig Phillips, Principal at CoreData Research, said: “Satisfaction among advisers is on the rise, perhaps reflecting the fiercer-than-ever competition pervading the market. And with inflows stuttering in 2012, platforms seem to be going the extra yard to keep advisers happy.
“Almost three in 10 advisers would recommend their main platform to another adviser, which is up from 19.7 per cent last year and 21.8 per cent in 2010.”