None of the top 10 platforms in the UK scored higher than 61 per cent on a test scrutinising their adviser-facing functionality, according to a new study that highlights the room for technology improvement across the sector.
A report by analyst Investment Trends evaluated platforms for 285 key characteristics to give it a score out of 100. The firm said a score of 100 per cent would mean a platform was combining “all of the best features currently available in the market”.
Wrap platform Transact was ranked highest by some margin, according to the report, though it “only” scored 61.4 per cent. 7IM, FundsNetwork and Novia all tied for second place with 57.9 per cent.
Despite the relatively low scores, the report finds UK platforms had strong modelling tools and calculators, fund manager research and adviser support.
Most platforms also offer detailed help and education resources for advisers, which the highest-scoring platforms deliver through interactive guides, webinars and videos, the report adds.
However, the report highlights a shortfall when it comes to level of automation provided by platforms around tasks that are “tedious and time consuming”.
Recep Peker, senior analyst at Investment Trends, said: “In the inaugural edition of our study we reviewed the top platforms in the UK, each of which has established a strong core offering complemented by an individual niche where they excel relative to other platforms.
”While very close overall, the top five platforms each achieve their position in very different ways. This provides the opportunity for any platform to enhance their offering and challenge the lead, and there’s still a lot of room for further development.”
