Financial research firm Defaqto has launched a rating system to assess the level of service financial advisers receive from the investment platforms they use.
The platform service ratings are based on Defaqto’s service satisfaction survey, which asks advisers to rate platforms in relation to 39 aspects of services across eight categories, including provider perceptions, new business administration, existing business administration and staff perceptions.
Defaqto added that the ratings can assist advisers in choosing appropriate platforms based on their peers’ perceptions of service, and can provide an ‘at a glance’ view based on service proposition and can assist advisers with panel creation.
Based on advisers’ responses, platforms that reach the required standard to achieve a rating are awarded a gold, silver or bronze service award. The ratings are available within Engage, the firm’s research software for advisers.
Richard Hulbert, wealth insight analyst at Defaqto, stated that the Financial Conduct Authority has repeatedly mentioned that while features and benefits are important in matching a solution to a client’s specific needs, experience of the provider and the quality of the service should also feature in the due diligence process.
“Our service ratings provide a completely unbiased and, importantly, user-led review of the level of service offered by platforms.
“We asked financial advisers to rate the importance of a detailed list of aspects that fall into a number of specific categories and their perceptions of service against these – and this detailed analysis provides a valuable rating, helping to inform advisers’ platform-related decisions.”
peter.walker@ft.com
