Nearly half of advisers are intending to use just one platform post-Retail Distribution Review, despite Financial Services Authority guidance that they segment clients and offer access to more than one offering, new research from Zurich has shown.
Zurich said that whilst the regulator suggests that advisers have access to more than one platform to ensure suitable advice for all their client segments, 47 per cent of the 814 advisers polled said that they still only intend to use one platform.
Nearly a third said that they will use two platforms to service their clients and one in five advisers plan to sign up to three or more platforms.
The study also shows that 44 per cent of intermediaries have signed up to at least one platform, 40 per cent have still to choose a platform and 16 per cent don’t intend to sign up to a platform at all.
Of those who have not decided which platform to use, 26 per cent said they are “too busy” trying to keep their business afloat, 22 per cent said they need help in choosing the right platform to suit their business model and 20 per cent said they are too busy preparing for the RDR.
Adrian Nash, head of wealth propositions at Zurich, said: “There are still a large number of advisers out there who are yet to choose which platform to use, with some admitting that they need help to choose the right one for their business model.
“RDR is clearly a big focus for many advisers, but platforms are an important part of making RDR implementation a success and platform providers should be providing support for advisers with this”.