Before the advent of the Retail Distribution Review platforms were already taking significant business out of the traditional long-term savings and investment sector. The transparency required by the RDR, which most platforms offer as a matter of course, is set to make these services a natural home for advised clients.

Moreover, a platform is essential for IFAs using an adviser charging model as the company that administers funds for most of the big investment companies has stated it will not facilitate this form of charging.

This guide looks at various platform types and whether advisers need one at all; the pros and cons of platforms for advisers and clients; how best to use platforms; how to pick a platform; and the importance of the platform’s ownership.

Additional contributions from Mark Polson, principal of platform and pension consultancy The Lang Cat; Shaun Sandiford, business development director of Axa Wealth; and Terry Huddart, technical communications manager at Nucleus.