You know when you were a kid and there was a party coming up and you got so excited about the prospects?
Then, when the party happened and there was no one tying animal balloons or the jelly was lemon not raspberry… Well, that’s how I feel about platforms.
Back in 2000, I was a paraplanner and we were introduced to the concept of a ‘wrap’. I remember reading about these things really closely and felt this was a proper ‘moment’ – one of those times you look back in life and think, ‘This is where everything changes.’
But here we are 13 years later and it just doesn’t feel like that.
Let me share the vision I had that made me so excited.
I thought everyone would have a wrap, and it would enable tax-planning opportunities and be a home for any money the client had.
But platforms should have been a lot freer. People should be able to skip between platforms quite happily and re-register clients between platforms without any issues.
Also, I expected clients to be able to access absolutely any investment they wanted.
But the situation has not really got where I thought it should.
When the FCA starts to measure the delivery of service proposition promises, maybe then we will start to see a shift to those wraps that properly support the ideal.
Damian Davies is director at The Timebank