The Lang Cat: platforms are dead

The Lang Cat report did have some good news for advisers though, in that they believe the demand for advice will continue to increase over the coming years, in no small part due to the pension freedoms.

“Advice as a product has never been more professional or of greater value, and several advisers we have spoken with recently are saying they have never been busier,” said Mr Barrett. “Platforms that enable advisers to deliver their advice proposition in a manner befitting the digital age will flourish.”

Article continues after advert

Kevin Openshaw, head of life, pensions and platform at Milestone Group, added: “The report to me is not a surprise at all, its something we’ve been banging our drum about for the last two years.

“The platforms are just built for accumulation and front end, no one has considered the administrative aspects that would sit behind them.”