Nucleus adds HR tool to platform

Nucleus adds HR tool to platform

A portal that allows advisers to manage human resources tasks in their business has been added to the Nucleus platform.

The change was part of several features added to the platform this year, most of them aimed at helping advisers manage their practices, to "make advisers' lives easier", said Garry McLuckie, the firm's communications director.

The additions allow advisers to effectively manage their office via the platform and include templates of contracts of employment and performance reviews. 

Mr McLuckie said: “The average number of employees at a firm on the Nucleus platform is nine, and a business of that size probably wouldn’t have those functions in house, so we think by being involved with that we can add more value for the adviser. We added that to the platform this week.” 

In its most recent quarterly update to the market Nucleus posted net inflows of £111m but higher outflows, which were dented by the loss of a handful of client firms who left when they were taken over. 

Mr McLuckie said the inflows that have been a feature of the platform market over the past decade may not be a feature of the next decade, and platforms will have to grow by winning business from rivals.

At Nucleus the criteria for adding a new advice firm was minimum assets of £10m per adviser. 

He said: “We lost maybe four or five firms to consolidators, but we have been addressing this, we have signed agreements with a couple of the consolidators in the market, so will be on their panels in future when they are looking to select a platform, in this way I think consolidation could be helpful to advisers in future.”