Advisers name best platforms in Q1

Advisers name best platforms in Q1

Advisers have crowned Parmenion the top platform for Q1, 2020 in the Lang Cat’s first quarterly platform ratings.

The consultancy firm polled 500 advice firms throughout the first three months of the year and found Parmenion — Standard Aberdeen’s platform — ranked number one in terms of support, proposition and overarching factors such as value for fees.

The platform is no stranger to being an IFA-favourite, having scooped the Lang Cat’s platform of the year award for 2019 after receiving “consistently stellar feedback” from advisers.

Parmenion was closely followed by Praemium, which came second for support and overarching features, while Novia ranked third overall and second for its proposition.

Transact and True Potential completed the top five platforms overall.

The Lang Cat’s ratings are designed to give an insight into how advisers are using platforms and how well their needs are being served.

They cover 19 different aspects of platform usage, split across support, proposition and overarching factors, and advisers can rate up to five platforms. A platform must have a minimum of ten reviews to make it into the tables.

Terry Huddart, head of proposition at the Lang Cat, said: “It’s early days for our ratings, but it’s interesting that Parmenion, Praemium and True Potential are all in the top five. 

“In their different ways, they all fall into the specialist platform camp where joined-up technology and inbuilt centralised investment propositions are part of the story.”

Mr Huddart said that as specialists, such platforms would not be right for “all types of advisory firms” but their ratings suggested a growing number of advisers might place greater value on an integrated experience over access to all the tools and all the funds.

But whole of market, independent wraps were also popular, with Novia and Transact featuring in the top five.

Mr Huddart added: “It will be interesting to see if the ratings change next time given the current situation or whether platforms have been able to maintain service levels throughout the lockdown.”

Sarah Lyons, chief marketing officer at Parmenion, said: “Like everyone, the entire industry has been having a tough time lately dealing with the Covid-19 situation.

It is therefore, doubly lovely to receive the good news that we have been ranked number one in the Lang Cat Q1 platform ratings."

Ms Lyons said the ratings report was so valuable as it was adviser-driven, meaning the only real control over the results was to deliver the best service possible "at all times".

Advisers can access the new ratings via the Lang Cat’s quarterly Adviser Briefing report, available through the consultancy’s Platform Analyser software, and can complete the survey for the next quarterly ratings here.

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