PlatformsSep 2 2020

Seven steps advisers should take in platform due diligence

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Seven steps advisers should take in platform due diligence
ByImogen Tew

There are seven steps to effective platform due diligence which can bolster financial advice firms and provide better client outcomes, according to the Lang Cat.

Let the Suitable Ones In, a report published by the consultancy today (September 2), said a structured approach to research and due diligence resulted in better advice businesses, but warned the “devil was in the detail” of how advisers would go about this.

Mark Polson, founder of the Lang Cat, said: “The vast majority of advice firms have considered changing where they place their platform business at some point last year, so there’s clearly a regulation requirement for due diligence processes to be undertaken and evidenced.

“By outlining our process, and making the necessary data available in a way that can be easily compared and reported, we aim to help all advisers and paraplanners deliver the best possible outcomes for their clients with a bullet-proof, demonstrably objective approach to research and due diligence.”

The “killer question” when it comes to platform due diligence is “is this a safe home for my clients’ investments?”, the report said, as it outlined the seven steps for advisers to take to answer it.

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