"The lack of consistency across the industry in how this additional data is being provided will cause as many issues for IFA firms as the actual requirement to disclose or method of disclosure."
Their comments came after remarks made by Lawrence Cook, director of marketing and business development for Thesis Asset Management, at an FTAdviser masterclass held in London last month.
He told delegates Mifid II was focusing advisers’ and providers’ minds on "whether we are delivering what clients value".
As a result, advisers, discretionary fund managers and platform providers needed to innovate and be flexible to ensure the client is getting the best possible service.
When it comes to innovation, Mr Hammond said rather than the expected contraction among platform providers that has often been predicted, what will happen post-Mifid II is a new wave of smaller, more technologically advanced platforms coming to the market.
Mr Hammond said: "Longer term, the platform industry is going to see a number of new entrants, building their businesses using the latest technology and thinking. The recent launch of Seccl’s platform service and Hubwise as a new platform brand show that you don’t have to invest tens of millions to get into the market, and you don’t necessarily need to buy in large chunks of technology.
"The concept of 'componentisation', or stitching together best of breed modules to create a platform business is the future, and will allow any new entrant the flexibility, efficiency and ability to scale that is essential to success.”