FTAdviser's readers have criticised Abrdn’s Wrap platform, days after the company announced that its three platforms will be brought together onto the same tech stack later in the year.
The problems raised regarding the Wrap platform include its useability, described as “clunky” and “unusable”, with “poor navigation” and “counterintuitive” functionality, as well as its customer service levels.
Platform users said it takes a long time to reach anyone on the phone, with one customer saying it took them over an hour to get through, at which point the staff "do not know what they are talking about".
But Abrdn has said it had recently hired 35 more people to support advisers and that call times had been steadily reducing following its most recent platform upgrade, which was "the largest and most advanced release" the company had ever completed.
Commenting on FTAdviser's article about Abrdn's plans, a user said everyone they speak to thinks the Wrap platform is a “disaster”.
Another said: “I will not be placing any new business with them, and actively look to move clients to another platform.
“If I treated my clients this way I wouldn't have any left...wake up Abrdn”
Abrdn is to launch AdviserOS, which will bring the Wrap, Elevate and Fundzone platforms onto one common tech stack later this year.
The group said the change will simplify processes, prioritise service, allowing advisers to do less, achieve more for their clients and grow their businesses.
But a number of advisers said they were concerned at the news.
One Elevate user said, after reading comments on an FTAdviser article about the user experience of the Wrap platform, he was concerned for the future.
“As an Elevate user, I am aware of its shortcomings but the phone support has been fantastic and has been the reason I've been able to build my business on the platform,” he said.
“I'd hate to lose that for no other reason than a vanity project....”
Another user said it would be a “bleak day” if Abrdn changed the Elevate platform.
"I will have to consider what’s best for my clients and make the necessary changes,” they said.
“If it ain’t broke why fix it, or in this case ruin it.”
There was also criticism about a lack of clarification on how the pricing will work once the changes are made to the platforms.
“How are ordinary investors supposed to understand what the platform pricing or strategy is going to be,” one said, with another saying the communication from Abrdn was not clear.
"[Abrdn] needs to be very careful as this could easily backfire, and they risk losing a lot of their current support,” another said.
“The recent Wrap 'upgrade' has hardly inspired much confidence."
In March, an upgrade to the Fundzone platform left some advisers locked out of their accounts for more than a week, resulting in cancelled client meetings.
A spokesperson for Abrdn said: "Phase two of the adviser experience programme was the largest and most advanced release we’ve ever completed. Whilst we did receive significant call demand post launch, our call wait times have steadily reduced since launch and continue to do so with further improvements expected in the coming weeks.
"Alongside ongoing investment in our technology we know that our people are critical to delivering a leading experience we have recruited 35 more team members to support advisers. Our investment in technology and people lays strong foundations for Abrdn AdviserOS which will launch late 2023.
"We will announce the pricing for AdviserOS ahead of launch and can assure customers they will not be disadvantaged by the upgrade."
sally.hickey@ft.com
