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Novia takes over the top spot in Platforum poll

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Novia has been rated the top platform by advisers using The Platforum.

This is the second quarterly leaderboard produced by Platforum from IFAs rating the platforms they use on its website. Nucleus took the top place in the last leaderboard.

Platforms are ranked based on an aggregate of the scores awarded them in 10 different categories.

IFAs score their platform from one to five, with five being the top score, against criteria such as quality of adviser support, choice of funds and wrappers, usability and value for money.

The latest leaderboard is based on feedback from more than 390 advisers.

Nucleus is placed second in the latest rating table, followed by Transact, Standard Life, Ascentric, Elevate, Seven Investment Management, Skandia Investment Solutions, Cofunds and Fidelity Funds-Network in 10th position.

Platforum managing director Holly Mackay says: “General IFA feedback and consensus is excellent all round for the Bath-based platform, which polls particularly strongly in the areas of business development manager support and customer service. IFAs liked the personal touch and the challenge will be to maintain this as the platform grows.”

“Other notable moves include a jump to fourth spot for Standard Life, which is at a very interesting stage in its evolution.

“With assets now at £4.4bn, it is making the transition from new player to one of the big boys, with a growth rate of more than 20 per cent over the first quarter of 2010.

“Both Standard Life and Elevate poll very strongly on service, with these platforms topping the charts on technical support for the second consecutive quarter.”

But Mackay says advisers registering on The Platforum do represent a bias towards full wrap platform models.

She says: “This, coupled with the fact that the larger supermarket-style platforms have higher amounts of ratings, will favour the smaller platformsin the early stages of this service.”

Despite this, she says the larger platforms poll badly on service across the board, with a clear mandate to improve their customer service.

IFAs can view the full results and offer their own feedback at www.theplatforum.com.

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