'Platforms are wasting cash on adviser tools'
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Platforms are wasting money developing tools for advisers who do not use them, according to consultancy group AT8.
Speaking at the Capita Financial Software conference in London last week, AT8 executive director Mark Loosmore said advisers want to use the same tools for every client rather than changing tools depending on which platform individual clients use.
Loosmore said: “Advisers want to use their own attitude to risk tools, research tools and sales processing or fact-finds. It is important to offer consistent advice across multiple platforms and this means investing in their technology tools and then integrating into platforms.”
Transact managing director Ian Taylor says: “I think it is quite possibly true in some cases but I do not think advisers disregard platform tools across the board. Not every adviser has client assets spread across a large amount of different platforms.”
In June, Zurich intermediary sales director Richard Howells claimed advisers use less than a third of platform functionality.
Also speaking at the conference, Capita business development director William Watling said that he expects to see further arrangements emerge like the one between Axa Wealth and Axa’s investment proposition, Architas.
The arrangement, announced last week, sees Eleate waive its platform fees for investments into Architas funds made before January 1, 2012.
Axa says it will offer similar deals throughout 2012.
Watling says: “We are aware that more firms will come out with these arrangements which give clients a preferential deal if they invest in a proposition supplied by the platform service provider.”
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