Platforms fail to meet advisers' expectations
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Platforms are only meeting adviser expectations in two of the 10 most important service aspects, according to industry analyst Defaqto.
In its annual platform satisfaction survey, Defaqto asked 232 advisers to rate platforms in relation to the 37 aspects of service across eight categories.
In the 10 categories that advisers considered to be the most important, the results showed platform providers were failing to meet expectations in the top three.
Integrity and asset type range were the only two aspects in those 10 where advisers thought providers met requirements while Defaqto says they meet more of adviser expectations in aspects that are judged to be less important.
Defaqto insight analyst for funds Fraser Donaldson says: “Our survey of platform users shows service is by far the most important factor driving advisers’ platform switching activity and this demonstrates it is not just the platform proposition that matters to them but also the intangible benefits they need from the relationship.”
In May, Defaqto revealed that a quarter of advisers changed at least one of their platform providers in 2010.
Independent platform consultant Stan Kirk believes ’ expectations are too high. He says: “The market suffers from over-hype by some wraps and over-expectation by many advisers. Wrap is not a panacea and some realism is needed.”
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