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Advisers on Platforum give Nucleus the top vote

Nucleus has been voted best platform by advisers using Platforum.

Platform consultancy Plat- forum set up an IFA feedback service last year, allowing advisers to rank the platforms they use and give feedback on service standards and features, with 255 IFAs rating platforms on 10 different criteria, including adviser support, choice of funds and wrappers, usability and value for money.

Nucleus is placed first and Novia is second. Transact is third, Ascentric fourth and Standard Life fifth, Axa Elevate is ranked sixth, Skandia Investment Solutions seventh, Fidelity FundsNet work eighth and Cofunds ninth.

Avalon, Seven Investment Management, Raymond James, Parmenion, Macquarie, James Hay and Aviva were discounted from the ranking because the sample of reviews for these platforms was too small.

Platforum managing director Holly Mackay says: “We should note that, as Nucleus users are also shareholders, there will be an inevitable bias towards them by users of the service.”

Advisers can rank their platforms ahead of the next quarterly leaderboard at www.the platforum.com.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Sometimes articles in your usually excellent paper disappoint.

    It is certainly not my place to lecture, but I always thought that a good reporter approached a story with an analytical mind armed with a healthy degree of scepticism.

    These findings from Platforum are like so many other so called surveys – probably skewed towards those who commission them and at best facile and inaccurate.

    Ask your self this: If Cofunds, Fidelity and Skandia who occupy the last three places are so poor, why on earth does Skandia have 3,668% more under management than Nucleus. (Yes – three THOUSAND six hundred and sixty-eight). Cofunds 2,387% more and FundsNetwork 1,863% more? The figures for Novia are even more startling: Skandia + 77,150% Cofunds +50,900% and FundsNetwork +40,150%.

    As at 30th September Skandia had £30.9 billion under management. Cofunds £20.4 billion and FundsNetwork £16.1 billion. While Nucleus had £0.82 billion and Novia a measly £40 million. (This paltry figure should have disbarred them from any meaningful statistics anyway).

    So presumably you are going to tell me that all this money going into the top three is by stupid and ignorant advisers who are unable to judge quality and are all to a man taking the maximum commission that these platforms have to offer. They also presumably are content to suffer appalling service and a lousy web site. Come ON pull the other one!

    And who produced these figure – you might have guessed – none other than Platforum, but at least these figures are verifiable and a matter of record. Unlike this other piece of flaky so called research.

  2. Mmmm

    Although what you say is partly true you have to remember that Transact has been going for a very long time as has Selestia. I have personally tried all of the Wraps using myself as a client which may seem ridiculous to you but it is the only true measure of performance.

    Cofunds fall down on many fronts – switch fee, lack of NAV, no model portfolios, and would only appeal to multi manager advisers in my opinion.

    Transact are extremely expensive – .5% to enter, .2% to switch .6% per annum for smaller investors, no model portfolio’s etc etc.

    Nucleus pretty much run at NAV, have no entry fee, no switch fee and levy a fee of .35% (apart from Paradigm members who charge their clients .5% for some unknown reason but you have to pay by cheque, there is a lot of paper.
    Standard Life has a good platform but charge .6% for a pension and .4% for other Wrappers!!! They do not allow you to designate accounts and treat you like a direct salesperson when you want to put something on the platform.

    I could go on but due to the risk of boring you I will stop here….

    Put it another way, if I was a genuine client Nucleus would give me the best deal for the same funds on funds under say £500,000 so in many respects I think some advisers are providing the wrong advice and they probably are putting clients into the wrong platform probably because they are used to it and it is difficult to change a service proposition once you become ingrained in a process.

    Lesson for the day I guess is research, research, research until you are happy, they all have faults, it’s up to you to decide just which one or two best suits your own client base

  3. A couple of quick clarification points about the above comments if I may.

    The ratings and rankings we are aggregating are all taken from IFAs and we at The Platforum have no editorial input whatsoever.

    The aim was to take on board IFA comments about how difficult it is to research platforms – and lots of you wanted to know what your peers who were actually using these platforms thought. We thought we could provide you with a forum for this.

    We have no commercial bias – or indeed interest – in these ratings or rankings which are totally transparent. Any IFA, including our critic above, can look at our site and add their voice to the mix and we really ask and encourage you to take 5 minutes to do so. You’ll then see and read for yourselves what the 260+IFAs who have provided input to date think and say.

    How do we make money from this? We package the findings and add them (in an aggregate and anonymous basis) to our quarterly research which we sell to manufacturers and providers.

    This leaderboard is a new development and needs ongoing comments from more IFAs to become a credible source of impartial information.

    Finally the ‘leaderboard’ reports the aggregate findings of 10 different service and functionality criteria. As we note in our research (and as you’ll see if you log-on) lots of the platforms with lower rankings do very well in specific areas. The aim is not to finger point but to work with the platforms to provide some useful feedback on where they’re doing well and where they’re not doing so well.

    In our research we note that many of the ‘lower-ranked’ platforms have plenty of very happy users, platforms are not a ‘one-size-fits-all proposition, there are different costs and fees involved and the only important thing is to choose a platform which suits YOU. We have tried to build an impartial, free service for IFAs which supports this.

    Please keep feedback and comments coming which we need to keep improving this new development.

    Thanks all
    Holly Mackay, MD, The Platforum

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