Advisers are becoming less satisfied with the service they get from platforms, new research shows.
A Defaqto survey of nearly 300 advisers shows adviser satisfaction levels with platforms have declined 6 per cent year-on-year and were down 7 per cent last year.
Areas that advisers became increasingly dissatisfied with last year were technical assistance, platform staff and pension freedom servicing.
Existing business administration and new business administration were seen as being the most important platform services but adviser satisfaction for both of these dropped 7 per cent from the previous year.
Advisers were also asked which platform is their preferred choice with Old Mutual Wealth, Aviva and FundsNetwork being the top three.
The research found nearly one fifth of advisers (17 per cent) changed their preferred platform in the past 12 months.
Parmenion, Transact and Wealthtime scored highly when it came to adviser satisfaction.
Advisers were vocal in their frustration at how some replatforming projects have impacted their businesses.
Aviva’s project, which resulted in it having a five-day black-out period in January, resulted in adviser payments being missed and Alliance Trust Savings apologised to advisers in June last year over delays with its replatforming project.
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