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Advisers’ platform satisfaction drops

Survey-Form-Paperwork-Satisfied-Contract-Pleased-700.jpgAdvisers 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.

Source: Defaqto

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.

How can advisers pick the perfect platform? Experts including Platforum’s Miranda Seath and Gbi2’s Graham Bentley will discuss due diligence and the future of the market on 3 May at the Money Marketing Interactive conference. Click here now to register for your place.



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

  1. Unsurprising that satisfaction is slipping. Years ago, you could fill out an application form and get a Stakeholder Pension for around 0.4% AMC on a commission-free basis. If something didn’t work properly, someone behind the scenes at the insurance company would sort it out. Now you set up the policy yourself, get a similar all-in charge for the end client and, when something doesn’t work, the platform provider tells you it’s a “known issue” and to use a workaround. Then the platform provider “replatforms,” forgets to do any user testing and then makes you wait in a call queue for an hour to be told there’s nothing they can do at the moment.

    I use platforms extensively, but they have not been the complete panacea that we’ve been promised over the past decade and I can’t think of a single platform that allows me to do what I want, when I want, without some little complication or other. Perhaps other advisers are becoming tired of this too?

  2. We have a client on Aviva who has been receiving income payments via regular monthly drawdown. These have suddenly stopped since the new platform went live, with the notification from Aviva making reference to the client exceeding the Lifetime Allowance from the next crystallisation and them having no details of how the excess is to be treated. The transfer-in last August was £260k and he has been taking £800 per month!
    I have tried to call the platform team and been told the wait time is “up to 60 minutes as we are currently receiving a high volume of calls”! WTF!!!

    • Yes ~ I called Aviva yesterday to find out why their platform states we have no authority to access details on an old Sun Life Investment Bond that we sold 15 years ago and got the same message. I also wanted to know why, for the same client, Aviva’s system shows a number for an annuity policy that we DIDN’T sell him. Were I to look at the details on that, it would be a breach of data protection law.

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