Nearly 90 per cent of advisers say they won’t shift platform despite provider backtracking on replatforming deal
Advisers have said they are likely to stick with Old Mutual after the provider cut ties with its replatforming provider IFDS.
Last week, Old Mutual announced it had cancelled the estimated £450m deal to update its current technology through IFDS.
£330m had already been handed over in a project that sources say goes back to before the RDR in 2013.
The provider said by picking rival platform technology provider FNZ for the rest of the project, it was set to spend another £120m to £160m – falling roughly in line with estimates if they had stuck with IFDS – but would receive “additional functionality” when the FNZ-backed platform was operational for new business by late 2018 or early 2019.
Money Marketing asked readers in a website poll if they will look to change platforms now Old Mutual has cancelled the replatforming deal with IFDS.
Of the 315 respondents, nearly 90 per cent said they would not. 8 per cent said they would look to switch, while 4 per cent were so far undecided.
FNZ is also understood to be currently working on projects with Vanguard, Standard Life Elevate and Santander, among others.
Old Mutual Wealth UK Platform chief executive Steven Levin says: “We know there are many reasons advisers choose to work with us including the quality of our people, the usability of our online portals and the strength of our balance sheet.
— Anthony Morrow (@evestoranthony) May 9, 2017
He adds: “Those elements of our proposition will not change and we will continue listening to advisers to ensure we develop the platform to suit the way they and their teams would like to use it.”