Ascentric head of sales Shaun Sandiford says IFAs must understand the importance of due diligence to ensure platforms remain suitable for their client bank.
He says: “With all the pressures involved in running a business and keeping clients happy, IFAs have to devote more and more time ensuring that the appropriate governance is in place to justify any major decision they make. This includes their selection of a wrap platform provider.”
Sandiford says IFAs should be asking themselves three key questions regarding their chosen wrap platform, such as whether or not the firm’s investment philosophy changed in 2009, any gaps in its functionality and is it still suitable for them.
He says: “Why wait for regulatory sanctions when you can do something about it now? Spring clean your wrap operator, spring clean your preferred platform, and, if you feel it remains fit for purpose, fine, document why and carry on. If it’s not, investigate others, do your due diligence and make the move to an unbiased and unrestricted’ world.”