The new service, code named Platform Comparator, will now include a pricing and quantitative tool, developed by Capita.
The Platforum managing director Holly Mackay says: “Our platform analysis tool, provides some basic data and information. However, IFAs were always telling us that the missing piece was a comprehensive tool which analysed the respective costs and charges of the platforms, wrappers and funds as well as the more qualitative aspects.
“Capita have the actuarial, research and technological resources which we lacked to address this important quantitative part of the analysis process – so it made sense to join forces.”
The tool is currently being piloted with a focus group made up of platforms, IFAs, national and networks.
A launch is planned for Q2 this year.
Capita FS business development director William Watling says: “With the plethora of platforms, wrappers, funds, adviser negotiated special deals and distributor influenced funds, it was becoming extremely difficult to see the wood for the trees. We believe the new tool will help advisers see where real value lies for their clients and evolve to support the market as it develops.”
Threesixty partner Phil Young says: “Capita have an excellent platform price comparitor, probably the best I’ve seen and Platforum have the softer data – perfect combination for a starting point for wrap selection.
“But it still needs the ifa to get their hands dirty and confront platforms face to face before making a decision.”
Finance and Technology Research Centre director Ian McKenna says: “There is a need for impartial objective insight on platforms however choosing the right platform is as much about the fit with the business so I think it is important not to over analyse just price issues.
“Platforms must be competitvley priced but it is also essential to make sure the operating methods are closely aligned. Advisers need a mix of low cost platforms combined with seamless processing.”