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Defaqto: Platforms are failing to meet adviser expectations

Defaqto

Platform providers are failing to meet adviser satisfaction levels in the nine most important service areas, according to financial services research company Defaqto.

In its annual platform satisfaction survey, Defaqto asked 345 advisers to rate platforms in relation to 37 aspects of service.

Advisers indentified nine categories as the most important, which include processing times, integrity, staff competence, ease of doing business, systems reliability, problem solving effectiveness, admin communication, enquiry action and protfolio transfer.

A mean score was calculated for each aspect and rated accordingly. These ratings were then cross-analysed with satisfaction levels to determine if the service is meeting adviser expectations. The results mean that more important aspects require a higher score to be considered as meeting adviser expectations.

The responses show advisers believe platforms have failed to meet the required level of satisfaction across all categories.

Defaqto insight analyst for funds Fraser Donaldson says: “Platform operators do not want to lose adviser clients to a competitor, as profitability is very hard to achieve in this market. It is therefore crucial that platform operators understand and act on the needs of the adviser and their clients.”

Element
Importance rank
Satisfaction score
Approx. Sat score required to meet expectations
Processing timeliness
1
74%
80%
Integrity
2
74%
75%
Staff competence
3
70%
74%
Ease of doing business
4
70%
74%
Systems reliability
5
72%
73%
Problem solving effectiveness
6
62%
72%
Admin communication
7
62%
72%
Enquiry action
8
66%
72%
Portfolio transfer
9
67%
71%

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