Elms says specifying which platform the adviser uses will help differentiate them from similar IFAs. He says: “At some stage in the future, there is an opportunity for wraps and platforms to raise consumer awareness of what they are doing and for IFAs to differentiate themselves from neighbouring IFAs on the basis of their technology offering.”
But Novia head of marketing Martin Broomfield notes that the average consumer is probably unaware of the complexity of choosing a platform. Therefore, giving them the option of specifying a platform would not work.
He says: “You have to consider the multiple attributes a platform can offer – breadth of investment range, choice of product wrappers and so on.
“But the consumer may not have an understanding of that, so getting them to choose a wrapper without having gone through a proper process with an IFA is not a good idea.”