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How platforms compare: Overall satisfaction

The latest Investment Trends reseach shows that a small number of platforms continue to dominate the advisory market. Here we focus on the top five platforms for charging, investments, reporting and management tools, ease of use and adviser support – with some surprising outcomes

The latest Investment Trends research reveals a lot about the battle for position in the UK wrap and platform market.

The platforms that consistently rank among the most popular with IFAs for overall satisfaction are wraps Transact, Nucleus and Novia, which dominate the top three rankings in a number of different categories. Skandia – the only of the big three in terms of assets to feature – and Ascentric also make it into the top three in more than one category.

Transact comes first in terms of satisfaction in seven categories, including overall satisfaction. Nucleus tops the rankings in four categories.

A notable new entry to the leader board for overall satisfaction is Aviva Wrap. To make it into the list of adviser favourites less than a year after launch is a real achievement, and it was ranked first for adviser satisfaction with charges.

Transact just pips last year’s favourite Skandia when it comes to which single platform is considered the best available in the market right now. There is then a big gap between these two and the remaining top five platforms in the market.

In contrast to satisfaction tables for individual features, all three of the largest platforms make it into the top five for best platform, with Cofunds and FundsNetwork narrowly ahead of fifth-placed Nucleus.

The Investment Trends research also looks at the overall usefulness rating of platforms.

The Investment Trends research includes details of all the companies covered in its research but, as with all the tables in this Wrap & Platform Report, here we analyse only the top five in each category.

Adviser favourites Transact, Nucleus and Novia are joined by Skandia and Standard Life Wrap in this measure of overall usefulness, which nets positive ratings for the providers against those who say the service is poor.

Plan Money director Peter Chadborn says it is not surprising that Transact, Nucleus and Novia have taken the top spots for overall satisfaction. “They are newer, nimbler and can change and evolve very quickly, so they can respond very well to an evolving marketplace better than more established platforms which have lots of legacy issues,” he says.

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