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IFAs choose platforms for greater fund range

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Advisers are looking to platforms to give their clients a better range and breadth of funds to invest in, according to research from the Association of Independent Financial Advisers.

NMG’s IFA Census, which carried out the research for Aifa, interviewed a total of 358 IFAs, out of which 255 advisers used platforms.

It found that 80 per cent of those polled who use platforms chose to adopt a platform due to the number and breadth of funds available to clients.

Ease of administration was cited by 77 per cent of respondents as a significant client benefit, while a further 60 per cent introduced a platform for cost-saving reasons.

Almost half of IFAs who used platforms did so to enhance their client proposition.

The research is part of an Aifa project with Standard Life to develop a platform due diligence guide to be launched on September 2.

Director-general Chris Cummings (pictured) says: “The use of platforms in our profession is still relatively new, and to some extent unchartered territory, especially from a regulatory perspective.

“The recent discussion from the FSA may have given many who use, or are thinking about using, platforms pause for thought. That is why we are providing a set of good practice notes to clear away any ambiguity.”

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