National IFA LEBC is conducting a review of its platform panel as it prepares to relaunch its model portfolio range.
LEBC has enlisted the help of a third party research company to draw up a shortlist of platform candidates, and will set out its criteria for applications in the next few weeks.
LEBC currently uses Cofunds to run its centralised investment proposition, but has five other platforms its advisers may choose from for more bespoke work, for example Transact for high-net-worth clients or more esoteric investments.
The last time LEBC reviewed its platform use was in 2013. It drew up a list of 70 key performance indicators from its platforms, all weighted according to importance.
LEBC director of public policy Kay Ingram says: “It’s not something we can do over a weekend, it’s quite a long process. They’ve all got their plusses and minuses; so far I’ve not come across the perfect platform.”
Ingram pointed to the Aegon/Cofunds merger and Standard Life’s acquisition of Axa’s Elevate platform as examples of consolidation that could impact on a firm’s platform decision.
She says: “New technology is taking over from some of the older. We’re open minded as far as which platforms will be included and excluded. Its not just what we need today but what we are going to need in the next five years.”
LEBC has run its model portfolio range for the last seven years, and says that they have all beaten their benchmarks and achieved their objectives in terms of income and capital appreciation.
The national IFA will review its research providers as part of a process of updating the portfolios. LEBC currently uses Asset Intelligent Research.
Ingram says: “As with all firms we like to review our providers to see if we are getting value for money.”