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One quarter of advisers changed platform in 2010

A quarter of advisers changed at least one of their platform providers in 2010, according to financial research company Defaqto.

In a survey of 232 advisers, 25 per cent say they had switched at least one platform in 2010 compared to 21 per cent in 2009.

According to the research, 53 per cent cited quality of service as the main reason for changing platform in 2010 while in 2009, 57 per cent said flexibility was the main reason for switching.

Only 4 per cent said platform operators’ readiness for RDR was a reason for changing platform in 2010 compared to 19 per cent the previous year.

Defaqto insight analyst for funds Fraser Donaldson says: “Our findings clearly show that advisers are prepared to change platform provider if they are dissatisfied with what they are receiving.”

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