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One third of advisers are worried about replatforming

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One third of advisers are concerned about the impact of replatforming projects and their associated costs on the platforms they use, according to Money Marketing research.

Based on a survey of 228 advisers, 34 per cent said they had concerns over replatforming.

St James’s Place, Old Mutual Wealth and Fidelity FundsNetwork are among a number of firms currently undergoing replatforming.

Respondents were also asked if they were worried about the impact of consolidation in the platform market on their chosen platform after Aegon’s purchase of Cofunds and Standard Life’s deal with Elevate.

Standard Life’s plans to merge with Aberdeen Asset Management will also see Parmenion come into its fold.

Only 18 percent of advisers are worried about consolidation.

But Plan Money director Peter Chadborn says platform consolidation is more concerning than the technology projects taking place in the industry.

He says: “If there are a couple of platforms merging and we have had a bad experience with the previous one, there is a fine line to strike between being big and cumbersome and small and nimble.

“Ideally, we want somewhere in the middle because you have got the smaller platforms, which perhaps can make decisions quickly and will often provide a better service but may not have the deep pockets when the IT changes need to take place. Generally speaking, the larger the organisation, the poorer the service.”

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