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Platform offers wrap comparison

The platform website, run by HM Consulting, is a free service that allows advisers to compare assets under management, platform ownership, charging structure, fund choice, wrapper choice and functionality. The information will be updated on a quarterly basis.

The service is designed to be a snapshot but Platforum also offers a bespoke selection service that advisers can pay for that performs a more rigorous assessment of the type of platform required to meet the needs of an individual firm.

HM Consulting managing director Holly Mackay says: “We thought we could save hundreds of businesses from spending weeks collating preliminary information about platforms from scratch. The FSA has also indicated that they expect to see evidence of the platform selection process by IFAs and whether a platform is indeed the right solution for their customer.”

Concept Financial Planning managing director Paul Richardson says: “A service like this is a good starting point and can provide a helpful overview, but advisers also need to look at the needs of individual clients and businesses.”

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