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Platform reviews aid IFA choice

Platforum has launched a service for IFAs to anonymously review platforms in order to help other advisers in their wrap selection process.

The new service, called IFA Platforum, offers IFAs the opportunity to rate platforms on various factors such as service and functionality on a scale of one to five and will also conduct polls and quarterly research among subscribers on various aspects of the market.

In the first poll of IFA members, Platforum found that 75 per cent of advisers said using a platform had dramatically improved their business, 21 per cent said it had marginally improved and 4 per cent were disappointed in the impact using a platform has had for their firm.

Platforum managing director Holly Mackay says: “We are doing a lot of work with IFAs on platform selection. We decided to develop a forum that allows IFAs to hear from each other.”

Concept Financial Planning managing director Paul Richardson says: “Many IFAs run very different business models from one another so this service can be beneficial but it only serves as a guideline because one IFA’s experience may not be the same as another’s.”

IFAs interested in registering should visit www.theifaplatforum.com.

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