View more on these topics

Platforms appeal for patience from users

Having to control their rate of progress and manage adviser expectations are the biggest problems for platform providers.

At Sage’s annual conference in Alicante last week, speakers from Seven Investment Management, Skandia and Cofunds were asked to explain their biggest frustrations in the current landscape during a panel discussion.

Cofunds director Ian Meredith said he wanted advisers to be more patient with the speed of future growth.

He said: “The biggest difficulty is that IFAs are gradually adopting platforms and are starting to see the benefits but the biggest frustration is controlling future development to not go too fast because then things can go wrong.”

7IM IT director Graham Stott said, as a growing company, the number of requests from users is increasing accordingly. He said to deal with all these requests takes time and needs prioritising, particularly considering 7IM’s rapid growth, and adviser expectations need to be managed around that.

Stott said: “We need to grow quickly but always need to grow at an efficient rate as well or mistakes will be made and people get frustrated with you. We have the ability to develop over the next 12 to 18 months but between the regulator and the IFA community, it is a balancing act.”

Skandia/Selestia regional sales manager Paul Boston said time is a factor, particularly when dealing with a technology-based model.

He said: “It sometimes takes a lot longer to fix a problem because you are dealing with technology rather than just throwing people at it.”

Recommended

Lending in September falls by as much as 12 per cent says CML

Gross mortgage lending has fallen by as much as 12 per cent in September compared to August.New statistics from the Council of Mortgage Lenders says that although lending was up 2.5 per cent on the £29.2 billion figure for September 2006, the annual increase is the lowest percentage increase in two years. The CML points […]

Financial Objects wins Sand Aire contract

Software supplier Financial Objects has been assigned to implement its wealthmanagement software with Sand Aire, the UK-based multi-client family office. Sand Aire specialises in strategic wealth management for families, trusts and charities.Activebank Wealth Manager will be used by Sand Aire to enhance its portfoliomanagement and client reporting capabilities and should help enhance its future development. […]

Reforms raise thorny issue of suitability

IFAs face a headache when advising on insurance bonds after the Chancellor proposed a flat rate of capital gains tax.Hargreaves Lansdown says it is checking the suitability of all its advised investment bond sales in light of the pre-Budget report proposals.Head of financial practitioners Danny Cox says where the investment is not completed or the […]

NICs increase will hit lower income earners

The rise in National Insurance Contributions under the Treasury’s rates and allowances for 2008/09 means that lower income earners will feel the pinch next year, according to Grant Thornton.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment