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.”