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Platforms best equipped to win retirement race

Platforms are the most likely players to flourish in the post-pension freedoms market, according to advisers polled by consultancy firm AKG.

The online survey of 100 advisers conducted in March looks at how advisers are dealing with the opportunities and challenges of pension freedoms.

It is one of three studies that forms part of a report into pension freedoms.

The initial findings of the online survey were released on 24 May and the rest of the results, now published, show how advisers rate providers in the retirement market.

In the survey respondents were asked to select their top three providers from a rang of platforms, Sipp providers, discretionary fund managers, life companies and fund managers.

Platforms came out on top at 81 per cent, Sipp operators came second at 52 per cent and discretionary fund managers came third at 30 per cent.

AKG says its research suggests platforms are seen to have responded well to the pension freedoms and are improving all the time, following the initial shock of the changes.

Over time they are also getting to grips with reporting and addressing taxation changes for clients more.

Although Sipp providers are rated highly due to their drawdown capabilities they need to prove they have emerged positively from a period of FCA scrutiny, according to the research.

Sipp providers have faced questions on capital adequacy, non-standard asset exposure and general governance.

AKG adds DFMs alongside fund managers are targeting assets under management through the investment management opportunities offered by drawdown.

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Justin Cash, Editor of Money Marketing
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