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Platforms will boost IFAs’ recurring income, says Skandia

Skandia says the link between advisers’ recurring income levels and their use of platforms is becoming increasingly apparent.

Of a survey of 222 advisers, Skandia found only 15 per cent had 60 per cent or more of their income on a recurring basis, but 88 per cent said they wanted to increase this within the next 12 months.

The findings also reveal that of those with high levels of recurring income, 43 per cent said they write at least half their business through platforms.

Of the 88 per cent who said they were looking to grow their recurring income, 53 per cent said they also planned to increase their use of platforms.

Skandia platform marketing manager Sophie Lenton says: “The research confirms that the manner in which many financial advisers conduct business is changing. In the next 12 months it is likely we will see a significant shift in how advisers operate, with the emphasis moving away from full upfront commission with no trail towards a more balanced mix of upfront and recurring income. The use of platforms can help advisers manage this shift and it is encouraging to see that advisers are clearly recognising this.”

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