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Providers criticised over slow investment transfers

Hourglass-Deadline-Time-Clock-700.jpgTransfers of investments from one provider to another are not being completed as fast as most investors expect they will, according to research by Platforum.

Platforum found two thirds of investors expected their transfer to take less than two weeks but only 38 per cent of transfers were actually completed in that time.

Just over a quarter of investors (27 per cent) expected their transfer to be finished between two and four weeks. 43 per cent of transfers were completed in that timeframe.

Just 7 per cent of investors expected their transfer to take more than one month but a fifth of investors’ transfers took that long to complete.

Altus: Re-platforming set to drive more transfers

The Platforum research also looked at whether investors were happy with the transfer process and found that despite lagging expectations, 80 per cent were still very or somewhat satisfied.

Platforum senior quantitative researcher Arun Shrestha says: “In today’s digital world, consumers expect everything to happen instantly and investors are no different. On average, investors expect investment transfers between providers to take around two weeks – but it turns out that the average time is three weeks.”

He adds: “With over a third of investors considering transferring investments, providers should work to make the transfer process much quicker and smoother. It will make for much happier customers.”

Platforum surveyed 121 active private investors using a platform who did not transfer in the past year and 77 active investors who have transferred some or all of their investments in the past year.

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