Public recognition of platforms falls over the last year

Consumer awareness of platforms has fallen over the last 12 months, according to research from The Platforum.

A survey of 350 active private investors shows the percentage that could name at least one platform fell from 31 per cent to 28 per cent between October 2010 and October 2011.

Hargreaves Lansdown finished top of the awareness poll with 9 per cent of respondents saying they had heard of the direct-to-consumer platform in October, down from 11 per cent in October 2010.

Fidelity FundsNetwork is placed second with 8 per cent, which is the same figure as the previous year, while Skandia is in third position with 3 per cent, down from 5 per cent in 2010.

Four platforms saw an increase in awareness. TD Waterhouse increased from 1 per cent to 3 per cent between October 2010 and October 2011, while Barclays increased from 0 to 3 per cent in the same period.

Halifax and Alliance Trust both increased their awareness from 0 in 2010 to 2 per cent in 2011.

None of the respondents named Transact, Novia, Nucleus or Ascentric.

Transact managing director Ian Taylor says: “Awareness of your brand is only really important if that awareness is coming from your target market. For many platforms, that importance lies with advisers, not their clients.”