Speaking at the conference last week, Hall said he has been trying to move assets from one platform to another over a period of about 18 months, and feels the experience “is worse than moving house”.
He said: “Everyone is talking about technology and how their processes work but they do not work if you are trying to move from one onto another. You need manual intervention.
“If there is any platform provider out there who wants to knock on my door, you can forget it because I am not going through another 18 months of pain just because you may have a better platform.”
“I have accepted that my platform is going to grow with me and I am going to grow with it, as it is too painful otherwise.”
James Brearley & Sons director David Hannis said: “From an equity holding point of view, the transfer of a nominee-held equity from one party to another is a simple process and can be done in a few days. The unit trust is the issue everybody is having to battle with.”