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Skandia pulls its platform PriceWatch service

Skandia UK has this week dropped the price comparison service from its platform due diligence tool, Platformwatch.

The PriceWatch section was launched in February 2009 and then extended into a full analysis tool in March the same year.

The price comparison service has now been removed with Skandia blaming other platforms for making it too difficult to find pricing information.

A note on the platformwatch website says: “Unfortunately a number of platforms are unwilling to share their pricing information publicly. therefore, we have had to remove these sections from the tool.”

A Skandia spokesman says: “Despite wrap platforms in particular calling for transparency it is actually very difficult to get hold of their pricing data. In the past we have relied on financial advisers to give it to us and that is becoming more onerous. We have decided to stop doing it also because there are other comparison services out there.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. IFAs looking at comparison of platforms should take a look at The Platforum’s revamped PAT (platform analysis tool). PAT includes IFA user ratings and more: financial strength, momentum, price and functionality. She’s also opinionated – what are specific platforms good at and what sort of advisers do each suit http://www.theplatforum.com/ifas – take a look or give me a call.

    Emma

  2. William Watling 1st March 2012 at 4:33 pm

    Synaptic Comparator includes pricing data (supplied by & signed off by platform operators & product providers) for over 20 platforms, 19 off platform RDR ready products giving 300+ wrappers in total. Furthermore, it enables advisers to compare on and off platform solutions at the same time, for the same portfolio in accordance with the FSA’s PS 11/09 rules.

  3. despite sending an authority letter three times to L&G Portfolio Services I have been unable to obtain true charging data for a clients 300k plus portfolio I have just taken over from previous tied agent, they just dont want me to know, so understandable why Skandia have pulled this.

    Wonder why platforms dont want to release this info? you dont have to answer that.

  4. Platforms: The next big financial selling con.

  5. Nice plug there Emma!

    Personally I’ll be sorry to see this service go, mainly because it was free! Unlile Platforum which would cost us an arm and a leg.

  6. Nice plug there Emma!

    Personally I’ll be sorry to see this service go, mainly because it was free! Unlile Platforum which would cost us an arm and a leg.

  7. Hi Ross – it actually wasn’t meant to be a plug it was meant as something helpful. We have lots of free of charge info for IFAs conducting their platform due diligence – including sharing user experiences. Lets have a chat separately, as our objective is to help IFAs through the process without costing an arm and a leg – emma@theplatforum.com

  8. Trying using the adviser asset tool, it’s free and unbiased (unlike a provider based tool).

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