Advisers remain confused about the impact using a single ‘main’ product platform will have on their independent status, research from Skandia suggests.
A survey of over 1,000 advisers found that 40 per cent believe they cannot use one main platform and remain independent, while 48 per cent think they can. Some 12 per cent of respondents are unsure.
Skandia says an independent adviser can use one platform for the bulk of their clients provided they consider its suitability for each client and offer access to other platforms or off-platform assets where appropriate.
Skandia marketing director Nick Dixon says:“Hopefully advisers will be reassured that they can use just one main platform without jeopardising their independence status provided they can justify individual suitability for their clients each and every time.
“Using one main platform is already common, and over three quarters of advisers are believed to be using one primary platform. For all platforms, winning primary relationships with advisers will be crucial.”