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‘Traditional platforms are failing IFAs’

Traditional platforms are failing to meet the needs of IFAs by not offering investment management services alongside administrative support, says Parmenion sales director Paul Miles.

He says IFAs no longer want a platform to be little more than an execution service and many want to outsource fund selection as the day-to-day management of client portfolios becomes unworkable on a large scale.

He says: “Far from being the final solution, the business model that has been promoted by the usual platforms is actually unworkable. It is comp- letely against the growing trend of the savvy IFA community which recognises that the long-term needs of their businesses is a means of ensuring that their clients’ assets are both gathered under their control and are properly managed. The practical management of client portfolios on a traditional platform is impossible at any significant volume.

“Traditional platforms have just missed the point and perhaps have led some advisers down the wrong path.”

The Platforum managing director Holly Mackie says: “Both models are valid and will suit different sectors of the market. Some IFAs will want to provide that full service whereas others will say ‘I am not a fund manager and I am going to outsource that part of the business.'”


FOS will name and shame from September

The Financial Ombudsman Service will publish business-specific complaint data every six months from September, for every firm that has at least 30 new and closed cases during the period.

Make a difference

It was a matter of luck I suppose that I began a career in the financial services industry. Home on a 72-hour pass from my posting in Germany as a national serviceman, a mate said his girlfriend’s boss was looking for a new recruit. It was a good job – you got a car and played golf most days.

US equities: opportunities for short sellers expand

Optimism is as American as baseball and apple pie. And since the financial crisis, being optimistic about US equities has paid off: they have outperformed every other major developed market by a comfortable margin. Yet while there remain plenty of good reasons to be optimistic about US equities, Stephen Moore, manager of the Artemis US […]


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