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Transact holds on to top spot in platform poll

Transact has retained the top spot on The Platforum’s first quarter leader board, which ranks platforms based on their service, functionality and financial strength.

Transact, Standard Life and Elevate hold the first, second and third places for the second quarter in a row.

Reviews from 1,100 advisers scored platforms in 10 categories, including support, quality of customer service, ease of doing business, quality of reports, general web usability, usefulness of online tools, choice of funds and tax wrappers, technical support, value of fees charged and general opinion.

Advisers’ ratings were combined with independent rating agency AKG’s financial strength assessments.

Skandia was the only platform to climb the table, replacing Nucleus in fourth place. Nucleus fell to fifth place.

Ascentric is unmoved in sixth, Novia remain seventh and 7IM stays in eighth place. Cofunds and FundsNetwork remain ninth and 10th respectively.

The Platforum says Nucleus, Transact and Novia are in first, second and third place respectively, in terms of service and functionality alone.

The Platforum head of adviser relations Emma Napier says: “Advisers will be the judge of what their plat-form priorities are and will weight these accordingly.

“However, with more entrants on the horizon in the platform market and more emphasis than ever on process, it is important for advisers to be clear about both platform selection and ongoing due diligence.”

Forty Two Wealth Management partner Alan Dick says: “Transact makes it simple for advisers and gets the job done. It does not spend time producing unnecessary gimmicks.”

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