Transact has been voted the most popular intermediary platform in a research study looking at the service, scope and functionality of different intermediary platforms.
The survey by CWC Research, conducted in cooperation with BNP Paribas Securities Services, consulted 75 adviser firms with turnover in excess of £1 billion.
Cofunds came out ahead of FundsNetwork on getting single provider deals with major IFAs, according to the research. But FundsNetwork has the most users.
Standard Life has less than half the users of the biggest platforms but it is “achieving good ratings and has become a leading player in short time”, according to the research.
Transact featured highest in all areas of service and also scored highly in scope and re-registration process.
The survey shows the platform is an important growing component of adviser distribution support, says BNP Paribas Securities Services head of wealth management solutions Tina Wilkinson.
She says: “It shows that the market place is still maturing and has room for improvement. BNP Paribas is committed to its strategy of supporting wealth managers and financial advisers with a wide range of end-to-end solutions. We are very excited to be part of this rapidly developing sector.”
CWC Research senior partner Clive Waller says: “The FSA has said that advisers should carry out due diligence on platforms employed. On the financial strength side, this is extremely difficult. In areas of scope and functionality, it is relatively straightforward.
“Service is another matter; little is published and the cost of getting it wrong could be high. We suggest that advisers talk to as many users of their favoured platforms as possible before making a final decision.”