Transact has come out top in a research study assessing the service, scope and functionality of wrap platforms.
The CWC Research survey consulted 75 adviser firms with turnover of more than £1bn. Cofunds came out ahead of FundsNetwork on getting single-provider deals with major IFAs, according to the research but FundsNetwork is shown to have the most users.
Transact features highest in all areas of service and also scores highly on scope and re-registration process. It scores 4.1 out of 5 for administrative capability, 4.6 for access to staff and 4 for re-registration.
The research, which was conducted with BNP Paribas Securities Services, also shows that Standard Life has less than half the users of the biggest platforms.
CWC Research senior partner Clive Waller considers that performance on service issues such as cost, scope and functionality are especially important, given the FSA’s expectation that advisers should carry out due diligence on their platforms.
He 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 as 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.”
BNP Paribas Securities Services head of wealth manage-ment solutions Tina Wilkinson says the survey shows that platforms are an important growing component of adviser distribution support.
She says: “It shows the marketplace is still maturing and has room for improvement.”