Adviser satisfaction with platforms has reached a record high, a recent study by Investment Trends has shown.
Eight out of 10 (80%) advisers rate their overall satisfaction with their platform as ‘good’ or very good.’
Transact received the highest accolade as the top-rated platform overall for adviser satisfaction, when advisers were asked to rate their primary and secondary platforms. It was rated first in 10 out of 19 categories of platform service and was second in five other areas.
Categories included overall quality and effectiveness of client reporting tools, portfolio management/transaction tools, ongoing training and support and technical support/resources.
Transact also received the highest advocacy rating from its adviser relationships with the top net promoter score and was the highest rated platform when it comes to value for money, with 86% of advisers using the platform as their primary or secondary platform scoring it good, or very good value for money.
The study found that advisers particularly value continued investment in platform capability. More than a third (36%) of advisers can recall recent enhancements from their primary platform that they consider valuable and for Transact advisers, this figure stands at 64%.
The survey also found that platforms play an important role in generating efficiencies for advisory firms.
However, advisers called for greater integration of systems, with 50% of respondents citing it as an important way they could improve their business. Advisers also believe platforms can add value by integrating with third-party solutions, with the most valued being two-way exchange of data with planning software.
Tom Dunbar, chief executive officer of Transact, said: “We’re really pleased to have been top rated by advisers yet again. At Transact, we believe that great platform services not only help advisers deliver better client outcomes but also help adviser firms operate more efficiently.
“It’s also encouraging to see advisers recognising how integrations between platforms and software providers could benefit their business. This is a key strategic priority for Transact as we look to create a more efficient ecosystem for advisers in our pursuit of making financial planning easier.”
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