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Platform satisfaction increase

23 April 2020

Adviser platform satisfaction increased in 2019, with the number of advisers using platforms to place the majority of their pension and investment business on the rise.

According to Defaqto’s latest platform service review, all but two categories reported increased satisfaction levels or remained the same as the previous year. Only technical assistance and platform provider strength and brand fell, by 1% and 3% respectively.

The biggest rise reported by the survey was for pension freedom servicing, which increased by 5%, and adviser charge administration which climbed by 3% during the course of 2019.

Advisers were asked to rate platforms across 11 categories, and existing business administration and new business administration remained the top two categories.

Meanwhile, the findings showed an 8% rise in the number of advisers placing 75-99% of their pension and investment business on to platforms, following a steady decline during the previous year. It also showed a slight increase in the number of advisers who changed one or more of their preferred platforms, from 25% in 2018 to 27% in 2019.

David Cartwright, head of insight and consulting for wealth and protection, Defaqto (pictured), said: “Overall, this years’ satisfaction survey paints a much more positive story for platforms. However, it shouldn’t be ignored that in the eyes of advisers, platforms still fall short when it comes to the levels of service expected in areas deemed the most important.

“The percentage of advisers changing their preferred platforms continues to increase, indicating that structured reviews are taking place more regularly. Platform providers should continue to respond positively to adviser feedback and avoid becoming complacent.”

Professional Paraplanner