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Platform survey shows increased switching and lower levels of satisfaction

3 March 2019

The latest platform service review by financial information business Defaqto showed a quarter of advisers had changed platform in the last 12 months, while the average satisfaction score among advisers declined.

In response to the survey 25% of advisers said they had changed their preferred platform in the last 12 months, a significant jump from 16% in 2017 and 10% in 2016.

At the same time, the average satisfaction score among advisers declined to 72% with no individual category achieving an average score of 80% or higher.

However, the number of advisers putting all their business on platforms rose to 18% in 2018 from 11% in 2016.

The independent publication provides financial advisers with insight to help them benchmark their own personal experiences of platform providers with those of their peers, focussed on service as one of their research criteria.

Service levels

When it came to the level of service provided by platforms, the order of importance remained largely unchanged.  New business administration continued to rank in first place, followed by existing business administration in second place and online services and ebusiness third.

David Cartwright, head of insight and consulting for wealth and protection, Defaqto (pictured), said: “The platform community has faced significant challenges throughout 2018 such as regulatory adherence, the influence of technology and market disruptors challenging cost competitiveness.

“Despite continued mergers and acquisitions, re-platforming exercises and increasing levels of functionality the survey results indicate that a number of platforms still fall short when it comes to the levels of service advisers expect. With a fall in satisfaction from advisers, it’s important for providers to take note and ensure they are responding accordingly.”

Service satisfaction table (click image to expand)

A copy of Defaqto’s Platform Service Review can be downloaded from its website: https://defaqto.com/advisers/publications/platform-service-review-2019/

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