A 3rd (34%) of advisers modified platforms within the final 12 months following Shopper Responsibility, mergers and know-how updates, based on Defaqto’s newly-released annual Platform Service Evaluate for 2024.
The determine has been steadily climbing rising from 28% the earlier 12 months and 19% within the 12 months earlier than.
Aviva remained advisers’ most well-liked platform supplier primarily based on the best variety of high three desire positions however Quilter returned the best variety of first or solely selections.
Adviser satisfaction has fallen previously 12 months, based on the report, with the common satisfaction scores dropping by seven share factors, with the highest 5 most essential classes for advisers struggling essentially the most with some dropped by as a lot as 10 share factors.
The annual survey measures how glad monetary advisers are with their most well-liked suppliers and identifies the place expectations are being met.
The platform market is essentially dominated by Aviva, Quilter, AJ Bell, Constancy, and Transact, with greater than 20% of advisers inserting these platforms of their high three.
Nevertheless, with advisers more and more altering platforms previously 12 months, AJ Bell climbed one place into third place and Transact moved as much as fourth place.
In the meantime Constancy Adviser Options dropped two locations, from third to fifth this 12 months. Hubwise Securities (6%) and Wealthtime (3%) additionally noticed their positions drop, falling out of the highest 10 most well-liked suppliers.
In whole, 20 suppliers acquired adequate adviser nominations as most well-liked suppliers to be awarded a Defaqto service score.
The highest 10 most well-liked suppliers, so as, had been:
1. Aviva, 29%
2. Quilter, 27%
3.AJ Bell, 26%
4. Transact, 22%
5. Constancy Adviser Options, 21%
6. Aegon Platform, 11%
=7. abrdn (for Wrap), 10%
=7. Aegon Retirement Selections (ARC), 10%
=9. abrdn Elevate, 9%
=9. Novia Monetary, 9%
The odds are primarily based on the whole (rounded) first, second or third alternative platform for advisers.
Darren Winfield, perception advisor (wealth administration) at Defaqto, mentioned: “The rise in platform adjustments reveals that advisers have gotten more and more assured making switches to enhance expertise and accessibility for his or her shoppers. That is seemingly as a result of affect of Shopper Responsibility regulation, alongside the affect of mergers, takeovers and know-how updates previously 12 months.”
He mentioned adviser satisfaction fell in key areas equivalent to new enterprise administration, present enterprise administration and transition and implementation.
He mentioned: “Mixed with trade adjustments which means platform suppliers should regularly look to enhance service and expertise to satisfy advanced adviser wants. Investing in these areas is essential and types who develop into complacent will begin to get left behind.”
