A 3rd (34%) of advisers modified platforms within the final 12 months following the Client Responsibility, mergers and know-how updates, in line with 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 popular 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 with platforms has fallen prior to now 12 months, in line with the report, with the common satisfaction scores dropping by seven share factors.
The annual survey measures how happy monetary advisers are with their most popular suppliers and identifies the place expectations are being met.
The platform market is basically dominated by Aviva, Quilter, AJ Bell, Constancy and Transact, with greater than 20% of advisers inserting these platforms of their high three.
Nonetheless, with advisers more and more altering platforms prior to now 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 popular suppliers.
In whole, 20 suppliers obtained ample adviser nominations as most popular suppliers to be awarded a Defaqto service score.
The highest 10 most popular 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 Decisions (ARC), 10%
=9. abrdn Elevate, 9%
=9. Novia Monetary, 9%
The chances are primarily based on the overall (rounded) of first, second or third alternative platform for advisers.
Darren Winfield, perception advisor (wealth administration) at Defaqto, stated: “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 purchasers. That is probably because of the influence of Client Responsibility regulation, alongside the influence of mergers, takeovers and know-how updates prior to now 12 months.”
He stated adviser satisfaction fell in key areas similar to new enterprise administration, current enterprise administration and transition and implementation.
He added: “Mixed with trade adjustments which means that platform suppliers should regularly look to enhance service and expertise to fulfill complicated adviser wants. Investing in these areas is essential and types who develop into complacent will begin to get left behind.”
• The subsequent concern of Monetary Planning Immediately journal (Mar-Apr 2023) features a particular report on Platforms. You may subscribe now by registering for Monetary Planning Immediately web site and following the directions or (if you’re already register) going to My Account (high proper of homepage) to improve.
