Creating a solid reputation in the financial services industry often comes from offering unrivalled service and this ultimately remains a top priority, both for the client and the adviser. Making sure that users talk to people who know what they are doing and understand their needs is crucial. When choosing a platform, advisers want peace of mind that if something administrative goes wrong, it can be fixed quickly and without a fuss.
With the spotlight continue to glare down on the financial services industry, platform providers have to be able to keep up with market developments, legislation and the changing needs of advisers. They also need to ensure they offer the best products, services and fees in order to keep their clients happy and coming back.
This competition will only hot up as advisers increasingly become aware of what to expect from their platform provider.
Harry Kerr is director at Avalon Investment Services
PLATFORM MARKET IS EVOLVING AS COST DEBATE TAKES CENTRE STAGE
Major platforms: ‘We will secure same prices as Standard Life’
Fund platforms have labelled Standard Life’s revelation of fund groups providing them with discounted fees as a “damp squib” as they insist they will get the same deals.
Adviser charging rift in platform sector
Four platforms – including Cofunds, Skandia, FundsNetwork and Axa Elevate – have now stated they will keep paying trail and rebates from investments made before December 31 2012.
In contrast Ascentric, Novia, Alliance Trust Savings and Standard Life have all begun converting share classes in bulk with a view to moving their entire suite of funds on to clean fee share classes within the next few months.
Cutting trail ‘will destroy adviser businesses’
PanaceaAdviser chief executive Derek Bradley (pictured, left) has warned platforms seeking to convert investors to clean fee share classes that they could wipe out “a huge chunk of value” from adviser businesses.
Nucleus to assess pricing before converting shares
The full cost of funds’ share classes should dictate whether bulk conversion to unbundled shares is appropriate, according to Nucleus chief executive David Ferguson.
