Home Financial Planning 1 in 3 advisers modified platforms final yr

1 in 3 advisers modified platforms final yr

1 in 3 advisers modified platforms final yr


A 3rd (34%) of advisers modified platforms within the final yr following the Shopper Responsibility, mergers and expertise updates, in line with Defaqto’s newly-released annual Platform Service Overview for 2024.

The determine has been steadily climbing, rising from 28% the earlier yr and 19% within the yr earlier than.

Aviva remained advisers’ most well-liked platform supplier primarily based on the best variety of prime three desire positions however Quilter returned the best variety of first or solely selections.

Adviser satisfaction with platforms has fallen previously yr, in line with the report, with the typical satisfaction scores dropping by seven 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 basically dominated by Aviva, Quilter, AJ Bell, Constancy and Transact, with greater than 20% of advisers inserting these platforms of their prime three.

Nevertheless, with advisers more and more altering platforms previously yr, 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 yr. 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 enough adviser nominations as most well-liked suppliers to be awarded a Defaqto service score. 

The highest 10 most well-liked suppliers, so as, have 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 odds are primarily based on the overall (rounded) of first, second or third selection platform for advisers. 

Darren Winfield, perception advisor (wealth administration) at Defaqto, stated: “The rise in platform adjustments exhibits that advisers have gotten more and more assured making switches to enhance expertise and accessibility for his or her purchasers. That is seemingly because of the influence of Shopper Responsibility regulation, alongside the influence of mergers, takeovers and expertise updates previously 12 months.”

He stated adviser satisfaction fell in key areas resembling new enterprise administration, current enterprise administration and transition and implementation.

He added: “Mixed with business adjustments because of this platform suppliers should regularly look to enhance service and expertise to fulfill complicated adviser wants. Investing in these areas is essential and types who change into complacent will begin to get left behind.” 

• The following challenge of Monetary Planning At present journal (Mar-Apr 2023) features a particular report on Platforms. You’ll be able to subscribe now by registering for Monetary Planning At present web site and following the directions or (if you’re already register) going to My Account (prime proper of homepage) to improve.




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