Fraser Donaldson, Defaqto insight analyst for wealth management
Defaqto has found the number of advisers switching platforms has increased from 21 per cent to 29 per cent in the past year.
The main reason for making the switch was service followed by flexibility and cost.
This year, some 30 per cent switched due to service, up from 26 per cent in 2012. Some 21 per cent switched due to cost, up from 14 per cent in 2012.
However, the number of people switching due to flexibility problems fell from 25 per cent last year to 21 per cent.
Defaqto has launched Service Ratings to rank platforms on their service, based on responses from Defaqto's annual service satisfaction surveys of advisers.
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They will soon be available within Defaqto's research software Engage which will allow advisers to sift both between overall Service Rating and individual category satisfaction scores.
Fraser Donaldson, insight analyst for wealth management, said: "We have collected detailed information on advisers' perception of provider service for some time and the findings on switching behaviour from our most recent platform service satisfaction survey emphasise the importance of service as a key consideration for provider selection.
"Defaqto's Service Ratings provide a simple 'at a glance' view of the level of service offered by providers- as perceived by advisers themselves- and will help inform intermediaries' due diligence process when researching potential partners."
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