Over two thirds (69%) of financial advisers are considering changing platform provider over the next 12 months, according to new research.

Eight in ten (82%) of advisers said a platform has broken promises made during the sales and onboarding period.

Two thirds (68%) of the advisers surveyed by custody and platform technology provider Seccl said their platform focuses more attention on winning new business than servicing existing clients.

Three quarters (74%) said their teams must often perform tasks they would expect platform technology to do for them.

And two thirds (67%) said they felt like their platform provider does not understand the issues they face.

Daniel Marsh, head of customer at Seccl, said: “We regularly hear from advisers and their teams that they feel let down by their existing platform arrangements, as they are forced to pick up the slack of poor technology, fight for continued attention, or be on the hook to explain platform pricing decisions that are out of their hands.

“These findings put some stark numbers to that sentiment – and suggest that more and more firms might look to wrest back control of the relationship over the coming months and years.”

Research was conducted by Opinion Matters on behalf of Seccl among 250 UK advisers who use an investment platform between 11 and 17 January.