Monday, 24 September 2012 13:58
Platforms are failing users in key service areas says survey
Platform providers are failing to meet user expectations in 90 per cent of service areas.
A survey by Defaqto questioned 345 platform users on 37 satisfaction service areas. It then worked out the top 10 features and how users rated them.
Problems occurred in processing timelines, integrity, staff competence, ease of doing business and system reliability.
There were also problems in effectiveness of solving problems, admin communication, enquiry action and portfolio transfer.
All of these areas were regarded as important by users.
Fraser Donaldson, Defaqto's insight analyst for funds, said: "Providers will need to give consideration to all aspects of their propositions in order to ensure they retain existing business as well as acquire new business.
"Platform operators do not want to lose clients to a competitor, as profitability is very hard to achieve in this market. It is therefore crucial that the platform operator understands and acts on the needs of the adviser and their clients."
He warned that advisers would not be hesistant in leaving an unsuitable platform if it did not ensure suitability for their clients.
The firm's Platform Report has collated all the data found in the survey and reviewed and analysed the platform sector. It has also given Star Ratings of 1-5 for platforms based on the features they offer and quality of their offerings.
A survey by Defaqto questioned 345 platform users on 37 satisfaction service areas. It then worked out the top 10 features and how users rated them.
Problems occurred in processing timelines, integrity, staff competence, ease of doing business and system reliability.
There were also problems in effectiveness of solving problems, admin communication, enquiry action and portfolio transfer.
All of these areas were regarded as important by users.
Fraser Donaldson, Defaqto's insight analyst for funds, said: "Providers will need to give consideration to all aspects of their propositions in order to ensure they retain existing business as well as acquire new business.
"Platform operators do not want to lose clients to a competitor, as profitability is very hard to achieve in this market. It is therefore crucial that the platform operator understands and acts on the needs of the adviser and their clients."
He warned that advisers would not be hesistant in leaving an unsuitable platform if it did not ensure suitability for their clients.
The firm's Platform Report has collated all the data found in the survey and reviewed and analysed the platform sector. It has also given Star Ratings of 1-5 for platforms based on the features they offer and quality of their offerings.
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