Advisers hold key to platform success, says Defaqto

Edited by the Insidemoneytalk editorial team Mar 17, 2008

Providers planning a long-term future in the adviser platform market will need to respond positively to IFAs' requirements to achieve success,

according to Defaqto's latest report, 'Adviser Platforms in the UK 2008 - 'Stand and Deliver' The report identifies key areas of focus for those wishing to deliver successful propositions within this ever-changing marketplace.The report suggests that despite experiencing some growth, the platform market is essentially still in its infancy.

IFA networks and support groups, which have yet to take a stance on platforms or commit to preferred partners, will need to be the target of platform providers.

These providers will need to cite the positive experiences of those who have bought into the concept of platform technology and are conducting business online.In the report, Defaqto uses feedback from IFAs conducting business in the UK investment market to deliver a qualitative dimension to the findings.

This includes an insight into IFA business habits, IFA opinion on pertinent industry issues and IFA perception of service standards within the platform arena.

This gives important insights to providers by allowing abetter understanding of the IFA community's behaviour and needs in this developing market.

Matt Ward, Defaqto's Principal Consultant for Pensions and Wealth Management, comments: "It would appear from our research that many IFAs are still trialing platform solutions ahead of further commitment to one or two partners.

One of the reasons for this would seem to be a confusion surrounding the USPs of each proposition and it is vitally important for providers to ensure that IFA supporters are clear about the capability of the services and systems on offer.

"Everyone who is involved in the market, whether as an active or potential participant, will benefit from understanding more fully how the market is moving and how propositions are developing, as well as finding out what the likely impact of regulatory directives on the platform market will be.".