Changes in the patterns in the platforms market

Change of preferred platform

Changing a preferred provider is a significant move and presumably one not embarked upon lightly.  In response to the question, ‘Have you changed any of your platforms during the last 12 months?’ the survey showed that 19% of respondents had changed one or more of their preferred platforms.

The impact on financial advisory businesses is substantial, incorporating new systems and processes as well as additional training and compliance burdens. However, decisions to change platform provider may, of course, be driven not by historic service levels but by the mergers, acquisitions and rebranding that has occurred in this market, and which may result in the new offering being unsuitable for the advisers’ clients.

Under these circumstances they then prefer an alternative platform going forward, while they manage and transition their existing clients’ holdings.

To find out more about changing patterns in the platforms market, download your complimentary copy of IFA Magazine’s Platforms Research Report 2022 here