Last time, we looked at why the Prudential’s Barry O’Dwyer expects advisers to start building their own ‘virtual’ platforms. Now, in the second part of our series on platforms, we’re sharing the results of a survey carried out by IFAOnline to prove whether advisers were “embracing platforms or running scared” in the run up to RDR.
Do you use platforms in your business?
The resounding answer was yes, with the vast majority of respondents already making use of the services that platforms can offer such as easier fund selection, improved reporting and of course access to a whole host of tools and calculators that enhance the overall advice process.
How do you think platform usage will change over the next year?
Given those benefits, it probably shouldn’t come as a surprise that most people expect platform usage to grow going forward. The twin issues of regulation and cost efficiency will undoubtedly drive more people to consider what they could gain from a greater reliance on platforms.
What do you look for when choosing a platform?
As you might expect, ease of use was the number one influencer when it came to choosing which platform to choose – and that will continue to be the prime concern if and when advisers begin to create their very own platforms.
What needs to happen in order for the platform market to grow?
The final question of IFAOnline’s survey asked what would need to change in order for significant growth to take place in the platform market. We’ve already look at why RDR might lead advisers to create their own platforms and the results of this survey rubberstamped that view.
Amongst the other issues highlighted were reducing the costs of buying and servicing investment products, wider choice and growing investor confidence when the world emerges from economic uncertainty.
You can read more about the IFAOnline platform survey here.
Next time, we’ll be returning for a closer look at what advisers could gain from building or specifying platforms. Follow us on Twitter, Linkedin and like us on Facebook to receive an update each time we publish a new post. Also subscribe to our emails (scroll right to the bottom of this page to send us your email address) for our occasional news updates and monthly blog roundups.