Change is the only constant, as the old adage goes. While often uncomfortable, it drives progress.
In financial services, adaptability is fast becoming the dividing line between firms that thrive and those that fall behind.
This is especially true in the adviser platform market, where many legacy players are proving too slow to meet rising expectations around usability, efficiency and cost. A recent image shared by P1 Investment Services — showing a lumbering tanker beside a nimble speedboat — illustrates this divide vividly.
P1, a newer entrant to the market, argues that older platforms are hampered by bloated tech stacks and rigid infrastructure, leading to sluggish innovation and sub-par outcomes for advisers and clients alike.
Newer platforms consistently outperform legacy providers for adviser satisfaction and tech capability
In a Consumer Duty era that demands clear value for money, that’s no longer sustainable.
“Advisers shouldn’t feel like they’re logging into a system built in the early 2000s,” says P1 chief executive James Priday. “This industry should be about usability and making advisers’ lives easier.”
He adds: “A platform is a massive part of day-to-day operations and activities of an advice firm. Having efficient operational capabilities together with an easy and effective user interface… is so crucial to the overall value for money.
“It should be an absolute priority because a platform can have a huge impact on an advice firm in terms of profitability and efficiency, and the end-client experience.
“The user interface upgrade is one of the many areas that platforms should be focusing on to improve. We should be constantly listening to advisers to understand what business-critical requirements they have.”
What’s needed is a mindset shift. Legacy providers must become truly adviser-centric
Legacy platforms have long leaned on brand recognition and established relationships to maintain market share. But those advantages are fading as advisers demand more agile, transparent and cost-effective solutions.
The real challenge isn’t just technological — it’s cultural. Many legacy firms have been slow to embed a service mindset that truly puts advisers at the centre.
In an environment where regulatory demands are intensifying and clients expect seamless digital experiences, platforms can no longer afford to treat user experience and service innovation as optional. Advisers want partners that anticipate their needs — not systems that create unnecessary admin and delays.
The tide is turning. Advisers are increasingly open to switching, and the data backs this up. Research shows that newer platforms consistently outperform legacy providers for adviser satisfaction and tech capability.
False narrative
Critics often argue that low-cost platforms compromise on service, but Priday dismisses that as “a false narrative to justify higher platform costs”. The evidence suggests he’s right.
The real challenge isn’t just technological — it’s cultural
As one adviser put it: “Legacy platforms come with legacy attitudes to service, and that’s not a good thing. Ask yourself: when was the last time a legacy provider took your suggestion on board and acted on it?”
This is where new entrants have a competitive advantage. Many focus on engaging with advisers and acting on their feedback.
An industry insider explains that new entrants regard platforms as facilitators, whereas incumbents often treat them as merely distribution vehicles.
This is certainly one area where incumbents must step up. Adviser expectations are evolving rapidly, shaped by experiences of tech in other areas. If platforms can’t match the responsiveness and simplicity of modern digital tools, advisers will look
Advisers shouldn’t feel like they’re logging into a system built in the early 2000s, says Priday
What’s needed is a mindset shift. Legacy providers must become truly adviser-centric — investing in modern infrastructure, prioritising user experience and building flexibility so firms can serve clients better.
That includes rethinking pricing models, enhancing integration with back-office systems and enabling real-time reporting and data access — all things that newer platforms increasingly deliver as standard.
This is a wake-up call. Incremental tweaks won’t cut it. Without real transformation, legacy platforms risk becoming irrelevant. In a post-Consumer Duty world, ‘good enough’ is no longer sufficient.
Momodou Musa Touray is senior reporter
This article featured in the June 2025 edition of Money Marketing.
