Platforms believe they know best when it comes to adviser needs and that must be challenged a lot more, a panel has said.
Andrew Tiley, chief product officer at Fundment, made the point today (11 May) in a discussion on selecting a platform partner.
He alongside his fellow panellists at MMI Leeds said advised platforms need to improve their services in a variety of areas.
Tiley listed flexibility on charges at different points of the distribution chain, better connectivity and more innovative decumulation products as examples.
“At some point in time, I don’t know when, this narrative developed that platforms know what advisers need. But they do not know and need to be told by advisers when they do not hold up their end of the bargain. You [advisers] need to ask them to prove what they deliver.
“Too much of the time I see platforms act in a way that is about self-preservation. They make it difficult for customers to move. For example, they make fees so cheap it makes it hard for the customer to justify leaving.”
Platforum research director Richard Bradley said he was more sympathetic towards platforms as the “basic services” advisers expect from them is long.
“These include things from tax wrappers, to decumulation and model portfolio services. When it comes to poor customer service levels, we tend to see the same names.”
DD Hub director David Lee offered some tips advisers can use when selecting a platform such as checking service ratings and how they operate internally.
He also said platforms could improve by offering more fixed fees and reduce administration backlogs clients encounter.
During an earlier session Fundment chief executive Ola Abdul gave an overview of the platform sector.
“Innovation is key to retention and trust,” he said.
