New Cofunds chief executive Brett Williams has warned the latest entrants to the platform market will struggle to convince advisers to switch to their propositions amid the current market downturn.
In a word of caution to Novia, Macquarie and the re-launched Lifetime - Williams claims advisers can not justify to clients the need for a wholesale shift of assets to a platform with little track record.
In addition, the founding CEO of Selestia believes the established names in the market will be the first point of call should advisers wish to change platforms.
"The current market turmoil is a much bigger challenge than the new platforms anticipate," Williams says.
"They not only have to grow new business, they also have to attract clients to move over from another platform.
"And if you do move platforms, do you really want to take a risk with a small entrepreneurial start-up."
Williams says Cofunds will continue to spend "significantly" on functionality upgrades as the platform continues to move away from its roots.
"We have already moved away from being a straight fund supermarket and we really have the scope to make it whatever we want it to be," he says.
"I don't want us to think that we need to be a wrap, our only thought is what the IFA really needs.
"In my opinion we are better placed than our competition. We are making money now and have a strong established backing from the IFA community."IFAonline
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