Transact has the best UK platform proposition but the jury is still out on the newly merged Skandia/Selestia offering, according to a new adviser survey.
The CWC Research and BNP Paribas survey of 75 adviser firms with over £1bn turnover shows Transact is the overall highest rated platform, ahead of competitors Standard Life and Cofunds.
Clive Waller, CWC Research senior partner, says the adviser-owned Nucleus proposition is also achieving very high ratings, albeit on a small sample, while the “jury is out” on Skandia/Selestia (Selestia Investment Solutions).
Transact topped four of the six categories - rating highest in admin capability, scope, the re-registration process and access to staff.
Standard Life was voted best in the other areas; functionality and charges satisfaction.
The research revealed while FundsNetwork has the most users, Cofunds is winning most key deals. Cofunds is also ahead of FundsNetwork for obtaining single provider deals with major IFA firms, according to the research.
Waller says advisers are finding quality of service is perhaps the most important factor when choosing a platform.
“The FSA has said that advisers should carry out due diligence on platforms employed. On the financial strength side, this is extremely difficult. In areas of scope and functionality, it is relatively straightforward,” he says.
“Service is another matter; little is published and the cost of getting it wrong could be high. We suggest that advisers talk to as many users of their favoured platform as possible before making a final decision.”
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