Two thirds of advisers expect their platform transactions to increase over the next year due to the benefits of consolidation, suggests research by Skandia.
The majority of advisers (85%) gave the advantages of consolidation as their main reason for a projected increase in platform use, closely followed (84%) by gains in business efficiency, according to a survey of 200 financial advisers.
Improvements in the quality and usability of platforms were also important factors in their increased use by advisers. Nearly three-quarters (71%) say a better standard of service and improvements in online tools were key to their decision to choose platforms.
Peter Jordan, head of proposition marketing at Skandia, says: "Most advisers are already using a platform for some of their business but as the business efficiencies are realised and the benefits of portfolio consolidation become appreciated by clients we will see a larger volume of business moving away from older style products such as with-profits on to platforms.
"Our research supports this and it is now up to the platform market to ensure it evolves its service offering in line with increased demand."
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