Prudential: Advisers will create their own 'virtual' platforms

clock

Advisers will develop their own ‘virtual' platforms to avoid losing margins along the distribution chain to life companies and other parties, Prudential UK's Barry O'Dwyer has predicted.

The firm's deputy chief executive was speaking at Marketforce's Impact of RDR conference this morning, where he speculated on the development of the industry over the coming years. Prudential has been one of the few major life companies not to develop a platform and O'Dwyer explained why he thought they were an unnecessary tool for advisers, considering the existence of sophisticated back office solutions. "The reality is that because all the providers have built relatively decent electronic links, a virtual platform is all that's needed. As long as the links are seamless, why would y...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Will IFA-owned platforms take over the financial advice sector?

Will IFA-owned platforms take over the financial advice sector?

PA talks to industry experts on the future of adviser-owned platforms

Sahar Nazir
clock 27 March 2024 • 9 min read
CGT support from platforms now 'adviser must have'

CGT support from platforms now 'adviser must have'

Shrinking personal allowances dragging more investors into CGT net

Jenna Brown
clock 27 March 2024 • 2 min read
Aviva named the preferred platform provider by advisers

Aviva named the preferred platform provider by advisers

Quilter remains in second place followed by AJ Bell and Transact

Isabel Baxter
clock 04 March 2024 • 1 min read