Advisers should consider the ownership of a platform when doing their due diligence as foreign-owned platforms are historically more likely to pull out of the market, according to Ascentric managing director Hugo Thorman.
Speaking at their annual conference in London on Monday, Thorman [pictured] said it was "amazing" that platforms were still being launched in an already-crowded market. "Firms that are not making money or can't a see a way to make money won't be around post-RDR," he said. "You can't sustain it forever." UK-based platforms may "stick around" for longer, he said, but advisers using foreign-owned platforms should think very carefully about the implications when doing their due-diligence. The Raymond James platform, which has £2.38bn of assets under management for 64 registered firms, ...
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