PA360: 'Not sustainable' for advisers to use just one platform

More due diligence needed across multiple platforms

Jenna Brown
clock • 2 min read

It is not sustainable for advice businesses to work with just one platform but for those operating across more than ten ensuring proper due diligence will become hard work, delegates heard.

During a platforms due diligence panel debate at PA360 yesterday (27 April), hosted by NextWealth managing director and founder Heather Hopkins, an audience member said the most platforms he knew one advice firm worked with was 20 - raising clear due diligence issues. The same delegate also said: "The elephant in the room is that no one wants to change their platform." He cited the complications linked to asset reregistration when moving platforms as the reason advisers stayed put despite service issues. Panel members Morningstar Wealth associate director product Steve Owen, Parmenion...

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