Ferguson: Why should 'shonky' fund managers rule platforms?

‘Adviser as platform is a perfectly legitimate model’

Jenna Brown
clock • 5 min read

Operating a platform should not be the preserve of asset managers, according to David Ferguson, who said the sometimes “shonky” businesses made no better custodians than others in financial services, including adviser firms.

Speaking at an FE Fundinfo conference on tech-enabled advice last week, the Seccl chief executive (CEO) debated the issues surrounding ‘adviser as platform' with Abrdn adviser CEO Noel Butwell. Ferguson said: "I struggle with adviser as platform ‘thing' - does it mean Quilter should not be in the platform market? "For me, it is perfectly legitimate for an advice firm to operate a platform. There are certain overheads associated with it, there is no question on that. There is also an opportunity to substantially reduce costs and create a more efficient business model." He added: "I ...

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

Quilter reports platform net inflows of £1bn in first quarter

Quilter reports platform net inflows of £1bn in first quarter

Ongoing adviser charging review to start shortly after FCA talks

Jenna Brown
clock 24 April 2024 • 2 min read
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
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