It is “ridiculous” for the majority of advice firms to think they could run their own platform and have the proposition be financially beneficial, delegates heard.
Speaking today (18 May) at the PA Management Retreat 2023, Unique Financial Planning managing director Philip Martin said small firms needed to consider their margins and financial positions. "It would be ridiculous for any small or medium-sized business to think about becoming or having a platform," he added. "It's not the small firms don't have the skills, it's about the regulatory risks and having to take them on. All that risk is disproportionate to the benefits that could come out of it." Ultimately, Martin argued running a platform would be a purely "bad capital decision" for an...
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