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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
