Advisers want access to more platforms
Almost three in five financial advisers are limited in their choice of platforms, and of those advisers, 40 per cent would like access to other platforms in the market.
New survey carried out by CoreData reveals a vast majority would like the other platform to complement their existing option, rather than replace it.
Financial services analyst at CoreData Kristen Paech said advisers believed the current system lacked convenience.
“Many advisers feel that although they have the ability to apply for approval from their licensee to use other platforms, it would be more convenient to be able to skip this step and simply use the platform that they feel is best suited to their clients,” says Paech.
Given the push by the Government for greater transparency, Paech said some advisers claimed that being denied access to other platforms in the market made them feel like salesmen for their dealer groups.
According to the research, advisers feel that having access to other platforms would take away the perceived bias and conflict of interest of having to use their licensee’s Approved Product List.
“Others claim that it would give them broader access to more competitive fees and greater choice,” Paech added.
CoreData also predicts good news for the platform market, with the number of financial advisers using investment platforms to place client business increasing this year, returning to the level of usage seen before the global financial crisis.
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