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Categories: Wrap/platforms| RDR
Topics: Zurich| adviser firms| RDR
Nearly half of advisers have still not signed up to a platform – because they are “too busy” running their businesses and preparing for RDR, research suggests.
A survey conducted by Zurich polling over 800 advisers at the end of November revealed 40% have yet to sign up to a platform, whilst 16% have no intention of using one.
A minority of 44% have signed up to at least one platform.
Of those yet to sign up to a platform proposition, more than a quarter said they have not made a decision because they are too busy trying to keep their businesses afloat.
A fifth said they are busy preparing for the retail distribution review (RDR), even though some stakeholders say RDR compliance is at least partly dependant on having a platform strategy.
More than one in five said they needed help selecting the platform best suited to their business model.
Furthermore, nearly half (47%) said they only intend to use one platform - despite the FSA recommending advisers have a multiple platform strategy in order to service all client segments.
Nearly a third said they intend to use two platforms, with just one in five planning to sign up to three or more operators.
"RDR is clearly a big focus for many advisers, but platforms are an important part of making RDR implementation a success and platform providers should be providing support for advisers with this," said Zurich head of wealth propositions Adrian Nash.
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Platform choices
I think the whole industry is making far too much of alternative platforms. I use two: One (well-known) for investment, and one to help research (Trustnet). Perhaps you thought the FSA was pushing you to use different platforms for different clients, like Skandia, CoFunds, etc, etc? Well, in late 2010, I was at a seminar with a senior member of the FSA. I had precisely this discussion with him afterwards and he said what I was doing was fine. The problem with platforms, he said, is simply that they don't all do adequately everything the FSA considers necessary (research/risk assessment/asset allocation/etc/etc.) So by showing the FSA how you were 'filling in the gaps' of your otherwise preferred platform and demonstrating that the client was being looked after properly, you were doing what was necessary to ensure you had raised and were maintaining your advice and service standards. He was Jonathan Bundy of the FSA Professional Standards Policy Team, if you would like to know. However, do check with your compliance officer. if he is a 'box-ticker' he may need persuading!
Posted by: Orlando Furioso