Expert: Kevin Russell, SEI Wealth Platform
Facilitator: Colette Dunn, Milliman UK
Key Findings
- It was estimated that there are approximately 350 platforms out there in the market but generally advisers find two to three platforms that work for them and stick with them.
- Advisers would ideally like to find one platform that covers all areas rather than using multi platforms.
- Advisers find that the biggest failure of the platforms is the service they provide and the lack of speaking direct to clients. Only communicating online with clients often means that that the service does not move quickly.
- Some advisers find there are issues with platforms when payments need to be split. There is not an option to do this which results in a number of different platforms having to be used to satisfy a client.
- It was agreed that platforms are overpriced and going forward perhaps the IFA’s should pay for the platform rather than the clients.
