also known for the people behind them. Regional - not just centralised - support, named relationship managers and access to specialists in areas such as business development, regulation and IT can all help a platform feel less like a utility and more like a valued partner.
6. Strong security protocols With assets on UK platforms forecast to reach £600 billion in the next three years, platforms are increasingly going to be the target of fraud. It’s vital that a platform has robust controls in place, including client and intermediary identity checks, password controls, and other security protocols, that are regularly tested. We all want to transact easily, but platforms that make it too easy to make client withdrawals face massive risks.
7. Back office savvy
A platform has to slot into many other moving parts within an advisory business - any of which are subject to change. A truly futureproofed platform will be designed to integrate fluidly into whatever back office and other internal systems advisory firms choose to use now and in the future - with teams on hand to connect systems with a minimum impact on day-to-day business.
9. Continued investment
“Only a handful of platforms in the UK
are currently estimated to make any profit at all.”
8. Financial stability
It’s important to consider the financial strength of a platform, both looking at industry ratings as well as understanding background information, such as parent or group companies.
Considering the AKG rating of a platform, for example, will allow you to assess the relative strengths of an individual platform, taking into account the company’s long-term outlook.
Given the constantly changing landscape of both financial markets and technology, a platform can never rest on its laurels. Constant investment is required in systems, services, compliance and people to ensure a platform remains robust, operationally as efficient and - to be honest - special enough to be worth paying for. And that requires access to capital. No matter how dynamic a platform is today, if it doesn’t have access to resources to keep investing and innovating, it is highly likely to fall by the wayside.
Survive or thrive
Of course, consolidation in the UK platform market has been predicted ever since there were fewer than 10 players a decade ago. In actual fact, there are still plenty of factors to encourage new entrants to try their hand in the sector - not least the seemingly insatiable demand from consumers to be able to run their lives from their digital devices. But we believe the factors described will distinguish the platforms that merely survive from those that thrive over the next 15 years of evolution.
Andy Coleman is Director of Distribution at Cofunds
Wraps and Platforms
Investment Life & Pensions Moneyfacts
®
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