We provided the research for a report, in conjunction with Parmenion, which reveals how far short of expectations many adviser platforms are falling. The report, entitled ‘The Impact of Poor Platform Service’, is based on qualitative and quantitative research this year with 212 members of our adviser panel.
The research found that over the last 12 months, 88% of advisers needed to apologise to at least one of their clients on behalf of a platform, and that poor service delivery from platforms impacts 91% of advisers every day.
Gone are the days when provider service used to just mean who could answer the telephone the quickest. Our research proves that service means different thing to different firms and different roles in the profession. People, processes, and technology all combine to give a unique view on what an individual needs and expects from the services they use. Ultimately, advice firms use platforms to help make them as efficient as possible. That’s the theory anyway. It’s no surprise to see service becoming an increasingly important selection factor in the research and due diligence process when you look at some of the impacts that a poor service experience, whatever that may mean to the individual, can have on a firm.
The report is free to download thanks to the generosity of Parmenion.
