Number of IFAs Now Using Platforms is Overwhelming

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New data from the professional advice website unbiased.co.uk shows that 93% of IFA firms are now using platforms or fund supermarkets to trade on behalf of their clients.

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what we are seeing is that IFAs who use more than two platforms are using one of the big three to carry out more generic areas of client business but are utilising others for more specialist services.

New data from the professional advice website unbiased.co.uk shows that 93% of IFA firms are now using platforms or fund supermarkets to trade on behalf of their clients. According to the latest statistics, Skandia Investment Solutions is the most popular platform for IFAs, with Fidelity FundsNetwork and Cofunds running a close second and third.

The data shows that the average independent financial adviser uses three different platforms to conduct their clients’ business. The figures also show that 12% of IFA businesses use at least six platforms, with the average number of platforms used by an IFA firm being three. One third (32%) of IFAs use one or two platforms.

Over the last decade we have seen a major shift in the way financial advisers carry out their business and the increasing use of platforms has emerged as a clear trend. Having said that, the figures, based on unbiased.co.uk’s continually updated database, show that while the majority of independent financial advisers use either platforms or fund supermarkets, 7% did not use any at all.

Karen Barrett, Chief Executive of unbiased.co.uk, comments: “There is clear dominance from the ‘big three’, which we believe is set to continue in the future but hardly a month goes by without new platforms or platform innovations being launched and we expect to see further new market entrants in the future. Interestingly, what we are seeing is that IFAs who use more than two platforms are using one of the big three to carry out more generic areas of client business but are utilising others for more specialist services.”

“Being RDR-ready is not just about reaching a standard of qualification, it’s also an opportunity to reassess current systems and business strategy; platforms are becoming an increasingly used technology for IFAs to cost effectively manage their clients assets and as this area of industry develops to meet the needs of IFAs I think we will see more and more pick up”.

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