Advisers want platforms to lower costs: CoreData

Lower costs for consumers and efficient administration were the top two factors advisers would like their platform provider to improve, according to the latest platform research.

CoreData’s Platform Study found close to one-third of advisers (32 per cent) said lowering costs to investors was the number one factor they would like their platform provider to improve.

A further 15 per cent named administrative accuracy and efficiency, which topped the list in 2010, as the aspect they would most like improved.

Kristen Turnbull, head of advice, wealth and super, said the outcome reflected advisers’ focus on the Government’s remuneration and opt-in reforms.

“Advisers are looking to their platform providers to help them retain their client base by offering cost effective, efficient and high quality administration services,” Turnbull said.

The study also found the majority of advisers (73 per cent) expect their existing platform provider to offer administration support to assist with ongoing opt-in requirements.

“The reforms present platforms a new opportunity to utilise their scale to assist advisers operating under the new requirements,” she said.

CoreData awarded AXA North the Platform of the Year title for 2011 for achieving the highest adviser satisfaction among those who used it.

Last year’s winner, Colonial First Choice, came in second, followed by Macquarie Wrap.

The study was completed online between May and June 2011, with a total of 978 responses from financial advisers.