Efficiency and cost top platform issues
Administration service and efficiency is the number one thing that advisers would like their platform provider to improve, according to this year’s CoreData Platform Study.
According to the survey, more than one quarter of participants thought administration service and efficiency had the most room for improvement, while cost, fees and remuneration models came in at second place.
Head of advice at CoreData Kristen Paech said the results reflected a broader focus from both the Government and regulators on remuneration structures and the lowering of costs for consumers.
“At a time of considerable uncertainty and potential regulatory change in the advisory sector, advisers are understandably looking for solutions that will make their lives easier,” Paech said.
Meanwhile, Colonial FirstChoice and Netwealth have been named joint winners of the CoreData 2010 Platform of the Year, with FirstChoice remaining “by far the most widely used platform … and deemed to be the easiest with which to do business.”
BT Wrap, Macquarie Wrap and AXA Generations also performed well, while AXA North slipped to fifth position.
Paech added platform usage had returned to 2008 levels, after an almost doubling year-on-year in 2009 of the number of advisers who claimed not to be using investment platforms.
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