Financial planners not loyal to platforms

Despite the satisfaction with platforms reaching a nine-year high, a new survey suggests 40 per cent of financial planners would happily switch providers for lower fees.

Furthermore, 18 per cent of financial planners would switch platforms for better features.

This is according to Investment Trends' April 2012 Planner Technology Report, which was based on a survey of 1,412 financial planners, concluded in April.

"There is a very strong relationship between satisfaction and switching behaviour," said Investment Trends senior analyst Recep Peker.

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"Relative to their market share, platforms with lower overall satisfaction ratings from their users lose a higher proportion of planners to other platforms," he added.

The same report found satisfaction with platform providers has reached a nine-year high, with Asgard Infinity eWRAP receiving the highest rating, closely followed by Colonial First State's (CFS') FirstChoice and FirstWrap.

Peker said the result followed around $130 million invested in new technology by platform providers.

"The platform industry has made significant improvements - the greatest areas of improvement being integration with planning software, BDM and dealer support, and admin fees," Peker said.

BT Wrap, CFS FirstChoice and Macquarie Wrap continue to lead in terms of marketshare, with recent figures showing BT Wrap administered close to 50 per cent of all funds.