Financial planners are consolidating the platforms they use with increasing number using industry superannuation funds, according to the latest research from research house, Investment Trends.
The latest 2019 Planner Technology Report released by Investment Trends today reveals that the number of platforms used by financial planners has declined from as many as 3.5 in 2009 to just 2.1 today with Investment Trends Research Director, Recept Peker claiming the platform landscape was changing at pace.
He said that in the wake of the Royal Commission the most cited platform selection driver was fees and that industry super funds were growing their usage among planners, with nine per cent of planners allocating client inflows to industry super fund platforms collectively in 2019.
Where planner satisfaction with platforms was concerned, Netwealth again topped the rankings as assessed by Investment Trends.
It said that in 2019, Netwealth remained the highest-rated platform by overall satisfaction, with 55 per cent of primary users rating their overall satisfaction as ‘very good’, ahead of HUB24 (43 per cent) in second spot.
The top five platforms by overall satisfaction were:
3. Asgard eWRAP
4. CFS FirstChoice
5. BT Panorama