Platforms the heart of financial advice
The role of the ‘platform’ continues to be at the heart of the provision of financial advice to Australians, both young and old.
Whilst never clearly understood by the respective regulators to the financial services industry, the “platform” provides an important gateway to a myriad of concessionally priced investment product and services.
Notwithstanding respective governments’ penchant for tinkering with the financial services industry and, in particular, superannuation, the platform has stood the test of time.
Why is this so?
Put simply, it provides access to scale and therefore relative efficiency for the adviser.
As a result of this questionably dynamic legislative environment, the expense of continually changing the technology underpinning the platform has necessarily meant that only a limited number of providers can maintain the capital and intellectual expense of ensuring their platforms remain relevant, whilst delivering innovative solutions to financial advisers and their clients.
Whilst ‘platforms’ remain at the centre of the financial advice industry, for true effectiveness, platforms must partner with distribution teams. One without the other is sub optimal, hence the emergence of the vertically integrated model.
Chris Kelaher is the managing director of IOOF Holdings and will speaking at Money Management’s Platform and Wraps Conference. For more information on this event click here.
Originally published on Platforms and Wraps.
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