Planner satisfaction with platforms has reached the highest level recorded in 10 years, according to findings from the Investment Trends 2013 Planner Technology Report.
Planner satisfaction with platforms has reached the highest level recorded in 10 years, according to findings from the Investment Trends 2013 Planner Technology Report.
While platform providers have made many new enhancements in the last 12 months, the new lower-cost and flexible pricing models have been the most successful in driving planner satisfaction.
“We find there’s a strong link between platform satisfaction and switching behaviour, and the most recent trends saw planners’ loyalty to their platforms reach a high point,” said Investment Trends senior analyst Recep Peker.
“Only 19 per cent said they would change any of the platforms they use if it were up to them, compared to a high of 32 per cent saying so as recently as in 2008.”
Peker said that over the past few years, the number one improvement planners have asked for from platform providers was more competitive pricing.
However, with the introduction of lower cost solutions, planners now want platforms to help with online useability, improved business efficiency, better client reporting and review tools – which is mostly FOFA driven – and better support for planners.
Westpac is the largest platform provider by primary planner relationships, with the proportion of planners using a Westpac platform increasing from 10 per cent in 2004 to 26 per cent in May 2013. CBA was the second largest platform provider, accounting for 19 per cent of primary relationships. This was followed by MLC/NAB and AMP with a share of 12 per cent each.
The results of the 2013 Planner Technology Report was based on a survey of 1,141 financial planners conducted in April and May this year.
Originally published by Platforms and Wraps.
