Duncan Hannay Robertson CFPCM Hannay Robertson, Cambridge
Do you use a platform and how do you and your firm decide which platform to use?
We started using a fund supermarket in 2003 and then a platform in 2006. I was proud of the fund supermarket we used and at the New Model Adviser's conference in 2006, a bunch of leading IFAs suggested I look at a platform, Transact. We were simply blown away by the standard of service and functionality. We look for a platform that is functional and does its job very well. It seems that the less whistles and bells, the better the functionality and service.
What have been your experiences of using platforms and what have you found to be the pros and cons of using them?
Our experience has been excellent. Brilliant service will never come at the cheapest rate in the market but it is essential the charges are fair. As long as I am getting a competitive rate at a fair price with excellent service then we are happy. However, we wouldn't hesitate to move clients to another competitor if there is a better service and package.
What percentage of your business goes through a platform?
95 per cent.
What two or three best practice tips would you pass on to other Financial Planners when it comes to choosing and using a platform?
Do not buy on price. Do not pass the buck to your back office team to deal with the problems. Try things out online yourself, do not delegate to your administrator.
What could platform providers do to improve their service and help you more?
1. Provide a better end of year report. Separate the investment transactions/statement from the tax pack. Improve the tax pack and include income tax and capital gains tax details
2. Provide a better investment report but keep it simple and focus on the asset allocation. Give the planner the choice of printing a simple report or complex report.
3. Keep on evolving with the market.
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Jason Butler CFPCM Bloomsbury Wealth, London
Do you use a platform and how do you and your firm decide which platform to use?
We do not use a retail platform but instead we have an integrated custody solution provided by Pershing for which we charge our clients to access. We chose this route because it provides the combination of security, dealing and integration that we require.
If you use more than one dealing or platform service, please state your main platform and any secondary ones. In brief describe how you decide which platform to use for particular client segments?
We mainly use our institutional Pershing custody service solution but occasionally we use Alliance Trust where our main solution would not be cost effective for the client.
What have been your experiences of using platforms and what have you found to be the pros and cons of using them?
Generally OK but like all systems they have their pros and cons.
What percentage of your business goes through a platform?
About 90 per cent of our client portfolios are managed via our chosen custody provider.
What two or three best practice tips would you pass on to other Financial Planners when it comes to choosing and using a platform?
1. Decide whether or not you will manage portfolios in house on a discretionary basis because that dictates the functionality you will need
2. Make sure that the provider ticks all the security, size and functionality boxes (yours and the clients’),
3. Make sure that the costs are reasonable, whether you pay these yourself or the client pays to the provider.
What could platform providers do to improve their service and help you more?
Get their charges down.
Philip Challinor CFPCM Chatfield Private Client, Birmingham
Do you use a Platform and how do you and your firm decide which Platform to use?
Yes, we’ve been using platforms since 2006. The main criteria for us are:
Transact and Sippcentre are not household names so that takes a bit of explaining to clients who nowadays want to know what would happen if they went bust. The fact that clients can access their accounts online is essential and these days platforms need to have an app. Sippcentre only manage this with their direct to consumer offering and apparently Transact are working on it.
What percentage of your business goes through a platform?
About 90 per cent.
What two or three best practice tips would you pass on to other Financial Planners when it comes to choosing and using a platform?
Put some of your own money on there to see how it works. If you’re not prepare to do that you shouldn’t be recommending them to your clients. Only choose those platforms that are profitable. Why on earth would you want to work with a provider that has never made a profit? How much longer are their shareholders going to keep supporting them...?
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Chris Bowmer CFPCM Fortitude Financial Planning, Northampton
Do you use a platform and how do you and your firm decide which platform to use?
We use a platform regularly and we complete a six monthly review of the main platform we use but have similar clients so usually one main platform fits.
Which Platform do you use and why did you choose it?
We have used Nucleus since 2008 and we chose it because it has simple, low charges and an admin system that works. We started talking to them because we like the way they work, what they say and how they behave. We use other platforms as required and have used Transact, Skandia, Fidelity and Cofunds for specific reasons. None come close to Nucleus on ease of use. This is not for segments, just for specific client needs.
What have been your experiences of using platforms and what have you found to be the pros and cons of using them?
The use of a platform (using one is much better than multiple) has transformed the way we can structure our processes and makes our business more efficient. It ensures very high standards of service and consistency of outcomes. It has allowed us to manage and modify our investment proposition and control this simply. No cons as far as I can see.
What two or three best practice tips would you pass on to other Financial Planners on choosing and using a platform?
You are reliant on the platform that works today and in future, it is part of your supply chain. You must, therefore, make certain that they think the same way as you, they are likely to stay in the market and they have no conflicts of interest with you or your client. Other things can be fixed, these cannot.
What could platform providers do to improve their service and help you more?
Service will always need improving and charges will need to fall and will - with appropriate efficiencies. I am happy with Nucleus. I would be very unhappy if I were using any other platform possibly except Transact.
David Crozier CFPCM Navigator Financial Planning, Northern Ireland
Do you use a platform and how do you and your firm decide which platform to use?
Yes. We conduct ongoing platform due diligence at a high level as part of our investment committee and at client level we compare our two platforms to (1) determine which one is most suitable for client needs and circumstances and (2) if both are equally suitable, we do a cost comparison, using our own calculator, taking into account all likely initial and ongoing charges to see which is more cost effective.
Which Platform do you use and why did you choose it?
We have been using Transact for many years, initially because it was the only one available, but even though we review our platform arrangements every year (taking into account not just cost, but also features and service) we’ve yet to see an alternative that is significantly better. A couple of years ago we started to use Parmenion for some clients because they will operate our model portfolios on a discretionary basis, which means that we can offer a “Navigator Lite” proposition to smaller clients.
What have been your experiences of using platform and what have you found to be the pros and cons of using them?
We have had a generally good experience. We like it because it allows us to run our business more efficiently and clients like it because they can see all their investments in one place. It can look expensive at first sight but when you take account of the ability we have to use institutional class funds and to rebalance and move money between tax wrappers, once clients understand that, the cost issue goes away.
What two or three best practice tips would you pass on to other Financial Planners on choosing and using a platform?
Don’t focus solely on costs - features and service are more important than saving a few basis points. Satisfy yourself (as far as possible) that the wrap is going to be around before you embed it too deeply in your process.
David Gibson CFPCM Gibson Financial Planning, Northern Ireland
Do you use a platform and how do you and your firm decide which platform to use?
Yes - True Potential Wealth Platform. As we currently buy in their system and compliance support it makes sense to use the Wealth Platform too as it integrates beautifully and reduces our workload considerably. We carried out research and there was nothing else in the market that came close to providing what we get from the TP solution. The efficiencies allow us to service clients we could not otherwise afford to work with. We also have clients on Skandia Investment Solutions and Fidelity’s FundsNetwork although those clients are being moved across to TP as appropriate.
What have been your experiences of using platforms and what have you found to be the pros and cons of using them?
Very easy, intuitive and we only enter a client’s data once and that feeds through into everything which cuts admin and workload considerably. Cons of TP platform is the lack of tiered charging structure.
What percentage of your business goes through a platform?
Probably in the region of 60 per cent. We go off platform for investment bond and pension business.
What two or three best practice tips would you pass on to other Financial Planners when it comes to choosing and using a platform?
Aside from comparing costs pay close attention to how well the platform works for you and your business. No point selecting the cheapest solution if it is poorly designed and clunky to operate.
What could platform providers do to improve their service to you and help you more?
Our platform operator listens to feedback and develops and improves constantly so I have very few complaints on that issue.
Do you use a platform and how do you and your firm decide which platform to use?
We do not use a retail platform but instead we have an integrated custody solution provided by Pershing for which we charge our clients to access. We chose this route because it provides the combination of security, dealing and integration that we require.
If you use more than one dealing or platform service, please state your main platform and any secondary ones. In brief describe how you decide which platform to use for particular client segments?
We mainly use our institutional Pershing custody service solution but occasionally we use Alliance Trust where our main solution would not be cost effective for the client.
What have been your experiences of using platforms and what have you found to be the pros and cons of using them?
Generally OK but like all systems they have their pros and cons.
What percentage of your business goes through a platform?
About 90 per cent of our client portfolios are managed via our chosen custody provider.
What two or three best practice tips would you pass on to other Financial Planners when it comes to choosing and using a platform?
1. Decide whether or not you will manage portfolios in house on a discretionary basis because that dictates the functionality you will need
2. Make sure that the provider ticks all the security, size and functionality boxes (yours and the clients’),
3. Make sure that the costs are reasonable, whether you pay these yourself or the client pays to the provider.
What could platform providers do to improve their service and help you more?
Get their charges down.
Philip Challinor CFPCM Chatfield Private Client, Birmingham
Do you use a Platform and how do you and your firm decide which Platform to use?
Yes, we’ve been using platforms since 2006. The main criteria for us are:
- Significant online functionality to avoid having to phone a faceless call centre
- Total transparency on costs at all levels
- Unlimited investment fund choice that must include Dimensional and Vanguard funds
- Absence of a life assurance parent company – we fear too many life company backers will pull out when insufficient profits materialise
- Profitability
- No requirement to buy shares in the platform
- Cost efficient for clients
Transact and Sippcentre are not household names so that takes a bit of explaining to clients who nowadays want to know what would happen if they went bust. The fact that clients can access their accounts online is essential and these days platforms need to have an app. Sippcentre only manage this with their direct to consumer offering and apparently Transact are working on it.
What percentage of your business goes through a platform?
About 90 per cent.
What two or three best practice tips would you pass on to other Financial Planners when it comes to choosing and using a platform?
Put some of your own money on there to see how it works. If you’re not prepare to do that you shouldn’t be recommending them to your clients. Only choose those platforms that are profitable. Why on earth would you want to work with a provider that has never made a profit? How much longer are their shareholders going to keep supporting them...?
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Chris Bowmer CFPCM Fortitude Financial Planning, Northampton
Do you use a platform and how do you and your firm decide which platform to use?
We use a platform regularly and we complete a six monthly review of the main platform we use but have similar clients so usually one main platform fits.
Which Platform do you use and why did you choose it?
We have used Nucleus since 2008 and we chose it because it has simple, low charges and an admin system that works. We started talking to them because we like the way they work, what they say and how they behave. We use other platforms as required and have used Transact, Skandia, Fidelity and Cofunds for specific reasons. None come close to Nucleus on ease of use. This is not for segments, just for specific client needs.
What have been your experiences of using platforms and what have you found to be the pros and cons of using them?
The use of a platform (using one is much better than multiple) has transformed the way we can structure our processes and makes our business more efficient. It ensures very high standards of service and consistency of outcomes. It has allowed us to manage and modify our investment proposition and control this simply. No cons as far as I can see.
What two or three best practice tips would you pass on to other Financial Planners on choosing and using a platform?
You are reliant on the platform that works today and in future, it is part of your supply chain. You must, therefore, make certain that they think the same way as you, they are likely to stay in the market and they have no conflicts of interest with you or your client. Other things can be fixed, these cannot.
What could platform providers do to improve their service and help you more?
Service will always need improving and charges will need to fall and will - with appropriate efficiencies. I am happy with Nucleus. I would be very unhappy if I were using any other platform possibly except Transact.
David Crozier CFPCM Navigator Financial Planning, Northern Ireland
Do you use a platform and how do you and your firm decide which platform to use?
Yes. We conduct ongoing platform due diligence at a high level as part of our investment committee and at client level we compare our two platforms to (1) determine which one is most suitable for client needs and circumstances and (2) if both are equally suitable, we do a cost comparison, using our own calculator, taking into account all likely initial and ongoing charges to see which is more cost effective.
Which Platform do you use and why did you choose it?
We have been using Transact for many years, initially because it was the only one available, but even though we review our platform arrangements every year (taking into account not just cost, but also features and service) we’ve yet to see an alternative that is significantly better. A couple of years ago we started to use Parmenion for some clients because they will operate our model portfolios on a discretionary basis, which means that we can offer a “Navigator Lite” proposition to smaller clients.
What have been your experiences of using platform and what have you found to be the pros and cons of using them?
We have had a generally good experience. We like it because it allows us to run our business more efficiently and clients like it because they can see all their investments in one place. It can look expensive at first sight but when you take account of the ability we have to use institutional class funds and to rebalance and move money between tax wrappers, once clients understand that, the cost issue goes away.
What two or three best practice tips would you pass on to other Financial Planners on choosing and using a platform?
Don’t focus solely on costs - features and service are more important than saving a few basis points. Satisfy yourself (as far as possible) that the wrap is going to be around before you embed it too deeply in your process.
David Gibson CFPCM Gibson Financial Planning, Northern Ireland
Do you use a platform and how do you and your firm decide which platform to use?
Yes - True Potential Wealth Platform. As we currently buy in their system and compliance support it makes sense to use the Wealth Platform too as it integrates beautifully and reduces our workload considerably. We carried out research and there was nothing else in the market that came close to providing what we get from the TP solution. The efficiencies allow us to service clients we could not otherwise afford to work with. We also have clients on Skandia Investment Solutions and Fidelity’s FundsNetwork although those clients are being moved across to TP as appropriate.
What have been your experiences of using platforms and what have you found to be the pros and cons of using them?
Very easy, intuitive and we only enter a client’s data once and that feeds through into everything which cuts admin and workload considerably. Cons of TP platform is the lack of tiered charging structure.
What percentage of your business goes through a platform?
Probably in the region of 60 per cent. We go off platform for investment bond and pension business.
What two or three best practice tips would you pass on to other Financial Planners when it comes to choosing and using a platform?
Aside from comparing costs pay close attention to how well the platform works for you and your business. No point selecting the cheapest solution if it is poorly designed and clunky to operate.
What could platform providers do to improve their service to you and help you more?
Our platform operator listens to feedback and develops and improves constantly so I have very few complaints on that issue.