Complaints fall. Source: Parmenion report
The number of advisers complaining that poor service from platforms is significantly affecting their business, has fallen dramatically.
New research from adviser platform Parmenion showed that the figure fell from 80% last year to 54% this year.
But that still means more than half of advisers have been hit by poor service.
The vast majority of advisers still say they have had to apologise to clients in the past 12 months because of poor service from platforms, but at 90% that also shows an improvement from last year’s 95%, the report showed.
Some 40% of advisers said they have changed platform because of service standards, and the average adviser said they lose four hours a week dealing with platform issues. Again, there is an improvement here as the figure has fallen from 5.3 hours in 2024’s report.
Parmenion’s report, ‘The Impact of Poor Platform Service’, also revealed that transfers remain a point of contention, with the vast majority of advisers saying they would like to see more transparency around transfers in and out.
They said platforms should publish data on this across all products they administer.
Martin Jennings, chief executive officer at Parmenion, said: “In contrast to a rather dismal 2024 report, this year’s research shows platforms are taking steps in the right direction. Advisers have told us that service standards are rising, although there is further to go.”
He said there remain many pain points for advisers and dealing with frictions caused by platforms is costing advisers valuable hours each week, which should be spent serving their clients.
Mr Jennings added: “Transfers in particular are a source of problems for many advisers and a clear example of where our industry is falling short when it comes to client service. We hope to see greater transparency and accountability moving into 2026 so that next year’s report highlights great strides rather than small steps.”
• ‘The Impact of Poor Platform Service’ was produced in conjunction with the lang cat and is based on qualitative and quantitative research with 190 members of the lang cat’s adviser panel. The current report is wave three of a research project which began in autumn 2023.
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