The review by the adviser data provider provides annual benchmarks on service to advisers.
The survey found adviser satisfaction was up overall on last year but with room for improvement in some key areas.
The review also found advisers were increasingly reviewing their platform usage over the past year although the average number of preferred platforms used by adviser firms fell to 1.5 this year.
Looking at key service categories, technical assistance service fell by one percentage point and platform provider strength and brand fell by three percentage points.
All other categories had increased satisfaction indices or remained the same.
The biggest rise was for Pension Freedom servicing, which increased by five percentage points, and Adviser charge administration, which increased by three percentage points.
Advisers were asked to rate platform providers in 11 categories. Existing business administration and new business administration remained the top two most important categories for financial advisers using platforms.
|
Satisfaction category |
Importance |
2019 |
2018 |
|
Existing business administration |
1 |
78% |
78% |
|
New business administration |
2 |
81% |
79% |
|
Pension freedom servicing |
3 |
71% |
66% |
|
Online services and ebusiness |
4 |
77% |
75% |
|
Provider’s staff |
5 |
74% |
74% |
|
Platform design and Management |
6 |
74% |
72% |
|
Reporting |
7 |
69% |
69% |
|
Adviser charge administration |
8 |
75% |
72% |
|
Transition and implementation |
9 |
71% |
70% |
|
Technical assistance |
10 |
67% |
68% |
|
Platform provider strength and brand |
11 |
71% |
74% |
Source: Defaqto
Previously, the survey highlighted a steady decline in financial advisers placing 75-99% of their pension and investment business onto platforms. However, 2019 saw a significant increase of 8%.
In terms of adviser platform review activity, the percentage of respondents who indicated that they had changed one or more of their preferred platforms increased a little to 27% compared to 25% in 2018.
David Cartwright, head of insight and consulting for Wealth and Protection at Defaqto, said: “Overall, this years’ satisfaction survey paints a much more positive story for platforms. However, it shouldn’t be ignored that in the eyes of advisers, platforms still fall short when it comes to the levels of service expected in areas deemed the most important.
"The percentage of advisers changing their preferred platforms continues to increase, indicating that structured reviews are taking place more regularly. Platform providers should continue to respond positively to adviser feedback and avoid becoming complacent.”
Defaqto’s Platform Service Review is available here: http://ow.ly/Tdyl50zdFtQ