There was a large rise in the percentage of mass market financial advisers that use platforms regularly according to the new report from CoreData Research. Nearly two thirds (63%) of mass market advisers said they use them every day, in comparison to 48% of advisers when surveyed last year. CoreData defines mass market advisers as those servicing clients with up to £100,000 in net assets.
Almost eight in ten (80%) of high net worth focused advisers said they used platforms daily. This compares to a figure of 73% in 2019.
Adviser satisfaction in their platforms had also risen. Over nine in ten (92%) of advisers said they had high levels of satisfaction in their platform in comparison to 82% in 2019.
Outsourced investment solutions on platforms are becoming more popular with advisers. Nearly one in five advisers said discretionary fund management is the product or service they most want on platforms, compared to 11% in 2019.
Annuities, income drawdown and full SIPPs remain the most desired product for advisers on platforms. This remains unchanged from 2019.
Craig Phillips, head of international at CoreData Research, said: “Our findings suggest that platforms have not only weathered the Covid-19 crisis but have managed to build closer partnerships with advisers. The shift to digital-first offerings amid the crisis, coupled with the heightened need to support clients, has seen advisers gravitate toward platforms.”