Financial Planners and Paraplanners have been telling Financial Planning Today magazine what has been bugging them about platforms lately.
Read the article in full HERE.
Speaking in the latest issue of the magazine, Paraplanner and Chartered Financial Planner Joanna Hague CFP FPFS, said: “What I find frustrating are those platform providers who do not deliver the services they claim. We can wait for weeks for solutions to problems caused by the administration process of the platform itself.
“Despite chasing for answers regularly. This poor level of service is not acceptable for the money they are charging and results in us being unable to say they are suitable for clients.”
She said: “I would appreciate a more coherent approach – one where you can see similar reporting from all platforms. Or where additional costs where justifiable because the benefits to paying more were known in advance.
“There’s also no ability to trial a platform. Knowing how it works in practice is something you only get to know with time and experience.
“The first time you recommend a client to a platform, you should know what to expect, but we don’t. This is a challenge for platforms as online demonstrations are unlikely to give insight into the down sides of using their service.”
Mike Horseman DipPFS, MD at Cockburn Lucas in Nottingham, said his firm is struggling to find a platform which charges a fixed-fee and offers access to their Model Portfolios.
He highlighted his frustrations and continual struggles with the “paper-heavy nature of the Cofunds platform” over several years.
Paraplanners Kate Hall and Jo Campbell from Paraplanning firm Parasols in Darlington said the lack of Capital Gains Tax reporting is a ‘big issue’. They want to see improved client reporting, such as CGT calculations and accurate income calculations.
Mike Walker DipPFS, Financial Planner at Prest Financial Planning in Stockport, said: “Sometimes platforms are not entirely logical and can leave too much open to your own interpretation.”
Frank Harewood from Chartered Financial Planning firm AV Trinity highlighted “instructions not being carried out in a timely manner - despite being clearly laid out from the outset” leading to delays in transactions and the “potential for awkward client conversations”.
For more views and insight from these Financial Planners and more and to see what they think about fees and charging read the article in full HERE.
The article also includes a column from platforms expert Mark Polson.
This issue also features:
• Inside My Business with Alan Gow of Argonaut Paraplanning who reveals some major plans for his company
• Planner Casebook – Paraplanner and Chartered Financial Planner Kim Sare explains why a DB transfer can sometimes be the right move for a client
• Columns from leading Financial Planner Julie Lord, PFS chief executive Keith Richards, CISI head of Financial Planning Jackie Lockie, Paraplanner Richard Allum and other key commentators
• A 5 page Special Report from James Nadal on the latest developments in Platforms
• New Investment Insider and DFM section with 200 DFMs listed plus DFM news
Plus lots more.
Our last issue was the most read ever so see what thousands of other Financial Planners, Paraplanners and Wealth Managers are reading.