A quarter of advisers that use platforms have changed provider in the last year, largely driven by service, a survey from Defaqto has shown. The service they had received from their platform provider was the most significant driver behind advisers' platform switching activity, with 53 per cent of 232 advisers stating they had changed provider for service-related reasons.

The Retail Distribution Review (RDR) has been a "major catalyst" for platform adoption and Defaqto anticipates use will continue to grow. Fraser Donaldson, insight analyst for funds at Defaqto, said: "From an adviser's perspective, when selecting a platform they are effectively entering into a long-term business partnership". "As a result, it is important they choose a platform that meets the needs of their business and, ultimately, those of their clients. Robust due diligence is key, and central to this will be the availability of independent analysis to support an adviser's selection process."

Full article