23rd April 2013

Platform usage update

For those familiar with our community and site, you may be aware that we have a great supporting relationship with My Touchstone.

Powered by the collective sales data of some 75 major product providers, it provides unprecedented insight into your local market-place. Sales data is further enhanced with inputs from thousands of advisers, creating an information source that will transform the way you promote and run your business.

MyTouchstone provides our adviser community with unique insights into trends in their market.

Consequently we thought you may be interested in this latest set of data relating to platform usage at the end of Q4 2012 made up of the UK population of Financial Advisers 

• 175 Intermediaries started using platforms for the first time in Q4 2012 up from 120 in Q3 2012
• 246 Intermediaries placed all of their business via platforms in Q4 2012 up from 218 in Q3 2012
• 9,241 Intermediaries placed all of their business "off" platform in Q4 2012 up from 7,723 in Q3 2012
• "On" platform new business via Intermediaries was £3.8bn in Q4 2012 (21% of the Intermediary market), up from £3.0bn in Q3 2012
• "Off" platform new business via Intermediaries was £14.1bn in Q4 2012 (79% of the Intermediary market), up from £12.9bn in Q3 2012

The FSA have been clear in their guidance notes in the use of platforms and meeting the independence rule – “We think that it is likely to be very rare, if possible at all, that a firm could use one platform for all clients and meet the independence rule”.

In response to these guidance notes, Emma Napier, Head of Adviser Relations at The Platforum said “we believe that this does not mean to keep the FSA happy every Adviser firm needs more than one platform for the sake of it, but if you offer a range of services it is likely one platform will not be the suitable for 100% of those clients 100% of the time. Good due diligence means first determine what you need the platform for before aligning the most suitable and not the other way around – 4 steps: THINK ABOUT IT, MAKE SURE ITS ROBUST, WRITE IT DOWN AND CHECK IT WORKS.

For more information about some of the Platforms available for you to use, visit the Panacea Wraps & Platforms Zone. Thisincludes technical advice and details of new and existing offerings from leading Wrap and Platform providers. Each of the partners within this zone have provided a variety of free articles, news, case studies and detailed product information for you to use to help you and your business.

Wraps & Platforms