Platforms want to be closer to advisers

Mike Taylor

Managing Editor/Publisher, Financial Newswire

22 August 2023

Many platforms are evolving to play a more central role in advice practices, according to SuitabilityHub founder and chief executive, Recep Peker.

He said that this represents a paradigm shift where platforms are looking to not just be tools for financial advisers but partners that assist in delivering services.

Peker said that analysis conducted by SuitabilityHub of recent platform enhancements had revealed that some platforms are continuing to invest into the strengthening of their ability to capture data nad report on clients’ off-platforms assets, which could be a great time-saver for advisers focused on high net worth clients.

“While these platforms may be more expensive than the rest, the reduced manual administrative work and the benefits for HNW clients of seeing all their assets together in one place could justify the additional administration fees,” he said.

“Meanwhile, some platforms are forgoing these bells and whistles and instead are doubling down on maximising advisers’ capacity to serve. They have been investing heavily in streamlining processes, digitising, and providing excellent service and support, and advisers focused on certain client segments such as retirees or the mass-affluent market may find these solutions more suitable,” Peker said.

Peker said that objective of SuitabilityHub was to assist financial advisers to find platforms that aligned with clients’ needs and values, rather than just relying on fees.