A 3rd (34%) of advisers modified platforms within the final yr following Shopper Obligation, mergers and expertise updates, in accordance with Defaqto’s newly-released annual Platform Service Evaluation for 2024.
The determine has been steadily climbing rising from 28% the earlier yr and 19% within the yr earlier than.
Aviva remained advisers’ most popular platform supplier based mostly on the best variety of high three choice positions however Quilter returned the best variety of first or solely selections.
Adviser satisfaction has fallen up to now yr, in accordance with the report, with the common satisfaction scores dropping by seven share factors, with the highest 5 most necessary classes for advisers struggling probably the most with some dropped by as a lot as 10 share factors.
The annual survey measures how glad monetary advisers are with their most popular suppliers and identifies the place expectations are being met.
The platform market is basically dominated by Aviva, Quilter, AJ Bell, Constancy, and Transact, with greater than 20% of advisers inserting these platforms of their high three.
Nonetheless, with advisers more and more altering platforms up to now yr, AJ Bell climbed one place into third place and Transact moved as much as fourth place.
In the meantime Constancy Adviser Options dropped two locations, from third to fifth this yr. Hubwise Securities (6%) and Wealthtime (3%) additionally noticed their positions drop, falling out of the highest 10 most popular suppliers.
In whole, 20 suppliers obtained enough adviser nominations as most popular suppliers to be awarded a Defaqto service score.
The highest 10 most popular suppliers, so as, have been:
1. Aviva, 29%
2. Quilter, 27%
3.AJ Bell, 26%
4. Transact, 22%
5. Constancy Adviser Options, 21%
6. Aegon Platform, 11%
=7. abrdn (for Wrap), 10%
=7. Aegon Retirement Decisions (ARC), 10%
=9. abrdn Elevate, 9%
=9. Novia Monetary, 9%
The odds are based mostly on the overall (rounded) first, second or third alternative platform for advisers.
Darren Winfield, perception marketing consultant (wealth administration) at Defaqto, mentioned: “The rise in platform adjustments reveals that advisers have gotten more and more assured making switches to enhance expertise and accessibility for his or her shoppers. That is possible because of the influence of Shopper Obligation regulation, alongside the influence of mergers, takeovers and expertise updates up to now 12 months.”
He mentioned adviser satisfaction fell in key areas resembling new enterprise administration, current enterprise administration and transition and implementation.
He mentioned: “Mixed with business adjustments which means platform suppliers should frequently look to enhance service and expertise to fulfill complicated adviser wants. Investing in these areas is essential and types who turn into complacent will begin to get left behind.”