Independent financial research company Defaqto has launched its annual survey of platform users to identify the level of service advisers have received from platform providers in 2011.

In particular, the survey asks advisers to rate:

• The aspects of platform service that are most important to them
• Whether the providers they deal with are meeting their expectations in these areas

The results of the survey will feed into Defaqto’s 2012 platform Star Ratings for Service, which will be launched in February. These ratings aim to support advisers’ platform due diligence by giving each platform operator a rating of 1 to 5 depending on the level of service advisers have experienced. As with the current year’s platform ratings, they will be included within Defaqto’s IFA research tool – Engage.

Fraser Donaldson, Defaqto’s Insight Analyst for Funds, said:

“The Retail Distribution Review has been a major catalyst for platform adoption, and with 2013 fast approaching we are likely to see platform use grow further still. 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.”

“Our platform survey last year demonstrated that platform service is extremely important to advisers – in fact, it was by the far the most influential factor driving platform switching activity. This demonstrates that it is not just the platform itself that matters to advisers, but also the intangible benefits they get from the relationship. In this vein, it will be interesting to see the results of the current survey – a year closer to RDR implementation – in terms of what advisers expect when it comes to service and what standard of service they are actually receiving from the platforms they use.”

The survey asks advisers to rate platforms on 37 individual aspects of service across the following eight categories:

• General perceptions they hold about platform providers, including their integrity and the ease of doing business with them
• The process involved in making the transition to, and implementing business on, a platform
• A platform’s administration of new business
• A platform’s administration of existing business
• The level of service provided by staff at the platform
• The design and management of the platform
• The standard of a platform’s reporting
• A platform’s E-business capability, including the reliability of their systems and the standard of technical support they provide

The findings of the survey will also feed into Defaqto’s Review of platform service, which is due to be published early next year.

Defaqto also provides bespoke consultancy services for IFAs, including assistance on platform due diligence.

 -Ends-

1.  Defaqto’s 2011 Review of platform service and Guide to platforms can be downloaded, free of charge, at: www.defaqto.com/adviser/ifa/guides.

2.  For further information or to speak to Fraser Donaldson please contact Defaqto’s Press Office:

• Adam Richards-Gray: 01844 295 556 / 07788 722 690
• Email: pressoffice@defaqto.com

Follow Defaqto on Twitter, where you will be kept up to date with latest press releases, media appearances and expert commentary: www.twitter.com/defaqtopress.

3.  For further information about Fraser Donaldson please visit Defaqto’s Media Centre: http://www.defaqto.com/media-centre/fraser-donaldson.

About Defaqto

Defaqto is an independent financial research and software company, specialising in collecting, researching and analysing financial products and funds.

Since 1994, Defaqto has built the largest, whole of market, financial product database and become one of the leading providers of financial product and funds data in the UK. Defaqto now covers more than 35,000 products across banking, life, pensions, investments and general insurance. The data underpins its software packages, web services and consultancy.

Defaqto’s insight supports all layers of the financial services sector including product providers, intermediaries, brokers, web aggregators and the public sector.

Defaqto also helps consumers make better financial decisions by providing comprehensive and easy to use information on financial products and product features.

You can access further information about Defaqto at www.defaqto.com.

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1. IFA platform satisfaction survey launched – IFA Magazine | Insurance says:

   December 21, 2011 at 12:06 pm

   [...] IFA platform satisfaction survey launchedIFA MagazineDefaqto now covers more than 35000 products across banking, life, pensions, investments and general insurance. The data underpins its software packages, web services and consultancy. Defaqto's insight supports all layers of the financial services … [...]

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