Clamp Down

Advisers are calling on platform providers to pass on cost savings to clients as they face the dual reality of a sharper focus on utility and an environment where the cost of doing business continues to rise.

CoreData’s 2011 Platforms Research found that lowering the cost to investors is the number one aspect that advisers would like their platform provider to improve, followed by administrative accuracy and efficiency – last year’s number one on the adviser wish list.

The replacement of administrative efficiency for cost reinforces the regulatory focus on remuneration structures that seek to lower the costs for consumers.

Close to one third of advisers (31.7%) selected lower costs to the investor as a factor they would like their platform to improve, while a further 15.3% named administrative efficiency and accuracy.

This year, AXA North was named CoreData Platform of the Year, having achieved the highest adviser satisfaction ratings among the platforms in the industry.

The Awards are based on adviser assessments of their main and secondary platform and cover the core areas of: fees, functionality, product features, service, support and reporting.

Hard on the heels of AXA North was last year’s winner, Colonial FirstChoice, who came in second. Macquarie Wrap has taken third place from BT Wrap, who placed third in 2010.

The top three drivers of overall adviser satisfaction with their platform in 2011 were service related – with efficiency of administrative staff in resolving issues and their overall competency and knowledge two new key drivers in 2011.

Ease of website navigation and content also made an appearance in the top five for the first time, possibly reflecting an increasing reliance on the internet and web tools by advisers.

The research covered all the major platform providers including: AMP Flexible Lifetime, Asgard e-Wrap, Asgard Elements, AXA Generations, AXA North, BT Wrap, Colonial FirstChoice, iAccess, ING OneAnswer, IOOF Portfolio Services, Macquarie Wrap, MasterKey, MasterKey Custom, Navigator, Oasis and Summit.

Some 978 advisers participated in this year’s study, which was carried out between May and June 2011.

*CoreData’s Platform Research is available to purchase. For more information call Kristen Turnbull on 02 9376 9609.