Platforms should make it easier for advisers and investors to transfer. In my latest column from New Model Adviser I argue that the best thing platforms can do for advisers is to make it easier for their clients to leave them.
Platforms should sign up to standard electronic systems to make switching easier. But asset managers also have a role to play.
The regulator should also make it easier for advisers to switch on behalf of investors. This shouldn’t require a full advice process. That puts the bar too high as the cost to the end customer must be justified for the advisers’ time – not for the transfer but for the advice process to justify the transfer.
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About the Author
Heather has spent most of her career in financial services helping asset managers, platforms and financial advisers improve their propositions, customer communication and to benchmark success against competitors. She was Head of Platforum until December 2017 and has also worked in digital marketing at Hitwise and Econsultancy.