Banks continue platform domination
The big banks continue to dominate the platform market, as planner satisfaction with investment platforms reaches the highest level in 10 years.
A survey of 1,141 financial planners by Investment Trends in May this year found almost half used Westpac or CBA products as their primary platform, with 26 per cent of respondents naming BT/Asgard as their primary provider (the average planner uses 2.5 platforms).
Nineteen per cent of planners use CBA/Colonial First State as their primary provider, and NAB/MLC and AMP each claim 12 per cent of the market.
Macquarie, OnePath and IOOF rounded out the Investment Trends list, with 8 per cent, 5 per cent and 4 per cent of primary relationships, respectively.
netwealth was rated by planners as the most satisfactory, but didn't make the list of most used platforms, accounting for around 2 per cent of the market according to Investment Trends senior analyst Recep Peker.
The survey also found planners are more satisfied with their platform provider in general and less likely to want to switch providers. Nineteen per cent of planners said they would switch to another platform if they were able to, whereas 32 per cent of planners wanted to make the switch in 2008.
But not all planners have the freedom to switch – 16 per cent of planners are forced to use their primary platform, said Mr Peker.
Invsetment Trends will be sharing more platform insights at this year's Masterfunds Conference.
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