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UK advisers list platform preferences

Australian-headquartered research firm CoreData has surveyed more than 1,000 British financial advisers to assess the determining factors in choosing platforms.

According to the 2013 CoreData Research Investment Platform Study, 27 per cent of respondents – made up of 1,056 UK advisers – cite cost, fees and charging structures as the main factor determining which platform to adopt.

The second most commonly stated factor was “ease of use” (22 per cent), followed by “good administration and service” (19 per cent).

In an opinion article in London’s Financial Times newspaper, CoreData UK principal Craig Phillips said the stats reflect the maturity of the platform market.

“Adviser sentiment is reflecting what we’re seeing in the market,” he said. “The gloves are off as the industry begins to do what every other mature sector does: it begins to compete primarily on price. Platforms need to focus on service and justify their charges through differentiation.”

Australian financial services tech provider IRESS – developer of XPLAN – yesterday announced it was entering the UK market with a £210 million acquisition.