New research from Adviser Ratings has found financial advisers are more satisfied with smaller, more agile administration platforms than the larger incumbents.
The company’s 2018 Financial Advice Landscape Report found that advisers are “demanding more from administration platforms, planning software and investment research vendors” in order to cope with growing disruption to the industry.
“Technology and investment research providers to financial advisers are on notice to better serve their clients,” said Adviser Ratings managing director Angus Woods.
According to the report, major providers received poor ratings while “agile players responding to needed product and service enhancements”, such as Netwealth, Hub24 and AdviserNETgain, received a great deal of praise.
“Our survey clearly shows a high level of dissatisfaction with many technology players, at a time when advisers are facing other cost pressures, particularly in the areas of education and compliance,” Mr Woods said.
“Advisers are looking for more technological and phone support from platforms and planning software to free up their time and provide compliant end-to-end solutions to achieve this. In addition, with increased adviser mobility between licensees and the growth in social media, advisers are becoming more influenced by their peers’ opinion when selecting a new platform or software solution.”
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