Platforms focused on improving self-service capabilities

In its inaugural 2024 Platform Market Wrap, SuitabilityHub has highlighted how platforms focused on improving their self-service offerings and lowering costs for advisers and clients.

The report found that platforms were expanding their self-service offerings, enabling advisers to place more instructions online and to track the progress of service requests in real time.

Managing director of SuitabilityHub, Recep Peker, said the improvement of self-service capabilities can help improve adviser-client relationships by allowing for a more accurate timeline of when tasks will be completed.

“We are seeing platforms modernising to become more like everyday apps, such as Uber or Amazon, when facilitating requests from the adviser office,” said Mr Peker.

“There is a growing range of instructions advisers can simply provide through the platform’s online interface, and then track their status in real time through platform work tracker.

“When platforms are prompt and transparent, when they execute well, it helps the adviser look good in front of their clients. It’s one of those things that helps build trust in the adviser-client relationship.”

He pointed specifically to BT Panorama including a workflow tracker in its adviser mobile app, as well as improved granularity across the trackers in HUB24, Macquarie Wrap and North.

“Platforms that are modernising their digital self-service offerings are reporting significantly reduced call volumes, as client service officers now have a compelling alternative to waiting on hold to get an update on a specific task,” said Mr Peker.

“This allows both the adviser office and the platform service centre to dedicate themselves to more value-add activities.”

SuitabilityHub’s report highlighted platforms’ increased focus on providing lower cost options for their advisers, in an effort to increase the accessibility of financial services for their clients.

Last year also saw the launch of HUB24 Discover and CFS Edge Accelerate, with the report noting that the new offerings leverage scale and manager relationships to deliver low or no administration fees to clients, targeting a total cost to client of less than 1 per cent.

Senior analyst of SuitabilityHub, Bailey Hao, said these new offerings represent “big steps in helping advisers address the issue of advice affordability”.

“Their range of associated cost benefits, most notably a zero or reduced platform administration fee, places them in a very competitive position against industry funds,” said Ms Hao.

Further, the report noted a particular focus on platforms improving offerings aimed at servicing the pre-retiree and retiree markets last year, with North, HUB24, and Netwealth introducing or integrating products to provide a guaranteed income stream for clients.

Overall, SuitabilityHub’s report highlighted the increased focus of platforms on delivering better efficiency and flexibility for advisers and improving client outcomes.