The platforms vying for your 'secondary' business

RACE FOR SECOND

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Some platforms seem willing to bypass market share and become advisers' preferred ‘secondary' platform. Alasdair Pal assesses the method behind the madness…

Unless an independent adviser can prove that a single solution caters for all their clients’ needs, the days of single platform use are over. But that’s not to say that most advisers typically used a sole product; research from The Platforum suggests that, historically, firms have client assets on an average of three platforms, though it said this was probably the result of “acquisitions and decisions made some time ago”. How times are changing: the consultancy said it is now seeing examples of adviser practices using one primary platform and then a secondary platform – typically beca...

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