UK platform market 'walking into oblivion' without tech innovation

Delegates heard platforms are ‘overpriced for what they deliver’

Jenna Brown
clock • 3 min read

Most of the adviser platforms in the UK are “walking into oblivion” as they fail to adapt and improve in the face of evolving technology, according to Ian McKenna.

Speaking at the Empowering Advice Through Technology conference today (26 January), the FTRC director said financial services "has had 25 years to address the challenges we are going to face in the next two years". "We have to stop behaving like turkeys asking for Christmas to be cancelled," he said. "Most of the UK platform market right now is sleepwalking into oblivion, 95% won't exist in a decade. They are overpriced for what they deliver." McKenna added that one commentator had described platforms as "the walking dead", a sentiment he agreed with. "We must make sure advice does no...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

Advice firms only spending 35% of time on client meetings

Advice firms only spending 35% of time on client meetings

Spending more time on business, compliance and staff development

Isabel Baxter
clock 18 November 2024 • 2 min read
PFS Conference 2024: AI should augment not replace human element in advice

PFS Conference 2024: AI should augment not replace human element in advice

Firms that adopt technology to save time will improve client experience

Jenna Brown
clock 14 November 2024 • 2 min read
Advisers call for enhanced compliance processes to use AI

Advisers call for enhanced compliance processes to use AI

AI ‘firmly embedded’ into advice journey but ‘more work needs to be done’

Isabel Baxter
clock 12 November 2024 • 2 min read