Does my b*m look big in this?

We’ve had quite a lot of feedback about our newly updated Platforum Leaderboard, which has been added to this quarter to include financial strength as a category. Some have asked what the aim of the Leaderboard is.

The Leaderboard aims to give advisers a consistent and objective framework to help them compare and review platforms. We have identified service, functionality and financial strength as key criteria in this process and produced an overall rating for each platform. What we want to achieve is a structure which will illustrate a platform’s strengths and weaknesses relative to peers. There’s a bit more detail on our website.

Some advisers we talk to are understandably sensitive about the platform which they have selected – any perceived challenge to that model can be seen as a slight on their selection process and criteria. It’s a bit like the dangerous “Does my b*m look big in this?” question. No-one really wants to hear the answer if you’ve already bought the dress! (Don’t you hate that, boys!) Some IFAs are concerned that their platform is not in the top three of the Leaderboard.

The Leaderboard is categorically not a “What is the best platform” chart because each adviser needs to decide that for themselves. We believe that the vast majority of platforms out there have different strengths which make some more applicable for particular adviser businesses than others. We try to help some advisers pick their “Perfect Match” but for those who want to make the decision alone, the Leaderboard will enable some comparisons and provide the starting point for some sensible conversations. And as our understanding of “tools” across the industry increases, I think that’s all any online tool can do because at the end of the day, individual people and businesses have very different and specific requirements that I don’t believe any smarty pants neural network or computer can fully understand.

Because dear friends, what to one man is a big b*m is, apparently, to another man, rather appealing! If you’ll forgive the crass analogy.

We see so many different types of adviser at so many stages of their journey to RDR and beyond, that we really believe that there are very valid platform partners around for everyone. Don’t include ‘supermarkets’ in your reviews, snorts one adviser. I don’t like life companies, say some. The wraps are over-hyped expensive nonsense, sniffs another. It’s horses for courses and what suits you will not suit the bloke next door. And I think that’s OK? Competition and different models are an important part of any market. Your platform will be an important element of shaping your customer proposition and it’s great that not every adviser out there will have the same model as you.

I’d argue there’s too much focus on having a swipe at the platform next door when this energy could be focussed on making your own platform and your own proposition better. So viva big b*ms and la difference, non?

On a final note, Ascentric MD Hugo Thorman is heroically running the bath half-marathon tomorrow, raising money for Macmillan Cancer Support. His fundraising page is at http://www.virginmoneygiving.com/HugoThorman and he’s agreed to share a before and after photo with us next week!! Go Hugo Go!!!

Have a great weekend all
Holly

Honister Capital sets aside £3m for pension switching review

Thu, 03/03/2011 - 16:24

Honister Capital is setting aside £3m to cover the costs of a past business pension switching review.

James Hay retreats on plan to pass on FSCS bill to clients

Thu, 03/03/2011 - 15:57

James Hay has announced it will not pass on the charge of its Financial Services Compensation Scheme bill to clients, after having warned clients in its Sipp it reserved the right to ask them to pay.

Nucleus expands team and nudges £2.5bn AUM

Thu, 03/03/2011 - 13:24

ifaonline
Nucleus has expanded its business development team with the hire of ex-Zurich man Martin Clement, as the IFA-owned wrap looks to breach the £2.5bn AUM mark this month.

Schroders launches low-cost UK equity fund with 0.40% TER

Thu, 03/03/2011 - 12:49

Schroders has launched the first in a range of low-cost funds as it looks to take on the passive investment market.

IFAs worried as platforms warn of trouble ahead for re-registration

Thu, 03/03/2011 - 08:00

Advisers have reacted with alarm after platforms warned the Financial Services Authority’s ban on cash rebates would derail progress towards in specie re-registration.

Avalon to launch D2C option for IFAs in summer

Wed, 02/03/2011 - 17:00

ifaonline
Avalon is launching a direct-to-consumer version of its platform for advisers servicing lower income clients.

Elevate partners with Premier and Richmond House

Wed, 02/03/2011 - 16:00

ifaonline
Elevate has partnered with Premier Asset Management and Richmond House Group to provide a range of bespoke and managed portfolio options for IFAs.

Axa Elevate extends wealth management service

Wed, 02/03/2011 - 13:34

Axa Elevate is outsourcing the investment management of client portfolios to Premier Asset Management and Richmond House Group.

Financial Express continues expansion with Czech Republic office

Wed, 02/03/2011 - 12:08

Financial Express has established its presence in Eastern Europe by opening its first office in Brno, Czech Republic, on 1 March 2011. This new office is an important regional hub for the company and will produce European language factsheets, collect data locally and support sales activities across Europe. The Brno bureau complements Financial Express’ existing data centres in the UK and India as well as its other global operations in Singapore and Hong Kong.

Nationals and networks risk ‘restricted’ label says SimplyBiz

Wed, 02/03/2011 - 08:00

IFAs in networks and nationals risk being labelled restricted after the RDR deadline according to Matt Timmins

Concept to launch execution-only platform service

Wed, 02/03/2011 - 08:00

Reigate-based IFA Concept Financial Planning is set to launch an execution-only platform service.

The Platforum: advisers' fees struggle is hurting platforms

Wed, 02/03/2011 - 08:00

Platform business is growing more slowy than expected due to advisers' difficulty in transitioning their businesses to fees during a bear market, according to Holly Mackay, managing director of platform consultancy The Platforum.

Run-up to RDR hindering platform growth

Tue, 01/03/2011 - 17:18

The Platforum says lead-up to RDR could be hindering the short-term growth of the platform market.

Standard Life unveils Lifelens employee benefits portal

Tue, 01/03/2011 - 11:45

Standard Life has announced it will launch an employee benefits portal called Lifelens that will include online financial planning tools.

Charles Stanley poaches Chartwell's Hudson to target mass affluent

Tue, 01/03/2011 - 08:00

Stockbroker Charles Stanley is moving beyond its high-net-worth client base to target mass affluent clients with the launch of a direct-to-consumer business to challenge Hargreaves Lansdown.

Charles Stanley to take on Hargreaves with new platform

Tue, 01/03/2011 - 08:00

Stockbroker Charles Stanley is moving beyond its high-net-worth client base to target mass affluent clients with the launch of a direct-to-consumer business to challenge Hargreaves Lansdown.

Lamb urges FSA to act on 'badged' Sipps

Mon, 28/02/2011 - 15:03

Financial Services Authority proposals for greater disclosure from personal pensions do not go far enough to stop providers selling basic pension wrappers with restricted investments as Sipps, according to Almary Green’s Carl Lamb.

Standard Life to relaunch Adviserzone as funds supermarket

Mon, 28/02/2011 - 13:41

Standard Life is to relaunch Adviserzone as a funds supermarket, allowing advisers to buy and sell funds through the portal by the second half of the year.

FSA warns on marketing of complex ETFs

Mon, 28/02/2011 - 12:50

The Financial Services Authority has stepped up its supervision of exchange traded funds over concerns about marketing which may not reveal the real risks of investing.

FSA threatens to intervene in distributor-influenced fund sector

Mon, 28/02/2011 - 12:29

The Financial Services Authority has identified advisers acquiring discretionary status and running distributor-influenced fund as a key emerging risks for consumers and threaten to intervene if standards do not improve.

Towry blames 349 FOS complaints on Edward Jones acquisition

Mon, 28/02/2011 - 10:42

National IFA Towry has blamed the 349 Financial Ombudsman Service complaints it attracted in 2010 on the acquisition of Edward Jones.

ABI to scrap 'cautious' and 'balanced' sector names

Mon, 28/02/2011 - 10:04

The Association of British Insurers is to scrap the 'cautious' and 'balanced' sector names for life assurance funds because investors find the titles misleading, according to the Financial Times.

NAPF and IMA warn against early access to pensions

Mon, 28/02/2011 - 08:28

The National Association of Pension Funds (NAPF) and the Investment Management Association (IMA) have warned the government against allowing early access to pension funds, with the former arguing it will increase dependency on the state in retirement.