The Platforum and Capita Financial Software (CFS) have today announced they will be working together on a new tool designed to help financial advisers select platforms for specific scenarios, conduct ongoing due diligence and make sure that their choices are suitable for their clients. The tool’s requirements have been developed with input from many focus groups, including financial advisers and platform providers. The FSA has also been consulted during this process.
Holly Mackay, MD of The Platforum, comments, “We have developed several services over the last few years aimed at helping IFAs with the platform selection question. PAT, our platform analysis tool, provides some basic data and information. We also built an IFA-only platform ratings service which gives IFAs direct feedback on qualitative issues from their peers. “However, IFAs were always telling us that the missing piece was a comprehensive tool which analysed the respective costs and charges of the platforms, wrappers and funds as well as the more qualitative aspects. Capita have the actuarial, research and technological resources which we lacked to address this important quantitative part of the analysis process - so it made sense to join forces.“With The Platforum providing qualitative input and CFS providing the quantitative elements and the technological delivery, we think this tool will address all IFA requirements for both initial platform selection and fulfil the FSA’s requirements for due diligence right down to the individual customer level.”William Watling, business development director at CFS, adds, “We’re thrilled to be teaming up with The Platforum and have the opportunity to deliver significant value to financial advisers in a fast evolving market. Industry commentators predicted consolidation amongst platforms, but instead, in the short term, we’ve seen more launching and others planning to do so. With the plethora of platforms, wrappers, funds, adviser negotiated special deals and distributor influenced funds, it was becoming extremely difficult to see the ‘wood for the trees’. We believe the new tool, (presently codenamed ‘Conundrum’), will help advisers see where real value lies for their clients and evolve to support the market as it develops.“We’re grateful for the support of the platform providers, prioritised by the focus group members, in working with CFS to realise the vision and look forward to adding the other players during 2010.”The tool is being developed in a number of phases with the focus group examining the functionality as it is delivered and platform providers reviewing their charging structures as they are configured. A launch is planned for the middle of the year. Joanne Maling Marketing Manager
Holly Mackay, MD of The Platforum, comments, “We have developed several services over the last few years aimed at helping IFAs with the platform selection question. PAT, our platform analysis tool, provides some basic data and information. We also built an IFA-only platform ratings service which gives IFAs direct feedback on qualitative issues from their peers. “However, IFAs were always telling us that the missing piece was a comprehensive tool which analysed the respective costs and charges of the platforms, wrappers and funds as well as the more qualitative aspects. Capita have the actuarial, research and technological resources which we lacked to address this important quantitative part of the analysis process - so it made sense to join forces.
“With The Platforum providing qualitative input and CFS providing the quantitative elements and the technological delivery, we think this tool will address all IFA requirements for both initial platform selection and fulfil the FSA’s requirements for due diligence right down to the individual customer level.”
William Watling, business development director at CFS, adds, “We’re thrilled to be teaming up with The Platforum and have the opportunity to deliver significant value to financial advisers in a fast evolving market. Industry commentators predicted consolidation amongst platforms, but instead, in the short term, we’ve seen more launching and others planning to do so. With the plethora of platforms, wrappers, funds, adviser negotiated special deals and distributor influenced funds, it was becoming extremely difficult to see the ‘wood for the trees’. We believe the new tool, (presently codenamed ‘Conundrum’), will help advisers see where real value lies for their clients and evolve to support the market as it develops.
“We’re grateful for the support of the platform providers, prioritised by the focus group members, in working with CFS to realise the vision and look forward to adding the other players during 2010.”
The tool is being developed in a number of phases with the focus group examining the functionality as it is delivered and platform providers reviewing their charging structures as they are configured. A launch is planned for the middle of the year.
Joanne Maling Marketing Manager
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