The survey shows that 40% of advisors use just one main platform with a few clients on other platforms, and 35% of advisors use two main platforms with a few clients on other platforms. This means 75% of advisors use no more than two main platforms and only 1% of advisors use a large number of platforms.
While the trend for advisors was found to be focusing on a few key partnerships, the survey figure also shows the level of uncertainty regarding platform use and its impact on independence.
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Additionally, the survey found out that the number of platforms an advisor uses is unlikely to change post RDR.
72% of the advisors said that their model will stay the same post RDR, and 20% said that they will start to use more platforms post RDR. Also, 8% claimed to use fewer platforms, indicating that the advisors may be looking to offer a restricted advice model.
Nick Dixon, Skandia’s marketing director, remarked "Hopefully advisors will be reassured that they can use just one main platform without jeopardizing their independence status provided they can justify individual suitability for their clients each and every time. Using one main platform is already common, and over three quarters of advisors are believed to be using one primary platform. For all platforms, winning primary relationships with advisers will be crucial."
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