According to the survey, the platform providers fail to meet user expectations in nine of the top 10 most important areas of service.
Moreover, with implementation of the RDR serving as a catalyst, the use of platforms has increased significantly in the last two years, with assets under administration reaching GBP200 billion in March 2012, the figure was GBP100 billion in 2010.
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The research report further states that though platforms are increasingly being seen by the adviser community as an indispensible investment administration tool, the platform operators need to do more to ensure business retention post-2012.
The Defaqto’s survey considered 345 platform users at 37 service satisfaction disciplines.
Fraser Donaldson, Defaqto’s insight analyst for funds, said: "Platforms are in a golden period of growth due to advances in technology and the RDR acting as a catalyst for adoption, so it is understandable that the current focus is very clearly on asset accumulation. However, providers will need to give consideration to all aspects of their propositions in order to ensure they retain existing business as well as acquire new business."
