As we draw nearer to MMI Leeds on 11 May, excitement is mounting in anticipation of Ola Abdul’s keynote address. As CEO of Fundment, he has been at the forefront of exploring a number of challenges and opportunities facing an industry in a perpetual state of change. Of particular interest in the financial sector recently, has been platform providers, and the extent to which they have failed to deliver the goods for their advisors.
It goes without saying that there are certain elements of platform use that have not gone as planned. Primarily, platforms haven’t managed to deliver an acceptable level of accuracy when it comes to advice and guidance. This can be a major source of frustration, as inaccurate advice and unsuitability risks can quickly lead to a decrease in a portfolio’s performance. In some cases, the accumulation of various incorrect decisions can be a catalyst for advisors to advise no further investments on a certain platform.
Another area that has enabled some platforms to dissatisfy their advisors is the absence of revised or new services to fit with the changing environment. Businesses must be quick to adapt and respond to customer requirements and trends, however many platforms remain set in their ways in regards to both fees and flexibility. A sense of competency and efficiency is certainly required from providers, yet it is widely reported that a lack of agile migration processes continues to be an issue.
On the flip side, there are a number of aspects that have been accomplished to a satisfactory level. Complications have been mostly alleviated due to the increasing prevalence of self-service options, allowing advisors much more control and ownership over various features, requirements and processes. Furthermore, the development of Single Protocol interfaces has enabled an increase in consistency and accuracy whilst utilising multiple providers. With such advancements, advisors have been given an opportunity to reach a wider variety of clients.
Concluding, the overall offerings of platforms may have been lagging in the past but it’s interesting to see a shift in industry expectation. By implementing a mixture of more refined and modernised processes, MMI Leeds will be a great opportunity to discuss future trends, enabling the advisor sector to learn from past experiences and to move forward with an improved understanding of industry needs.