Due diligence for advisers choosing a platform.

Flickr Source: Magali CThis month Gillian featured in Financial Planner Online, talking about the increasingly important issue faced by advisers, of platform due diligence. She shares her tips on how to make the process more productive and less tiresome.

Selecting the right platform partner or changing platforms can be one of a financial adviser’s biggest challenges. For many it will become an even larger challenge as the level of complexity, the number of choices and regulation grow over the coming years.

The three key points that Gillian highlights when choosing a platform are;

1. Focus on the ‘afters’ – What are the anticipated benefits of implementing a platform for the business and clients? This should drive the platform requirements and due diligence.
2. The FSA/FCA states ‘periodic reviews will be required’ – annually feels right, although consider the impact of business mergers, changes to the customer proposition and new market entrants.
3. Charges are important and are constantly changing. They are difficult to compare and the charges can’t be considered in isolation – since when was cheapest the best?

Due diligence is more than just selecting the cheapest platform. But what does due diligence look like? In the article, Gillian talks about the questions to consider when undertaking your due diligence.

• What is it?
• Why do it?
• How to go about it?
• Investment choice and capability; and
• Transparent charges.

To read the full article, click here to download it.

If you have any queries about “finding the right partner” when choosing a platform or due diligence, then please get in touch.

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