Nearly one in two UK financial advisors reviews their relationship with investment platform providers every year to encourage brand loyalty.
Due to the competitive and evolving nature of the financial market, the needs of advisors and their clients are constantly changing. Many financial advisors in the UK rely on investment platforms for providing clients with financial products. To retain and grow their market share, advisors constantly review the platforms that they use.
Data from GlobalData Financial Services' 2016 Independent Financial Advisors Survey shows that 43.4% of advisors in the UK review their platform providers once a year, with almost 30% carrying out a review every six months.
If platforms offered by providers also offer an attractive range of investment funds and easy-to-use functions, they stand a greater chance of retaining their share of advisors in the market.
In a competitive market where clients can afford to be price sensitive advisors are encouraged to offer not only a wide range of products and services but also deliver cost savings to maintain custom.
Advisors that provide their clients with the best offering are likely to retain and grow market share. Failing to review platforms on a regular basis is simply not good enough for advisors who expect long-term loyalty from clients.
Graphic title: The frequency of platform provider reviews by financial advisors in the UK