Wealthtime and Novia top platform service survey

Independent wraps Novia and Wealthtime have topped a survey of platform services with fellow wraps Transact, Nucleus, Standard Life, and AXA Elevate also performing well.

The survey by research analysts Defaqto showed Wealthtime came top in the categories of provider perception, administration of new and existing business, and reporting perception.

Novia, whose chief executive is Bill Vasilieff (pictured), took top spot in transition and implementation, staff perception, and platform design and management. The two wraps tied first for e-business capability.

Defaqto’s report, Measuring adviser satisfaction in the platforms industry is based on a survey of 232 advisers, but the research company only published the top three platforms in each category and refused to disclose which providers came bottom of the table.

The survey also found 25% of advisers changed provider in the last year with service being the most significant driver behind their decision to switch, while 53% said they had changed provider for service-related reasons.

Fraser Donaldson, Defaqto’s Insight Analyst for Funds, said: ‘Our survey of platform users shows that service is by far the most important factor driving advisers’ platform switching activity – and this clearly demonstrates that it is not just the platform proposition that matters to them, but also the intangible benefits they need from the relationship.’

‘In this vein, it is interesting to see what advisers expect when it comes to service and what standard of service they believe they are actually receiving from the platforms they use.’