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Platform firm picks IFA software company for new wealth service

Platform firm picks IFA software company for new wealth service

Platform service Platform One has picked technology company Hubwise Securities to implement new UK-focused services.

Platform One said the online IFA platform software from Hubwise, will help it to introduce ‘cost-effective’ propositions with a range of tools designed to ‘alleviate many of the adviser’s daily administrative burdens.’

The new services, supported by Hubwise’s technology, will be aimed at both advisers and discretionary fund managers.

It includes an option to use an automated portfolio modelling suite, as well as introduce new charges that include free dealing for funds, and it incorporates trading in all LSE quoted investments, while ETFs can also be dealt in fractional shares.

Michael Fordham, managing director of Platform One said: ‘We are delighted to be working with the Hubwise team, embracing their very impressive technology and extending and enhancing the services we offer.’

In April, the Financial Conduct Authority (FCA) announced in its business plan for the coming year that it will launch a market study of adviser platforms to investigate whether providers are helping consumers get value for money.

In the document, the FCA referenced findings from its November 2016, where it found that although retail platforms can secure discounts on fund charges, this practice is not widespread, and that ‘it is not clear that retail investors benefit fully from the economies of scale available to platforms’.

The FCA blamed ‘poor competitive pressures’ on the demand side for a ‘clustering’ of prices in various areas of the platform sector.

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