Platform comparison tools

richallum

A new tool has been launched today - http://comparetheplatform.com/

It's for real people as well as us in the FS community and is fairly basis as it focuses on costs for the platform only and nut underlying funds etc but I quite like it.  Would anyone who uses other tools (Adviser Asset, Capita Comparator etc) like to take part in validating and comparing the results of all the tools - kind of paraplanning crowd sourcing to see if they are all coming up with the same results or not?

JoCHague

I've had a play on this today and compared it to some of my calcs. It matches those (to within rounding). I've stopped using Adviser Asset after finding some incorrect results in the past but I'd be happy to test it out in other ways to see if it's worthy of use in future. It's certainly easy to use (unlike many)!

Jona

Compared to defaqto engage it seems to be very easy to use.  Not sure if all platforms are on there, Wealthtime was missing from the quick filter I ran on it earlier.

JoCHague

I agree re defaqto. A couple of the more obscure "platforms" aren't there either. I wonder why Wealthtime chose not to play.

richallum

It might be pay to play in which case it's not so useful.

Nathan

Happy to help if I can?

What I'd like to see is a centralised place that we could record service experience with platforms.  This was recognised as good practice in the FCA guidance for Platform Due Dilligence.

If we as a community could have a place in which to record such data, not only could we assist one another with due dilligence, but if one or two platforms continually performed poorly perhaps they would stand up and listen.

Perhaps have a Big Tent Platform Awards?

Jamie_Barnes

That sounds like a good idea @Nathan. I love a good moan about platforms not being up to scratch and would happily start the list off! I've certainly noticed that platforms pay more attention to collective voices, especially when your own voice only represents a small amount of AUM for them. 

Rather than awards for good platforms, how about awards for the bad ones! The Golden Rasperries of the platform world so to speak...

richallum

I like the idea of real platform feedback from paraplanners.  This is something Powwow is well set up for.  Will give it some thought and come back to you all.

Jamie_Barnes

I've had a go at using the new comparison tool and to the penny it matches my own calculator i've built, so that was quite satisfying! 

I wanted to get the ball rolling on a gripe I have with nearly all platforms. We are in the 21st century, are able to access our bank accounts from our phones 24/7, pay to our friends instantly using the faster payments system, and yet platforms still use BACS in the majority of cases. Add to that, some platforms are only able to pay pension income once or twice a month due to archaic payroll systems. As far as I know, there is only one platform that will make same day payments of income regardless of wrapper - big kudos to them but come on everyone else!

Jamie_Barnes

P.S. CHAPS doesn't count as faster payments!