Comparing platforms

AndrewBrown

What would folks recommend as being the best tool for comparison of platform features, and costs?

Suse1969

The Lang Cat https://www.langcatfinancial.co.uk/ 

They've also got some excellent pieces on how to plan your due diligence.

Jamie_Barnes

@AndrewBrown

I don't think that there is a complete 'tool' out there to really capture platform features and costs in one comparison. You tend to get one or the other, or a bit of both without additional information that might be pertinent to the client being advised. For example, there aren't many platforms that allow investment phasing unless it is over a certain period of time. I'd be surprised if any comparison tool showed that up.

The Platforum and the Lang Cat produce great glossy documents for features and overviews of platforms but there is no tool to go with them, and the example cases they put into the documents are very specific so cannot be used in most cases. I've also found errors with some of the more detailed research, so the advice is never to rely on them and still carry out your own (goes without saying though I guess!)

I haven't used adviser asset since they started charging for the service, but maybe someone else could give an opinion on that. That might be worth looking at.

If you are carrying out regular due diligence I would suggest building your own tool in MS Excel or similar software. You'll find the things that are bespoke to your advisers/company requirements (there are always some things!) can be tracked and updated better that way. Best example off the top of my head is if you use in house model portfolios.

We have a macro- enabled spreadsheet for our due diligence; if a client needs something in particular there is a box to tick and those unable to provide the feature disappear. The cost comparison can then be undertaken on the rest and the file PDF'ed and saved to the client.

Jamie

Jona

Defaqto lets you pull a lot of information and you can filter on functionality, costs and aspects that you consider most important.

Not a complete tool but does help narrow the universe and thereafter it's good old fashioned leg work....?

parawhat

Defaqto if you want to really drill down into features. Adviser Asset for cost comparison. Selectapension for a combination of high level features and cost.

Also, depends what you are doing research for. Is it annual CIP type research or for individual cases? If CIP I'd:

1. Use Defaqto to do a high level filter on the features needed
2. Use Adviser Asset to overlay a cost comparison based on the likely funds/portfolios you are likely to recommend for your clients

If you're doing individual case research and already have an idea of which platforms you want to use, probably just Selectapension.