The level of service is also where clear selection criteria and measures can be put in place by the adviser firm to ensure a suitable selection.
There is no point in asking a provider if they are committed to the market as you are only ever going to get one answer. But whether or not they are committed to providing you with good service is something you can benchmark and assess.
When working on platform selection, adviser firms should consider what level of service they require from a platform and document these requirements.
If the commitment to market is starting to waiver, then it is highly likely that the service will suffer.
If the service levels start to deteriorate then this should raise questions, and by having set criteria for service in place, advisers can easily demonstrate to the provider where things need to improve. Otherwise, the adviser retains the option to move assets elsewhere.
As always with platform due diligence, it is about having a documented process in place and reviewing selection on a regular basis.
Financial strength and commitment to market are only part of the due diligence process.
For most adviser firms the service they receive is hugely important, and as a consequence should be a primary factor when assessing platforms.
Michael Barrett is consulting director at The Lang Cat
