Is it easy to switch investment platforms? Do I need to? Is it worth it?
Switching investment platforms can be a big step, but it might be just what your clients and business need. When a platform starts to feel like it’s holding you back, causing you more headaches than happiness, it could be time for a change.
Here’s a practical guide to help advisers and paraplanners decide if switching is right for them.
1. Is it really time to move?
First, reflect on your current platform. How’s the service? Are clients getting what they need, or are you often chasing fixes and support? Maybe you’re missing a few key functions, like specific investment options or easy client reporting tools. A platform should support you in delivering your vision, not hold it back.
Now, consider how it fits with your day-to-day work and if it integrates smoothly with your software, or if you’re having to work around it. A platform that clicks with your processes can make a huge difference. Weighing up these factors will help you get a clearer sense of whether a switch would add real value.
You should also challenge your own ‘wish list’ Are you fully utilising the features your current platform already offers? It’s a bit like a car – the more features and complexities you have, the more there is to go wrong or not work as expected. By understanding what you’re truly using and what’s essential, you might uncover new ways to optimise your current setup or confirm that a switch is the best path forward.
2. Doing the research
If you’re leaning toward making a change, do the research on potential providers. A few, including Parmenion, offer taster sessions or trial runs so you can try the platform out and quickly see if it has the functionality and feel you’re after.
Dig into their long-term plans, and if they offer a roadmap*, make sure it makes sense for you, not just now but down the road.
Don’t underestimate the value of a good support team. They’ll make your life much easier during the transition. See what training resources they offer and how much support they’ll give you to get started smoothly.
*Like us, speak to your Parmenion contact and they can chat you through it.
3. Making the move
Once you’re ready to switch, you can either move clients over one by one or go via a bulk transfer with a Platform Switch Service - the best approach will depend on your client base.
Before transferring, talk to the platform team and check the tech connections. Are they linked up electronically with your current provider and fund managers? Getting the technical side sorted in advance will smooth out the transfer process and reduce friction for your clients. When you switch to Parmenion, we’ll work with your current platform team to put together a switch plan that works for you and your clients.
Finally, think about how you’ll communicate the change to clients. Many platforms provide introduction guides and FAQs to explain what clients should expect during a switch.
Switching investment platforms doesn’t have to be overwhelming. At Parmenion, we’re here to make the process as straightforward as possible, guiding you every step of the way.
This article is for financial professionals only. Any information contained within is of a general nature and should not be construed as a form of personal recommendation or financial advice. Nor is the information to be considered an offer or solicitation to deal in any financial instrument or to engage in any investment service or activity. Parmenion accepts no duty of care or liability for loss arising from any person acting, or refraining from acting, as a result of any information contained within this article. All investment carries risk. The value of investments, and the income from them, can go down as well as up and investors may get back less than they put in. Past performance is not a reliable indicator of future returns.
