Uncover the Truth: The Impact of Poor Platform Service
Discover the harsh reality of the state of platform service, and how it impacts client relationships, fees, and business growth. Backed by independent research from the Lang Cat, our second report exposes startling truths about transfer times.
How big is the problem?
The findings here show an industry that – as a whole – is not functioning at all well for its adviser customers. The data tells us that a massive 95% of you have had to apologise to clients because of poor platform service, and that 82% of you say poor platform service has a significant impact on your day-to-day working lives.
What about transfer times?
This year, we’ve homed in on a particularly frustrating pain point: transfer times. Worryingly, 89% of advisers have a negative reaction when it comes to asset transfers and 75% of firms now prefer cash transfers for clients, because they’re faster and more predictable. This is an issue that demands attention.
- 1
- 2
- 3
Who are Parmenion?
We're a forward-looking investment platform with cutting-edge technology, dedicated to providing an exceptional customer experience.
We believe in the power of partnership to help advice businesses thrive and share the frustration felt by profession when outdated processes hinder its full potential. We believe current experiences fall short of the service standards you expect. This research proves it.
One year on from the inaugural ‘Impact of Poor Service’ report, we have seen things get worse for adviser firms and their clients. Platforms must embrace technology and improve their processes to better serve advisers and their clients, or as we’ve seen in 2024, advisers will punish them by selecting a better alternative.
Steve Nelson
Insight Director, the lang cat
