The modern platform landscape

It is almost impossible to separate the paraplanner experience from the tools upon which they are relying. Of those elements, it’s platforms that are perhaps the most fundamental. With most juggling at least two, they are both a skills multiplier but also a key point of risk. And in a rapidly evolving landscape, platforms need to be both reliable and agile for paraplanners to be able to do their job to the best of their ability.

With their concerns typically less strategic and more operational compared to their adviser counterparts, workflow efficiency and data handling are critical. It is imperative that the nuances, pressures, and requirements of paraplanners of all sizes are properly understood to help ensure that platforms have the functionality and flexibility needed to help ensure they’re able to confidently and efficiently carry out their work.

Our latest research has delivered valuable insight into paraplanners’ priorities when it comes to their platform experience and decision-making. Good overall cost and value for money for clients (65%) and efficient administration (57%) are the most highly valued aspects, with easy-to-use digital functionality support (43%) and a dedicated relationship manager (32%) sitting high on the list.

Our findings also spotlighted a noticeable variation in view towards most valued platform provider elements by size of firm. For example, those with AUMs of less than £100m are twice as likely to value technical support on complex matters and events that carry Continuing Professional Development (CPD), compared to those at the other end of the AUM scale (£500m+).

Conversely, it is those biggest organisations that are three times more likely to value integrated client reporting and advice tools (16%) compared to those with less than £100m AUM (5%).

The highest percentage of paraplanners (33%) reported using three platforms regularly, with 24% using two.

The highest percentage of paraplanners (33%) reported using three platforms regularly, with 24% using two. This suggests that while a single platform might be too restrictive, and too many too complex, three platforms strike a balance for most firms.

Crucially, there is general satisfaction with current setup: The majority of paraplanners (69%) are happy with their current platform setup and have no ambition to reduce the number of platforms. Just under a quarter (23%) of paraplanners are looking to reduce the number of platforms that their firm currently uses.

With platforms sitting at the heart of paraplanner operations, the reality is that most paraplanners are content with their current arrangements, suggesting that change rarely happens unless there is a clear need.

Our research finds that when paraplanners do consider a move, it is primarily driven by push factors. The most decisive factor is a reduction in service quality on an existing platform, cited by more than two thirds of paraplanners (68%). Increased charges are also a significant prompt for review, identified by 42% of respondents. Due diligence highlighting a better option remains a secondary motivator, selected by 48%, reinforcing that action is likely to happen when service, or value deteriorates.

There are also meaningful differences by firm size. For example, one in five (20%) of those paraplanners with AUM less than £100m say that feedback from other paraplanners and advisers on a new platform would be a key driver for them to consider moving platforms – twice the average (9%).