Adviser satisfaction with platforms has fallen, but improved support services will be key to lifting ratings


Satisfaction with platforms has eased slightly.

Leading research firm Investment Trends has released its latest Adviser Technology Needs Report, an in-depth look at the evolving technology needs of financial advisers, as well as their usage of platforms and planning software.

Now in its eighteenth year, the latest Report reveals that satisfaction with platforms has eased slightly.

Industry wide, the proportion of advisers who rated their overall satisfaction with their main platform as ‘very good’ has fallen from 30% to 28% in the last year. Overall satisfaction has seen a declining trend since the highs observed in 2014 (40%).

“The challenging business conditions brought by the pandemic has undoubtedly put pressure on platforms to maintain high service levels to advisers and their clients,” said Bailey Hao, Senior Analyst at Investment Trends.

Industry wide overall satisfaction has fallen, but across 25 individual service areas measured, advisers remain highly satisfied with their main platforms’ online transaction capabilities (49% rate it as ‘very good’), ease of use (44%) and level of fees (42%).

“While platforms serve advisers well in many areas, there is still significant room for improvement. Our satisfaction gap analysis highlights that adviser-facing support services should be a focus area – especially the call centre,” explained Hao.

“Since advisers most prefer to turn to their platform’s call centre for their support needs, platforms must devote more attention to improving their contact centre experience given its integral role in lifting overall satisfaction ratings.”

In 2021, Netwealth remains the highest rated platform by overall satisfaction, with a composite overall satisfaction score of 80%, ahead of HUB24 (78%) in second spot. The top five platforms by overall satisfaction are:

  1. Netwealth (80%)
  2. HUB24 (78%)
  3. BT Panorama (75%)
  4. CFS FirstChoice (73%)
  5. Macquarie Wrap (73%)

Each year, Investment Trends assigns Awards for Excellence to commend platforms that stood out. Netwealth emerged as the highest rated platform for overall satisfaction by its users. It is also the highest rated for ‘value for money’, while BT Panorama leads in user satisfaction for ‘mobile access/app’.

About the report

Now in its eighteenth year, the Investment Trends 2021 Adviser Technology Needs Report examines the evolving technology needs of financial planners in their provision of advice, as well as their usage of platforms and planning software.

The Report is based on an in-depth online survey of 723 financial planners concluded in May 2021.

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