A number of key themes have been identified, many of which are not unique to platforms but nonetheless all are having major impacts on our industry.
Key impacts include:
- Majority use of AuA-based charges has meant a significant revenue reduction. Platforms need to improve efficiency quickly to offset this reduction in income.
- Support for customers and advisers throughout market turbulence – many customers may become vulnerable and need additional assistance.
- Home working will be the new normal for a fair period at least. Platforms will need to adapt quickly and should be able to improve on their normal efficiency levels, setting themselves up to operate leaner and more flexibly in the future.
- Remote working of advisers is forcing platforms to avoid paper and wet signatures. Emergency measures put in place by many will need to be formalised for the longer term.
- Change priorities have been up-ended, with a number of key regulatory changes delayed. Platforms should make use of this pause to automate manual processes, improve support for home-working and remove paper from the operation.
With the UK economy unlikely to return to normal for many months, platforms should start making longer term plans now.
We hope you find our latest research paper useful in helping you through the current situation. Please get in contact if you’d like to discuss further.