We often say that no two advice firms are the same, and that’s definitely the case when it comes to reviewing your platforms.
We carried out a straw poll recently to gauge how often advice professionals refresh their platform due diligence. Respondents had the option of either quarterly, half yearly, yearly or ‘we don’t, once is enough.’
Some 75% of people said they carry out due diligence on their platforms yearly, with the rest of responses split equally between every quarter and every six months. No one said they never refresh their platform selection, which is reassuring in our line of work.
While hugely unscientific, we think there is some nuance within the results.
When we chat to planners and paraplanners on this, we tend to find that the annual review process means different things to different people.
Some firms we speak to carry out a review of their platforms every year, but this acts as more of a sense check that the platforms they’re recommending to clients are still suitable.
Then, at the two-year mark, they’ll do ‘proper’ or more thorough due diligence. This is with a view to potentially moving away from existing platforms, and/or trying out a new proposition.