Almost half of Independent Financial Advisers (IFAs) are choosing a platform approach to client proposition, the latest figures have revealed.
Data issued by Association of Independent Financial Advisers (AIFA), conducted by NMG's IFA Census, has found that 45 per cent of IFAs who use platforms have done so to enhance their client proposition.
Of this number, 80 per cent of IFAs chose to implement a platform approach due to the number and breadth of funds available to clients, while 60 per cent did so for financial efficiency reasons.
Chris Cummings, director general of the AIFA, said that the use of platforms in the profession is still relatively new and "unchartered territory" to some extent, particularly from a regulatory perspective
"The recent discussion paper from FSA may have given many who use, or are thinking about using, platforms pause for thought. That is why we are providing a set of good practice notes to clear away any ambiguity," he noted.
As the regulator has recently strengthened its focus on platforms, Mr Cummings stated that members will need to be able to demonstrate they have taken a "robust approach" in deciding to adopt a platform strategy.
Posted by Claire Robin