The ratings are designed to give an insight into how advisers are using platforms and how well their needs are being served. This marked the first time Praemium had been included in the report.
Advisers rated 19 platforms on key criteria and could rate up to five platforms. Praemium placed second overall, second in support (first in senior management support), third in proposition, and took first place in value for fees charged. The report also noted our paperless direct debits and digital applications functions, as well as the fact that we provided a choice of electronic re-registration providers. Pleasingly, 90% of Praemium’s respondents state that Praemium is their primary platform, which is significantly higher than most other firms rated, and none use Praemium to hold legacy assets.
Praemium CEO Michael Ohanessian commented, “We have been working closely with adviser firms and DFMs to build the features and provide support that helps them transform their businesses, and so are thrilled to have been rated so highly by our clients, whose opinion of us is really the only one that matters. It is especially gratifying to have scored highest on value for fees charged as this is a key metric for our success. UK advisers have a dizzying range of technology partners to choose from. Selecting the right partner is, in our view, a critical strategic decision as it is technology that will drive long-term commercial success for advisers and their clients. We hope to play a very real part in helping advice businesses thrive.”
About the lang cat: The lang cat is Leith’s leading (probably) specialist financial services consultancy. The lang cat works with financial advisers and providers, helping them develop new propositions, turn marketing strategy into action and articulate their services in such a way that people without financial services degrees have a hope of understanding them. It aims to make the industry a little bit less corporate and stuffy and a little bit more human.
The lang cat’s PMS is published quarterly and provides regular and timely insight across market activity, platform developments, regulatory, economic, and technological landscapes. It supplies data on market sizing and trends and looks in-depth at various aspects of platform, proposition, business performance and platform pricing.