The vast majority of advisers (95%) have had to apologise to clients for poor platform service over the last year, with asset transfers a particular problem, new research from Parmenion has found.

This is an increase in comparison to Parmenion’s 2023 research.

Parmenion’s latest report, The Impact of Poor Platform Service, was based on qualitative and quantitative research conducted with 172 members of the lang cat’s adviser panel.

It also found that 30% of respondents reported a ‘significant impact’ on their day-to-day work from poor service given by platforms.

One respondent said: “The service was unbearable – long delays, lost records caused by multiple mergers, lack of knowledge at the company.”

As a result, 95% of advisers have had to apologise to clients on behalf of platforms for poor service, which the lang cat described as an “astonishing proportion”.

Parmenion’s CEO, Martin Jennings, said: “In the new era of Consumer Duty, this year’s report is a disappointing read. The advisers surveyed have even less confidence in platforms in 2024 than they did last year, which should be concerning to providers.

“Poor platform service is linked to a double digit loss of productivity in advice firms, and we would appeal to the whole industry to ‘lean in’ and take accountability to improve the platform experience for everyone, especially when it comes to pain points such as transfers.”

The lang cat’s insight director, Steve Nelson added: “Platforms must embrace technology and improve their processes to better serve advisers and their clients, or as we’ve seen in 2024, advisers will punish them by selecting a better alternative.”

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