Over nine in 10 (91%) of advisers have said that they are impacted every day by poor service delivery from platforms, Parmenion has found.

The results come as part of a research report in conjunction with The Lang Cat, entitled ‘The Impact of Poor Platform Service’, which is based on qualitive and quantitate research with 212 members of The Lang Cat’s adviser panel.

It was also found in the last year, 88% of advisers apologised at least once to clients on behalf of a platform.

Furthermore, one in three (33%) advisers confirmed they had stopped using a platform provider because of poor service.

However, Parmenion has said that this shows that advisers are not afraid to vote with their feet and take and take business away from the platforms which don’t deliver.

Chief executive officer at Parmenion, Martin Jennings, said: “We know that trust in financial services is too low. But to be trusted, you must act in a trustworthy manner. And when part of the chain is broken, trust is eroded. This research lays bare the challenges advisers have in delivering their services to their clients, and reveals the extent of the unseen cost of poor service across our sector. And of course, the only person that is paying for that, is the client."

Parmenion said that advisers are most commonly having to contact platforms around post-sale servicing issues, such as switches or pension withdrawals, to chase business held up in existing queues, typically transfers and letters of authority, and to sort out technology glitches and process challenges.

The firm has urged fellow platform providers to be more transparent about their service experience to support adviser and consumer expectations, and in turn, drive up standards.

Chief marketing officer at Parmenion, Sarah Lyons, added: "In the era of Consumer Duty, service must be a top priority for all financial services firms. It is disappointing that so many advisers, working hard to deliver outstanding outcomes to their clients, are being let down by many of the platforms on which they rely.

"It is very difficult to assess platform service before experiencing it. It is also true that good service to one adviser might not mean good service to another. We are calling on the platform industry to be more open about their service delivery, and to work together to improve it. Many of the challenges relate to sector level issues, such as transfers. If we can understand exactly where service is falling short, and what impact this has on customers, we can collectively raise standards across the adviser platform space."

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