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Financial planners seek platform technology gains

Technology providers are struggling to keep pace with financial planners’ evolving needs, according to Investment Trends’ annual Planner Technology Report.

About 75% of survey respondents are open to switching their primary platform, either for lower admin fees or a wider set of features, it says.

“Many financial planners feel their technology partners could be doing even more to empower them,” Investment Trends Research Director Recep Peker said.

“Planners envision the next generation of platforms to be feature-rich, providing them support with plan production, modelling tools and interactive client review tools.”

CFS FirstChoice and BT Wrap are the two mostly widely used platforms among planners, but Netwealth, HUB24 and BT Panorama are growing market share, according to the report.

Netwealth and HUB24 shared top ranking for overall satisfaction, while AdviserLogic secured top spot for a second consecutive year on overall software satisfaction.

The report is based on a study of 533 financial planners concluded in May.

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