Many advisers still want multiple life insurers on platforms, according to the latest Investment Trends adviser technology report.

“We found 36% of advisers say ‘multiple insurance providers’ is something they would like platforms to provide,” Senior Analyst King Loong Choi told insuranceNEWS.com.au.

“What we find with advisers is often they will go and use other platforms – or go off-platform altogether – if a certain insurer is not available on their preferred platform.”

Mr Choi says tracking down a preferred insurer is not the most efficient use of an advisers’ time.

“It makes it a lot more difficult for them to provide clients with a whole-of-portfolio view.

“If platform providers were to broaden the insurance offerings, it would encourage advisers to just use one platform for their clients.”

He says some platform providers already recognise this and have moved to expand their ranges.

Such platforms include HUB24, Netwealth, Asgard eWRAP and CFS FirstChoice.

All except Asgard are highly rated in the report’s user satisfaction survey. Advisers rank Netwealth first, followed by HUB24 and CFS.

About 10% of advisers choose HUB24 first when switching platforms. CFS and BT Wrap remain the preferred platforms, each backed by 16% of advisers surveyed.

More advisers are now looking to switch platforms and find new planning software, the report says.

The proportion looking to begin using a new platform in the next year has increased 6% to 23% compared with last year’s survey.

Software relationships tend to be stickier, but 19% of advisers are looking to change provider.

“One of the key challenges affecting providers in the current environment has been the increased mandatory expenditure on compliance,” Mr Choi said. “This means it’s especially important to be responsive to advisers’ needs with the remaining development spend, and to provide training to increase the uptake of new enhancements.”

Investment Trends says advisers are less likely to switch away from platforms with higher satisfaction levels.