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“ What Role Will Platforms Play in the Post-RDR World?” – February 2012

“ What Role Will Platforms Play in the Post-RDR World?” – February 2012 Emma Napier, Head of Adviser Relations, The Platforum. So, what’s going on?!. UK Platforms – Q3 2011. £ 168bn as of September 2011* 2.4% increase in AUA from Q2 2011 to Q3 2011 (against FTSE fall of 14.4%)

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“ What Role Will Platforms Play in the Post-RDR World?” – February 2012

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  1. “What Role Will Platforms Play in the Post-RDR World?” – February 2012 Emma Napier, Head of Adviser Relations, The Platforum

  2. So, what’s going on?!

  3. UK Platforms – Q3 2011 • £168bn as of September 2011* • 2.4% increase in AUA from Q2 2011 to Q3 2011 (against FTSE fall of 14.4%) • We did anticipate platform AUA would increase to at least £320bn by 31 Dec 2012 – current growth challenges this assumption  The Platforum 2011 *includes new entrant AJ Bell reporting £11.1bn AUA

  4. Table of IFA Platforms by Size

  5. Current IFA Platform Providers • 25 platforms today • With 4+ more confirmed future entrants

  6. It’s not just adviser platforms on the rise..

  7. A profile of the average D2C customer • Total market AUA = £64.9bn as at September 2010 • Estimated 2.5 million active D2C customers in the UK today • 1 million IFA + fund manager accounts • Hargreaves Lansdown 337,000 customers = 28.5% market share • According to Compeer, as at 2009 there were 1.9 million XO nominee accounts with stockbrokers • Up to 4 million client accounts with execution-only stockbrokers today • Average account size across all D2C platforms is £25,288 • Average age of D2C customer is 57

  8. CP10/29 • No payments from product providers to advisers • No more cash rebates • Proposed unit rebates • Increased disclosure and transparency • An independent adviser will need to be able to chose from all investment types.... • But will the term independent retain currency moving forward?

  9. And • Suitability • Thematic Review (DP 10/2) • RMAR • Platform due diligence How can I compare charges? How often should we do due diligence? Can I use just one platform and still be independent?

  10. What’s bothering IFAs today? • The RDR – first country to try and move advisers to fees in a bull market • Increased qualifications • Increased regulation • Use of risk profilers and portfolio modelling tools • Platform selection and due diligence • Client segmentation • Lack of clarity • VAT • .....very busy and pushed for time

  11. Q1 Q2 Q3

  12. Most advisers are using 3 platforms today

  13. Happy advisers use one platform

  14. What’s bothering IFAs?

  15. Pretty much everything….! • The regulator and the RDR - Platform selection – can I use just one? - Platform due diligence - Banning commission and moving to fees - Using portfolio tools/client suitability • VAT • Independence

  16. Our Leaderboard and evaluation

  17. The PlatforumLeaderboard for Q3 2011

  18. How we calculate The Platforum Leaderboard

  19. PAT – Platform Analysis Tool

  20. The Future?

  21. FSA Platforms (bundled and unbundled) IFAs • Corporate • D2C • Back office • Funds • Platforms • Adviser charging • Providers • Clean share price • Tiered charging • Transparency • Rebates • Reregistration

  22. Thanks and any questions? Emma Napier emma@theplatforum.comHead of Adviser Relations, The Platforum

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