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UK Platform Awards
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Award Winners Best direct-to-customer platform Sponsored by GBST Wealth Management Judges Comments This is a sector that is expected to expand following the RDR. Fidelity has an exceptional proposition, which is hard to beat. However, according to the judges, the winner is simply a phenomenal proposition that is the benchmark for all to follow. This platform makes it fun to invest and is massively easy to use. They send lots of information without pressuring the customer too much. Their best advocates are their users. Highly commended: Fidelity The winner: Hargreaves Lansdown
Nick Cann, Chief Executive, Institute of Financial Planning, Robert DeDominicis, GBST, Tom McPhail, Head of Pensions Research, Hargreaves Lansdown and Kate Silverton. Best Institutional Platform Sponsored by SWIFT Judges comments This is a new category for the platform that provide a fund service to pensions schemes, wealth managers, banks and other retail investment providers. The judges expect the category to become increasingly significant in the coming years. One of the judges described the winner as quite simply the leading player in the field. They are very worthy winners who in their own words “take the pain” for their clients. The winner: Cofunds
Nick Cann, Christopher James, Director, Institutional Services, Cofunds, Arun Aggarwal, Managing Director, UK Ireland and Nordics, SWIFT and Kate Silverton Leading Innovation in workplace solutions Sponsored by Platforum Judges comments This category currently includes both flexible benefit platforms and corporate wraps. The judges liked the Staffcare proposition but felt that it didn’t quite offer the scope of their two favoured entrants, Orbit and BenPal. The margin between the winner and the runner up was a very short head, they are two excellent platforms. The judges liked BenPal’s connection with the end customer, the striving for innovation and recognition of the growing importance of international coverage. Highly commended: Orbit from Bluefin The Winner: Benpal from JLT
Nick Cann, Holly Mackay, MD, The Platforum, Jon Bryant, Benefit Consultant Director, JLT Benefit Solutions and Kate Silverton Best investment management platform Sponsored by HSBC Judges comments Once again, different judges made a case for each of the three finalists. The judges liked the Parmenion proposition but felt the other two currently have greater traction in the market. Raymond James offer an excellent service and are recognised as leaders in this field. Ultimately, it was felt that Seven Investment Management had raised their game more dramatically since last year in functionality and reporting and this has been reflected in customer feedback. Highly commended: Raymond James Investment Services The winner: Seven Investment Management
Nick Cann, Antony Champion, Head of Intermediary Sales, HSBC UK (Life), Graham Stott, IT Director, Seven Investment Management and Kate Silverton Best new platform Sponsored by Professional Adviser Judges comments A J Bell made a late entry with their new platform. The judges felt they needed to know a little more about it, especially user experience. Only one of the three finally shortlisted has yet found traction in the market and achieved user endorsement. True Potential have an exciting proposition; at the time of judging, there had been little opportunity for customer feedback, so they expect to see this one competing in this category again next year as well as A J Bell. Aviva have yet to make their mark, but will, doubtless, do so. mymoneyworks targets the mass affluent rather than just wealthy and has lots of focus on cash as an asset class. Many providers have talked about corporate wrap but Scottish Widows has delivered. The judges described mymoneyworks as relevant, focused and tailored to customer needs and a worthy winner. Highly commended: True Potential The winner: mymoneyworks from Scottish Widows
Nick Cann, Katrina Lloyd, Editor, Professional Advisor and IFAonline, Pete Glancy, Head of Corporate Pensions, Scottish Widows and Kate Silverton Leading innovation award Sponsored by Dunstan Thomas Judges comments Platforms are all about innovation in technology, so this award is one of the most thrilling. The judges liked all three finalists. MoneyInfo from Sammedia brings all the clients’ financial affairs together, True Potential promises to take wraps to a new level and HSBC have addressed an issue in the bond wrapper space and offer advisers a much needed solution. However, they felt the winner is truly innovative and one that provided a solution that the market needed urgently in view of the regulator’s demands and one that quickly established traction. Comparator not only looks at the cost of platforms over time, but also the cost of investment portfolios. It is a truly innovative product. Highly commended: HSBC The Winner: Synaptic Comparator from Capita
Nick Cann, Natanje Holt, Managing Director, Dunstan Thomas, Adam Byford, Managing Director. Capita Financial Software and Kate Silverton Leading Independent Planning Tool Provider Sponsored by Ascentric Judges comments With the FSA’s focus on suitability, the role of planning tools is under the microscope. The judges liked both Finametrica and Moneyscope. They felt they both performed their roles beautifully, but offered less scope than the two finalists who offered comparable quality. In a very competitive market, the judges decided that Morningstar’ Adviser Workstation and FE’s Analytics were both of the very highest quality. In their own words, you could spin a coin. However, they ultimately decided that Morningstar had broadened its scope by offering qualitative as well as quantitative research by virtue of their purchase of OBSR. Highly commended: Analytics from FE The winner: Adviser Workstation from Morningstar
Nick Cann, Hugo Thorman, CEO, Ascentric, Anastasia Georgiou, Adviser Workstation Product Manager, Morningstar UK and Kate Silverton Leading platform-based planning tool provider Sponsored by Rayner Spencer Mills Judges comments The judges settled on two entries that they felt were superior to the rest, Skandia and Fidelity. Both have new developments, which the judges found impressive. However, rather than making themselves hostages to fortune, they opted to place more emphasis on user feedback of existing products rather than on the exciting but as yet untested. Skandia has a coherent process, has been a trailblazer in this sector for years and has consistently supported the market with investment in development. Highly commended: Fidelity The winner: U-Skan from Skandia
Nick Cann, Geoff Mills, Director, Rayner Spencer Mills, Peter Mann, CEO, Skandia and Kate Silverton Leading platform-enabled retirement proposition Sponsored by Bluefin Wealth Management Judges comments This is for the leading fully platform-integrated retirement solution. The judges were looking for an on-platform retirement proposition that enables the customer to look across all investments together, to enable genuinely holistic investment methodology across tax-wrappers, as well as offering a competitive personal pension proposition. The judges were very impressed with the Transact submission, which they might well have made the winner if the target market was only the high net worth. The Standard Life entry demonstrated a mix of great technology supported by people who will ensure advisers have all the resource they require. In addition, the judges were impressed that this platform offered a solution for a broad market and not just high net worth, which they felt fitted with this award marginally more.Highly commended: Transact The winner: Standard Life
Nick Cann, Simon Hellier, Managing Director, Bluefin Wealth Management, Jeff Regazzoni, Head of Retail Distribution, Standard Life and Kate Silverton Best platform software provider Sponsored by Platform People Judges comments Initially the judges each favoured different short-listed entrants. One made a case for Bravura, another for GBST and another for FNZ. The only agreement was that two-thirds of those attending the dinner would regard their decision as wrong whichever one was the winner. After much discussion, they decided that the award should go to the provider judged best by those who have made the purchasing decision, thus rewarding success in the market place. FNZ continue to win new contacts for a variety of different platforms and won the vote by a whisker. The winner: FNZ
Nick Cann, Chris Hitchens, Managing Director, Platform People, Hugh Evans, Head of Sales and Marketing, FNZ and Kate Silverton Best platform administration provider Sponsored by Workload provider of Touchstone products Based on voting by platform managers This is for the best provider of those administration services that enable platforms to offer a robust, reliable service to their intermediary and end customer platform users. The award is made on the basis of votes by those who use the services, the platform managers. Once again, the winner got home by the tightest of margins. The winner: IFDS
Nick Cann, Neil Cunningham, Sales Director, Workload, Nigel Jenkinson, Head of Distributor Servies, IFDS and Kate Silverton Leading adviser business Sponsored by Legal and General Judges comments The judges were looking for a business that had migrated to a platform model and seen benefits in terms of client proposition, service, profitability and business value. The three best entrants were invited to be interviewed by the judges. They were: Baigrie Davies The three firms presenting were of a very high standard. They were very different - a high-end financial planner, a traditional IFA that realised the model had to change and a firm that has recently added a specialist pensions business to its existing portfolio. Paradigm Norton remains the benchmark for the high end financial planner. They continue to experiment. They are looking to a wider customer base, looking to service the mass affluent in addition to the wealthy. They are also on a road moving forward and distancing themselves from their competition. Highly commended: Baigre Davies The winner: Paradigm Norton
Nick Cann, Geoff Towers, Managing Director, Platforms & Distribution, L & G, Barry Horner, CEO, Paradigm Norton and Kate Silverton Leading adviser practice Sponsored by FNZ Judges comments This is for the smaller adviser practice, typically owner managed, that has migrated the business to a platform model. The process was the same as for the leading adviser business. The three finalists were: Investment Quorum Again, the standard was high. The judges were particularly keen to recognise Louise McWeeney of OCM Wealth Management, for a brilliant performance at the interview. However, the winner, Investment Quorum, is outstanding. They continue to iterate and innovate; they are a firm on a journey and are currently in a league of their own. Highly commended: OCM Wealth Management The winner: Investment Quorum
Nick Cann, Hugh Evans, Head of Sales and Marketing, FNZ, Lee Robertson, CEO, Investment Quorum and Kate Silverton Best platform for adviser service Sponsored by IFDS Based on marks awarded by advisers The winner: Transact
Nick Cann, Simon Hudson-Lund, CEO, IFDS Europe, Malcolm Murray, Marketing Director, Tranact and Kate Silverton Best fund platform Sponsored by Tenet Based on voting by advisers This is for platforms that offer a range of funds, wrappers, aggregation, online access for trading and viewing – those we used to call fund supermarkets. Advisers voted for the platform that offers scope, functionality, excellent administration and support. The winner: Skandia Investment Solutions
Nick Cann, Keith Richards, Group Distribution & Development Director, Tenet Group, Peter Mann, CEO, Skandia and Kate Silverton Best open architecture wrap platform Sponsored by FE Based on voting by advisers As for the fund platform but offering non-rebate remuneration so that non-commission paying products can be included e.g. cash, equities, investment trusts, ETFs – those we tend to call open architecture wrap platforms. The winner: Transact
Nick Cann, Gary Wheeler, Sales Director, FE, Glen Sweet, Head of Sales, Transact and Kate Silverton Platform of the year 2011 Sponsored by Aberdeen Asset Management Judges comments This award is for the platform that the judges deem to have made the greatest advance or been the most innovative in 2011. It may be an established platform that has made great advances or a new platform that has broken new ground.
The judges looked for evidence that advances or innovations have resulted in measurable success in terms of share either in the market overall or in a quantifiable niche area. Highly commended: Fidelity FundsNetwork The winner: Nucleus
Nick Cann, Chrissy Shuttleworth, Head of UK Financial Institutions Team, Aberdeen Asset Management, Andrew Smith, COO, Nucleus and Kate Silverton
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