Helping financial planners improve business efficiency and growth has been a significant driver of platform providers making enhancements to their offerings, Investment Trends has found.
According to its December 2015 Platform Report – which was compiled from a review of 22 mater trust and wrap platforms – Investment Trends found that platform providers have been “very focused” on the needs of financial planners.
Investment Trends said this focus has led to platform providers looking to enhance usability, improve planner efficiency and to assist with business growth.
"With the aim of improving adviser efficiency and providing greater transparency, the platform industry saw continued focus on enhancing and refreshing platform portals," Investment Trends senior analyst King Loong Choi said.
"We have continued to see platforms provide advisers support from new angles rather than just the traditional 'how to use the platform better' guides.”
In fact, Mr Choi explained that this focus on helping planners with client engagement has led to the emergence of competition among platform providers to provide to most friendly user experience in order to increase market share.
"Client engagement is likely to remain a key battleground for platforms, and we expect to see continued innovation in this area over the coming years," he said.
Investment Trends also found that among full-function platforms which support planners advising on a wide range of investments, Netwealth was ranked number one.
Following Netwealth was followed by Colonial First State FirstWrap, Hub24, Asgard eWrap, MLC Wrap and Navigator.
According to Investment Trends, Netwealth also ranked first for transaction tools, decision support tools and online business management tools.