The May 2016 Planner Technology Report, which surveyed more than 800 financial planners, indicated that the number of planners and investors looking to switch their software or platform provider has grown over the calendar year ending May 2016.
The number of individuals looking to change their software provider reached 19 per cent, and those looking for a new platform provider reached even higher at 23 per cent.
Investment Trends’ head of research for wealth management, Recep Peker, said a driving factor in this was the search for better value-for-money "amidst a weak return environment".
"Providers can remain competitive in this environment by demonstrating value for money," he said.
Throughout the last year, lower fees grew to become the second most desirable improvement for platforms; with ease of use being the number one.
"One of the key challenges affecting providers in the current environment has been the increased mandatory expenditure on compliance, this means it’s especially important to be responsive to planners’ needs with the remaining development spend," Mr Peker said.
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