IFAs will have to endure another half year of replatforming trouble by provider-owned platforms, AJ Bell chief executive Andy Bell has said.
In an exclusive interview with New Model Adviser®, Bell said he had sympathy for the bosses of provider-owned platforms going through the replatforming process. AJ Bell completed its replatforming in 2014.
'I have sympathy because we had our challenges when we did our replatforming. It’s good that it’s a long time ago,' he said.
'It probably took us a full 18 months before we really started seeing the benefits in terms of improved operational margins and cost savings. But I would say advisers need to expect six months of teething problems and I think it is just an industry challenge.'
Platform technology has posed a real challenge to provider-owned platforms of late, with several big firms experiencing difficulties.
Aviva and Aegon in particular have both suffered. At one point Aviva UK chief executive Andy Briggs was forced to apologise to IFAs for delays in its service being relaunched. Aviva has since set up a remediation team to deal with specific problems.