Legacy platform players could be “left behind” by newer entrants if they do not urgently change their operating models and tech stacks, according to P1 Investment Services.

P1 Investment Services, which operates the P1 Platform, believed that the newer UK platform players would be the ones setting the standards for providing value for money to clients.

The firm argued that new entrants had speed and agility, which gave them advantages over legacy platforms that cannot innovate or strip costs quickly enough to compete on price and technology.

“A lot of the legacy narrative that comes out against new platforms talks about low cost not necessarily equating to value for money for clients,” commented P1 Investment Services CEO, James Priday.

“It is also said that low costs mean worse support, worse technology and a worse overall experience.

“That’s complete rubbish. All the markers show this just isn't true. Newer platforms rank higher on average across all metrics compared to their legacy peers. These arguments are a false narrative to justify higher platforms costs.”

Following the launch of P1 Investment Services’ new user interface, which aims to enhance the usability and functionality for advisers and clients of the P1 Platform, the firm said it felt legacy platforms were “failing to acknowledge” that user experience, adviser support, and costs were all vital areas for advisers to consider when choosing a platform.

“The less we hear from advice firm users the better,” Priday continued. “It generally means everything is working well and is intuitive.

“Our industry should be all about usability and making the adviser’s life easy. When advisers log in to their platform it no longer needs to feel like logging into the early 2000s internet.

“The platform market needs to realise that a high-quality user experience is something advisers really want. A platform is a massive part of day-to-day operations and activities of an advice firm.

“Having efficient operational capabilities together with an easy and effective user interface for the adviser and their clients to interact with is so crucial to the overall value for money.

“It should be an absolute priority because a platform can have a huge impact on an advice firm in terms of profitability and efficiency, and the end client experience of their services.”

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