Some 17% of financial advisers have changed their preferred platform in the last 12 months as dissatisfaction with service levels grows.
Platform and SIPP provider AJ Bell saw pre-tax profit tax increase by 29% to £21.7 million for 2017 as the company’s growth strategy in recent years paid dividends.
SIPP and platform provider James Hay has seen revenues drop by £1.4m, in disappointing results for the first half of the year.
The platform sector saw continued rapid growth in the second quarter thanks to inflows from pensions including Sipps, pension transfers and pension freedoms.
James Hay bosses say they are focused on “getting the basics right” on service but acknowledged there was “some way to go”, as the firm reported an adjusted operating profit £7.1 million.
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