Habits are tough to break. Research indicates we take an average of around two months to develop a different routine or way of thinking. If factors such as complexity and motivation are against us, we could need more than 250 days to change our ways[1].
You might think this sounds daunting, but there are actually much more extreme examples. For instance, as every Tottenham Hotspur fan knows, sometimes it can take 17 years to turn over a new leaf.
That’s how long my football team of choice needed to snap their trophy-less streak. In May’s Europa League final, played against Manchester United at Athletic Bilbao’s fabulous Estadio de San Mamés, they at last rediscovered the knack of winning a title.
I didn’t make it to Bilbao, but I joined thousands of fellow fans to witness the joyous event at our home stadium in London. And a few days later, as I boarded my flight back to Dubai, I realised that for the first time ever I wouldn’t have to return from a trip and defend my team against allegations of coming up short. Perhaps perceptions of Spurs had finally changed.
You may be wondering what all this has to with investment platforms. The simple answer is that habits and perceptions can also pose problems in our arena, especially in relatively new markets.
Like Spurs, platforms are routinely viewed in a certain light – and it’s an unduly unflattering one. Specifically, a significant number of investors seem to think our 
offerings are confined to selling SIPPs.
Of course, there was a time when SIPPs were just about the only game in town for many platforms. It might also be fair to say this narrow focus persisted for quite a while.
Habit
Yet the most forward-looking platforms broke the “habit” years ago. They’re now massively removed from such a one-dimensional approach.
So why are so many investors unaware of the dramatic change that has taken place? In my opinion, this blind spot is part of a wider issue – one for which our industry as a whole has to bear much of the responsibility.
Collectively, we haven’t done a particularly brilliant job of explaining the full extent of platforms’ capabilities. This is an uncomfortable fact, but it’s one we have to recognise.
A lot of providers’ appear reluctant to outline platforms’ fundamental attributes and attractions. They instead prefer to concentrate on bells and whistles and surface appeal, which isn’t what really counts when push comes to shove.
This reticence may be rooted in a belief that consumers are already familiar with the basics. Convinced that stakeholders don’t need educating on such matters, providers are often afraid to state what they think is obvious.
Perception
But this is just another misguided perception. Judging by the number of people who reckon my role in life is merely to market SIPPs, I’m pretty confident in suggesting many would-be stakeholders still don’t genuinely appreciate everything platforms can help them achieve.
For instance, they may not know that platforms can work with individuals, trustees and groups. They may not know that platforms can accommodate ISAs, general savings accounts and other products. They may not know that platforms can facilitate access to a huge investment universe.
They also may not know that platforms can operate in multiple jurisdictions. They may not know that platforms can satisfy the requirements of internationally mobile clients or nationals who move abroad.
Arguably above all, they may not know that platforms can represent a low-cost, efficient, cutting-edge, highly transparent option for meeting all their investment needs. By any standard, this represents a major oversight.
Consumers
As a result, many consumers are likely to miss out. Because they hold outdated perceptions that are based on what they regard as habits that will never be broken, they have only a limited grasp of what can be done.
I know this failing well. I’ve been there before with Spurs – so many times. As I sat there in the stadium that night, with full-time approaching, I was was waiting for it to “happen again”.
But then something magical occurred. The ref blew his whistle – and the “coming up short” tag was cast off.
Granted, the match itself was an absolute shocker. And we should quietly gloss over the fact that the manager who led us to this epochal victory was sacked a fortnight later. But Spurs changed how they’re perceived – and that’s something that platforms need to do with their proposition.
I ought to close by stressing again that none of this is intended as a criticism of platforms’ would-be users. It’s principally a criticism of providers’ enduring inability to articulate what platforms are capable of.
Maybe advisers could take up some of the slack. Between us, one way or another, we need to get the message out there – not over the next 17 years, 250 days or even two months but as soon as possible.
Article written by Mark Maplesden, pictured above, Novia Global’s Principal Representative Officer in Dubai.
[1] See, for example, Scientific American: “How long does it really take to form a habit?”, January 24 2024 – https://www.scientificamerican.com/article/how-long-does-it-really-take-to-form-a-habit/.
