“Add to this the impending cost of re-platforming which is likely to cost the sector £1bn,” Okusanya said.
Ultimately, this “crisis” spelled bad news for clients who were being “passed from pillar to post” as platforms increasingly look to consolidate, Okusanya said, predicting that £200m of client assets are in transit as re-platforming increases in pace.
So despite the booming demand, it may be many platforms are struggling to cover costs, making it even more important for wealth managers and advisers to make the right choice of investment platform.
