Six key issues for platforms from Cofunds
By International Adviser, 19 Aug 15
David Hobbs, chief executive of Cofunds, discusses key issues for the platform industry for the remainder of 2015
For platforms this is a fantastic opportunity; one in which through aggregation, engagement and technology, we can support customers either via their advice route or directly.
I believe our opportunity rests in four areas:
- Information: a single source that is clear, simple and straightforward
- Education: engaging and dynamic
- Guidance: available via platforms as well as by the state
- Tools: to help with choices
Much of this is available in different forms already. But I do not believe it is yet sufficiently accessible nor cohesive or coherent enough. We – industry and government – need to use our expertise to ensure these four components are part of a permanent pre- retirement package for all savers, not just as they reach critical decision points, but throughout life.
Gone are the days where the only method of customer engagement was via an annual benefit statement posted to a home address. Over three quarters (77%) of UK adults now have access to broadband, with the average UK adult spending 36 hours a month surfing. What’s more, 93% of UK adults have a mobile phone; 60% of whom have a smart phone.
The combination of digital with the flexibility of a platform creates a powerhouse of choice and access. These present the greatest opportunity yet to take the freedoms that the government has given and to deliver them directly into the hands of the people that need them, when they need them.
