The Platform Service Ratings are based on Defaqto’s service satisfaction survey, which asks advisers to rate platforms in relation to 39 aspects of services across eight categories, including provider perceptions, new business administration, existing business administration and staff perceptions.
Based on advisers’ responses, and in view of how important they believe different aspects of service to be, platforms that reach the required standard to achieve a rating are awarded a Gold, Silver or Bronze Service Rating.
The Defaqto Service Ratings:
- Assist advisers in choosing appropriate platforms based on their peers’ perceptions of service
- Provide an easy, ‘at-a-glance’ view based on a granular and comprehensive measurement of service provision
- Assist advisers with panel creation
- Are backed by Defaqto’s independent brand
Service Ratings are available within Engage, Defaqto’s research software for advisers. This enables advisers to sift both by the overall Service Rating and by individual category satisfaction scores that comprise the total result.
Richard Hulbert, Insight Analyst (Wealth) at Defaqto, says:
“The FCA has stated a number of times recently that while features and benefits are important in matching a solution to a client’s specific needs, experience of the provider and the quality of the service should also feature in the due diligence process. These impartial and independent Service Ratings contribute to the insight that advisers require to make an informed decision on platform selection.
“Our Service Ratings provide a completely unbiased and, importantly, user-led review of the level of service offered by platforms. We asked financial advisers to rate the importance of a detailed list of aspects that fall into a number of specific categories and their perceptions of service against these – and this detailed analysis provides a valuable rating, helping to inform advisers’ platform-related decisions.”
