We’ve just kicked off a piece of work to collect a whole swathe of new data from platforms as part of Platform Analyser. 

We do this data upgrade exercise every six months or so, so we thought this was a good opportunity to explain what we’re up to, and some of the processes we use behind the scenes to support you in your due diligence. 

With platforms developing their propositions all the time, the data that powers Analyser needs to keep pace with all the latest changes being made. 

Firms’ due diligence questions evolve over time as well, so we’re always keen to hear from advisers and paraplanners about the kind of data they want to include as part of their platform selection process.  

Each platform updates their information on Analyser with the latest features and developments on an ad-hoc basis.

But we also benefit from regular feedback from Analyser users, that is, those working in advice and planning firms responsible for due diligence. 

This means advice professionals can use Analyser to find out exactly what they what to know about the platforms in contention, and do so in one place rather than firing off individual queries to specific platforms.  

As mentioned, we’ve set the interval for updating the data we get from platforms at every six months – we think this strikes the right balance between having robust, accurate data and asking for too much, too often. 

The new data points 

We’re currently working with platforms on a range of new data points via Analyser, including: 

- How they implement ESG principles in practice 

- The platform’s USP and point of difference 

- A more detailed picture on adviser support such as opening hours for telephone support, out of hours support, and the technical support on offer for pensions and non-pensions business. Also the BDM support available, and if they have in place a dedicated point of contact 

- Whether the platform offers secure email and web chat  

- Details of the service level agreements 

- Options on excess reportable income, and ex-ante and ex-post reporting information 

- Compatibility with Unipass and details on platform user access 

- The platform’s approach to straight  through processing 

- How the platform deals with vulnerable clients 

- The steps platforms take to make the system accessible to those who are visual, hearing and/or speech impaired. 

It’s quite a list, and represents the biggest single data upgrade we’ve done in one go.

So kudos goes to the platforms for being upfront and transparent with their data, and kudos too to all the advice professionals who have submitted their feedback and requests for the kind of data they’re after. 

Once we’ve finished collating all this extra info, we expect these new data points to go live in Analyser next month.  

It's worth mentioning this data upgrade is just one of the many ways we're working to support you with up to date due diligence.

Others include the ability to set reminders to review your due diligence, our quarterly adviser briefings, the range of articles and resources available on our content hub, and the ability to re-run your due diligence reports.

Thanks for making Platform Analyser the due diligence powerhouse it is – we couldn’t do it without you.