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By Jun Merrett
Advisers need to look beyond pricing when picking a platform, according to Old Mutual Wealth vice chairman Peter Mann.
Speaking at the Marketforce conference The future of distribution in financial services, Mann said IFAs should consider, but not be fixated with, platforms’ pricing structures.
'There should be a consideration of cost, not fixation,’ he said. ‘It is an important element of the decision, but if something is cheap there is a reason why.'
Mann (pictured) said there was a need for the platform industry to deconstruct pricing and show clients the total cost of ownership.
Skandia is set to launch a total cost of ownership comparison tool next year and Mann argued other platforms should make the total cost of ownership available for clients.
'It is our mission to get it right in 2014,’he said.
Source: Citywire
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