More than 9 in 10 financial advisers (95%) have had to apologise to clients for poor platform service in 2024, according to a new report.

One in three (30%) of 172 advisers surveyed by investment and SIPP platform provider Parmenion said poor service from platforms had a significant impact on their day-to-day work this year.

One in three (34%) instances of advisers’ contact with a platform was to chase up existing work stuck in a queue.

Platform transfers were said to be particularly painful for advisers, with 90% of the advisers surveyed thinking of them negatively.

Advisers described the process as “time consuming”, “painful” and “onerous.” One in five advisers said they had waited more than six months for a transfer to complete, while nearly 10% had waited more than a year.

Advisers were willing to switch platforms in reaction to poor service, with 45% of those surveyed saying they have changed platforms this year for this reason.

The advisers called on the profession to publish transfer data, with 89% of those surveyed saying that providers should agree a consensus and publish their performance data on a like-for-like basis.

Martin Jennings, CEO of Parmenion, said: “The advisers surveyed have even less confidence in platforms in 2024 than they did last year, which should be concerning to providers. Poor platform service is linked to a double digit loss of productivity in advice firms, and we would appeal to the whole industry to ‘lean in‘ and take accountability to improve the platform experience for everyone, especially when it comes to pain points such as transfers.

“None of us want or need more regulation, but unless we see meaningful improvements, I fear this is what we will get.”

• Parmenion surveyed 172 members of the Lang Cat’s adviser panel in Autumn 2024.