Independent and bank-aligned financial advisers want platform costs to be lowered and have high expecations of support from providers once opt-in reforms are implemented, an industry survey has found. 

The annual CoreData Platform Study reported that advisers think platform providers should lower costs, with last year's number one demand of better administrational accuracy and efficiency dropping to the second spot.

In fact, a significant 73% of advisers expect their platform provider to step up and offer administration support to assist with ongoing client opt-in requirements

CoreData told Financial Standard that survey respondents were fairly representative of the industry with 14.8% of the adviser respondents with their own AFSL.

What's more, 55% of advisers feel limited in their choice of platforms and of these, 36% would like access to other platforms in the market

"The reforms present platforms a new opportunity to utilise their scale to assist advisers operating under the new requirements," said Kristen Turnbull, head of advice, wealth and super, CoreData.

"Advisers are looking to their platform providers to help them retain their client base by offering cost effective, efficient and high quality administration services."

A further breakdown of the results, which surveyed 978 individuals, found that 57% were a financial planner, 29% a practice principal, 4% a paraplanner, 3.6% a risk adviser, 2.6% an administrator, 2.1% a practice principal (non-practicing) and 1.4% a practice principal (risk adviser).

Additionally, respondents were nationwide with 30% and 26% from NSW and Victoria, respectively, followed by QLD with 19% of respondents.

AXA North was voted as the 2011 CoreData Platform of the Year, winning for its adviser satisfaction, value-adding features and on its likelihood of recommending.

Colonial FirstChoice, the most widely used platform and last year's winner, received a highly commended as did Macquarie Wrap. Colonial First Wrap and BT Wrap earned a commended.