In simple terms, a platform is an IT solution that allows clients to consolidate their investments and manage these in one place. In reality, a platform is a service rather than a product.
A platform includes the following features:
A single fee from the platform across all accounts and transparency of costs
Reduced paperwork and simplified administration
A wide choice of investment funds
Access to tax wrappers with no or low charges, such as ISAs, pensions, general investment accounts, onshore bonds and offshore bonds
Consolidated valuations and taxation reports, making holistic financial planning easier
Access to online valuations