Featuring over 10 fund and share dealing platforms, the newly launched service ( http://www.investoo.co.uk/forum/rate-my-platform/ ) invites investors to provide feedback on their existing provider of choice to help other investors understand the advantages and limitations of each before committing.
Investoo Community Manager Daniel Parkes commented:
“The DIY investor sector is growing at an intense pace since changes brought about by the retail distribution review. This has attracted many new platforms to the industry, leaving investors spoiled for choice. Up until now, there has been no real way of new investors differentiating between the platforms apart from reading through a list of charges and platform-provided testimonials.
“With our new rate my platform service, investors will now be able to factor in independent views into their platform decision from customers who have had first-hand experience of using a specific platform. As many providers include hefty exit fees for those who wish to switch platforms, it’s important that new DIY investors get their choice right first time to avoid unwanted service and exit fees mounting up in the future.”
The rate my platform service will be offered free to all parties and is expected to be well received by platforms, current users and future users alike.
Daniel Parkes added:
“We expect that this platform will become an important reference point for both newcomers and those considering switch platforms. So many of the new providers have a short track-record compared to the more established providers, and this should also help them to prove their capabilities.”