Praemium Newsletters February 2024 Praemium achieve new high in latest Platform Benchmarking Survey

27/02/2024 3 mins to read Back to all Praemium Newsletters February 2024

We are proud to share the results of Investment Trends recent Platform Benchmarking and Competitor Analysis Survey 2023. Praemium achieved the no. 1 platform ranking in 17 sub-categories, the second highest of any platform and a record for Praemium.

And for the 4th year in a row we have increased our total score, reaching our highest score to date of 90.2% and retaining our no. 3 platform position overall. For the second year running, Praemium also secured the no. 1 platform in the Data, Integration and Security Category and the Decision Support Tools Category.

In this article, we unlock some of the details of our results.

Data, Integration and Security

It was no surprise to see Investment Trends increase the importance of cybersecurity in this category for 2023. Our track record in this area speaks for itself. But it was our performance in the From planning software and Non-custodial assets sub-categories that ensured we retain this category win for the third year in a row.

In total, we won three out of the six sub-categories in this important category, including:

Non-custodial assets

Over 20 years ago we started building a platform designed to administer and report on non-custodial assets and the pack are still trying to catch up. In 2024, Praemium software now provides comprehensive, consolidated reporting across a broad universe of managed accounts, individual assets, custody and non-custody assets.

Almost 60% of advisers still administer and report on non-custodial assets manually, spending two extra hours per client on this activity compared to custodial assets; but with Praemium, you can even that score. With our Praemium Administration Service, you remove that time-debit completely by letting us administer all your clients’ portfolios, regardless of asset type, client type, broker, and any regulatory structures that may be in place.

From planning software

Our technology is 100% built and owned by us. This allows us to collaborate with our clients to deliver the institutional-grade functionality they need to support their clients and their business. Which more often than not means connectivity. With Praemium you can build a core tech stack unique to your business requirements, that complements your existing in-house systems and services. Over the past couple of years we have focused on updating and improving our integration capability with your core planning software, because this is what advisers have been saying they want most.

API

In today's world, where speed, economy and scale are critical to success, the use of APIs is essential to every business. Our dedicated data feeds team, led by experienced professionals, is on hand to ensure the things you really want from an API service: customisation, security and performance. Our team will work with you to get it right.

With the Praemium API Development Hub, you have the tools you need to integrate with most internal or external solutions or systems to further unify client experiences or leverage data in the way you choose. Look at the API documentation site to get an idea of how our API can work for you.

Decision Support Tools

Increased emphasis on research, tax tools, alerts and search tools saw us win three of the eight sub-categories this year.

Calculators & Modelling

We believe we were first to market with both a fee calculator and retirement calculator in our Adviser Portal, and we still provide the only effective CGT calculator to model trade impacts on your client's indicative tax position before you commit investment changes. This also allows you to view the impact of proposed investment changes on estimated income.

Our ESG impact calculator allows advisers to test the impact of placing ESG category exclusions on their client portfolios before you actually make the change. This allows for greater client communication and engagement, ensuring you are responding to your client's values-based investment principles.

Tax Tools

With a Praemium portfolio, you choose the disposal method that best suits your client’s needs and our CGT engine does the rest. And only with a Praemium portfolio can you travel backwards and forwards in time, which means you can perform future CGT modelling or predict future income, just as easily as retrospective reporting.

Given our humble beginnings as a platform designed around tax modelling and reporting, this has always been a strength. Out-of-the-box, we provide realised and unrealised CGT reports, and income and expense reports which detail every cash transaction for accountant strength tax reconciliations. That's why we have seen over 6 million tax reports generated on our platform in the last decade.

Search & Selection

The more information you provide in an app, the stronger your search and select tools need to be. In some ways, this is the most important usability feature of all. There is really no point having an app if you can't find what you are looking for. That's why we believe Praemium's approach with its Adviser Portal is the best in market. And it looks like Investment Trends agree.

The Dashboard in Adviser Portal can be configured to include a large selection of search and select widgets that allow you to drill down into the detail as you need it. Starting with your clients, their accounts, their cash, and their trades, you can place the information you need, right alongside tools you can use to provide the best possible customer experience for your clients.