Replatforming: an update on progress so far

The Exchange

The information contained in this page is for professional Financial Adviser use only.

At the end of April this year we completed the first phase of our replatforming project and our new platform is live. Now that we’ve had time to take stock, we want to update you on how it’s been going.

We’re pleased to say that we successfully migrated 10% of our assets to the new platform. We deliberately took a phased approach so that we could manage the transition in a controlled manner. Delivering a project of this scale doesn’t come without its challenges and we’re very aware that at times some of you may have felt some frustrations. We’d like to thank you for your patience and support over the past few weeks. We know that it may have been testing at times but we firmly believe that moving to the new platform is important for the sustainable future of Ascentric and to deliver enhanced services and functionality to you and your clients.

We experienced some problems with the cash movement functionality and the majority of these issues have been fixed, but if you do encounter a problem please get in touch with us. We’re aware that some of the platform reports are showing incorrect information. We’re also aware that for a small number of you there have been issues with Remuneration statements not always being available; income not being paid in a timely manner and client interest not being applied when expected. These are all being treated as a priority and we will let you know when they’re working - please be assured that none of these issues jeopardise the stability of the new platform. We have a plan in place to fix the issues that have arisen since migration, as quickly and securely as possible, and we’ll be keeping you informed over the coming weeks with our progress. If you’ve already migrated to our new platform you can get the latest updates on fixes in the Temporary solutions page that you’ll find in the Platform updates section of the platform.

Such a significant change always creates additional queries and questions and there are things which have taken us longer than we would like. Rest assured we’ve been training our front line colleagues to ensure they are able to handle these queries. We’ve ensured that any comments or difficulties you raise have been directed through the appropriate routes to help inform our decision making process. This has helped us to address and remedy several teething problems and we’re appreciative of the support you’ve given us here.

Reflecting on his experience, Duncan Parkes from Old Mill said, “We have been using Ascentric since 2009 and whilst we have experienced some minor issues with the transition to the new platform (as you would expect) we have worked with Ascentric, resolved them and moved on.”

We’ve made a lot of information available on our website and we will continue to keep this updated. So if you haven’t migrated to our new platform yet, we recommend you take a look as there’s a lot of useful information there.

A reminder that if you experience any new or continuing issues please give us a call on 0345 076 6140 or email us. We’re continuing to work closely with you, to ensure the platform is fit for your needs, and your ongoing feedback is vital to us.

Thank you again for your ongoing support.

The information contained in this page is for professional Financial Adviser use only. If you are a private investor, please visit the Private Investor section or contact your Financial Adviser for more information.

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