--- title: Advice Firms Lose Over £517 Mn to Broken Platform Switching Process description: Woven Advice, a specialist in AI-driven data management for wealth managers and financial advisers, has published research revealing that platform switching inefficiencies cost advice firms £517 million annually. image: https://wovenadvice.com/hubfs/Screenshot%202025-03-07%20123513.png --- [Skip to content](https://wovenadvice.com/insights/advice-firms-lose-over-517-mn-to-broken-platform-switching-process#main-content) - ``` 🔄 Checkout Woven's new CIP and investment switching tool- click to learn more ```   - ``` 🔄 Checkout Woven's new CIP and investment switching tool- click to learn more ```   [![Woven-Advice-Primary-Logo-White-text-623x180](https://wovenadvice.com/hs-fs/hubfs/Woven-Advice-Primary-Logo-White-text-623x180.png?width=220&height=64&name=Woven-Advice-Primary-Logo-White-text-623x180.png)](https://wovenadvice.com) - Solutions Show submenu for Solutions - [Woven Analytics](https://wovenadvice.com/analytics) - [Woven Switch](https://wovenadvice.com/switch) - [Woven CIP Switch](https://wovenadvice.com/investment-switch) - [Acquisitions](https://wovenadvice.com/woven-acquire) - [Insights](https://wovenadvice.com/insights) Show submenu for Insights - [Market Map](https://wovenadvice.com/market-map) - [Blog Insights](https://wovenadvice.com/insights) - [Press](https://wovenadvice.com/woven-in-the-press) - [About](https://wovenadvice.com/about) Show submenu for About - [About](https://wovenadvice.com/about) - [Careers](https://wovenadvice.com/woven-careers) - [Login](https://app.wovenadvice.com/login) Open main navigation Close main navigation - Solutions Show submenu for Solutions - [Woven Analytics](https://wovenadvice.com/analytics) - [Woven Switch](https://wovenadvice.com/switch) - [Woven CIP Switch](https://wovenadvice.com/investment-switch) - [Acquisitions](https://wovenadvice.com/woven-acquire) - [Insights](https://wovenadvice.com/insights) Show submenu for Insights - [Market Map](https://wovenadvice.com/market-map) - [Blog Insights](https://wovenadvice.com/insights) - [Press](https://wovenadvice.com/woven-in-the-press) - [About](https://wovenadvice.com/about) Show submenu for About - [About](https://wovenadvice.com/about) - [Careers](https://wovenadvice.com/woven-careers) - [Login](https://app.wovenadvice.com/login) - [Sign-up](https://wovenadvice.com/signup) [Sign-up](https://wovenadvice.com/signup) [All posts](https://wovenadvice.com/insights/all) March 11, 2025 # Advice Firms Lose Over £517 Mn to Broken Platform Switching Process ![Picture of Nicky Sevel](https://app.hubspot.com/settings/avatar/b8c61aa629bddebf5ce2e91e1494b607) By  Nicky Sevel  ·  1 minute read Woven Advice, a specialist in AI-driven data management for wealth managers and financial advisers, has published research revealing that platform switching inefficiencies cost advice firms £517 million annually. Unveiled in its white paper *Platform Switching Eats Strategy for Breakfast*, the research uncovers the financial impact and risks posed by poor data quality and poor systems integration across advice firms, platforms, and their clients. Platform switching demand is accelerating, driven by seven key market forces - including Consumer Duty, consolidation, and rising cost pressures. As a result, the process is becoming increasingly data-heavy, high-risk, and costly. **Nicky Sevel, CEO and co-founder of Woven Advice, says, ** > “Much has been said about platform due diligence and strategy, but real success is defined by execution - the hard work of making strategy a reality, and the absolute success determinant is data quality. > > “To achieve data quality, we need better collaboration to enable sustainable system integrations – and we’re not just envisioning a better future - we’re proving that seamless, efficient platform switching is already within reach. Our white paper showcases real-world innovations from fellow fintechs and us to dismantle the outdated notion that platform switching must remain costly, complex, or risky. > > “So, this is our call to the entire sector: through collaboration and quality integrations we can drive data excellence to enable efficient platform switching. This will enable the fulfilment of our Consumer Duty responsibilities and eliminate £517 million in cost and inefficiencies to redefine service expectations for advisers and their clients.”   **Chris Baigent-Reed, managing director of Jigsaw Tree adds**,  > “Consolidating assets onto a single platform isn’t just about efficiency - it’s a game-changer for financial planning firms. The reality is, when assets are scattered across multiple platforms, advisers are forced into a juggling act of reconciling data manually, navigating different systems, and dealing with delays that drain both time and resources.  > > “To conduct the pre-switch analysis, and to do that continually, means that we need to get better about data quality and systems integrations. We can no longer afford to manually pull through poor data nor rely on it for fundamental life decisions for our clients.  > > “With automated reporting and seamless integration, firms can shift their focus from admin burdens to what truly matters - client outcomes and business growth."   The white paper can be downloaded from here: [https://wovenadvice.com/platform-switching-whitepaper](https://wovenadvice.com/platform-switching-whitepaper)  Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://wovenadvice.com/insights/advice-firms-lose-over-517-mn-to-broken-platform-switching-process) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://wovenadvice.com/insights/advice-firms-lose-over-517-mn-to-broken-platform-switching-process) [twitter icon](https://twitter.com/intent/tweet?url=https://wovenadvice.com/insights/advice-firms-lose-over-517-mn-to-broken-platform-switching-process) [pinterest-p icon](http://pinterest.com/pin/create/link/?url=https://wovenadvice.com/insights/advice-firms-lose-over-517-mn-to-broken-platform-switching-process) [envelope icon](mailto:?body=https://wovenadvice.com/insights/advice-firms-lose-over-517-mn-to-broken-platform-switching-process) [![Woven white small](https://wovenadvice.com/hubfs/Woven%20white%20small.svg "Woven white small")](https://www.wovenadvice.com) Woven Advice is transforming the tech landscape for IFAs and Wealth Managers using data and AI.  See our [privacy policy.](https://wovenadvice.com/privacy) [linkedin-in icon](https://www.linkedin.com/company/woven-advice/) [instagram icon](https://www.instagram.com/wovenadvice/) ![Innovate UK logo](https://wovenadvice.com/hs-fs/hubfs/Innovate%20UK%20logo.png?width=155&height=50&name=Innovate%20UK%20logo.png) ![Cyber-Essentials-Logo-1](https://wovenadvice.com/hs-fs/hubfs/Cyber-Essentials-Logo-1.png?width=90&height=50&name=Cyber-Essentials-Logo-1.png) Copyright © 2026, Woven Advice Ltd Woven Advice Ltd is registered in England under company no.14384586  ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Nicky Sevel", "url" : "https://wovenadvice.com/insights/author/nicky-sevel" }, "dateModified" : "2025-03-11T11:10:42.230Z", "datePublished" : "2025-03-11T11:10:42.000Z", "headline" : "Advice Firms Lose Over £517 Mn to Broken Platform Switching Process", "image" : [ "https://wovenadvice.com/hubfs/Screenshot%202025-03-07%20123513.png" ], "mainEntityOfPage" : { "@id" : "https://wovenadvice.com/insights/advice-firms-lose-over-517-mn-to-broken-platform-switching-process", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://wovenadvice.com/hubfs/Woven-Advice-Logo-300x89-1.png" }, "name" : "Woven Advice Ltd" } } ``` ```json { "@context" : "http://schema.org", "@type" : "Article", "author" : { "@type" : "Person", "name" : [ "Nicky Sevel" ] }, "datePublished" : "2025-03-11T11:10:42+0000", "description" : "Woven Advice, a specialist in AI-driven data management for wealth managers and financial advisers, has published research revealing that platform switching inefficiencies cost advice firms £517 million annually.", "headline" : "Advice Firms Lose Over £517 Mn to Broken Platform Switching Process", "image" : "https://26062912.fs1.hubspotusercontent-eu1.net/hubfs/26062912/Screenshot%202025-03-07%20123513.png", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://26062912.fs1.hubspotusercontent-eu1.net/hubfs/26062912/Woven-Advice-Logo-300x89-1.png" }, "name" : "Woven Advice Ltd" }, "url" : "https://wovenadvice.com/insights/advice-firms-lose-over-517-mn-to-broken-platform-switching-process" } ```