We have developed a PAO Standard, that will help advisers save significant time and improve client service.
Addressing one of the industry's most pressing challenges – the transfer of accurate and complete customer, product, and investment information from adviser to platform – the PAO Standard has been created to streamline how adviser practice management systems communicate with investment platforms. The Standard covers the opening of accounts such as Self-Invested Personal Pensions (SIPPs), Individual Savings Accounts (ISAs) and General Investment Accounts (GIAs).
For advisers, the benefits will be transformative. Currently, advisers are tasked with navigating varying platform requirements, dealing with inconsistent documentation formats, and spending valuable time on repetitive data entry. Juggling these different formats and processes can often lead to delays, additional training, errors, and inefficiencies in client onboarding.
The new standard promises to ease these pain points by providing a unified framework that ensures information like client details, anti-money laundering evidence, and investment choices are transmitted seamlessly and securely. This will not only save advisers time but also allow them to focus on strengthening client relationships and delivering exceptional service.
For platforms, the benefits are also significant. Implementing this standard will provide faster, more accurate account opening processes, leading to enhanced client satisfaction. Platforms also stand to reduce operational costs by minimising the need for manual corrections and follow-ups. Ultimately, by streamlining the flow of essential information, platforms can minimise administrative errors, accelerate onboarding timelines, and free up resources to focus on delivering a superior user experience.
Billy Burnside, Criterion’s Managing Director:
The publication of the PAO Standard marks a significant step forward in simplifying and streamlining the account opening process for advisers and platforms. This standard is the result of extensive collaboration with industry stakeholders, including advisers, platforms, and technology providers. Together, we identified the key challenges in the account opening journey and developed a consistent, efficient framework to address them. By eliminating inefficiencies, reducing the risk of errors, and saving valuable time, this standard enables advisers to focus on delivering exceptional client service while helping platforms onboard accounts more quickly and reliably. We will make the working group as representative as possible, so continue to both attract new participants and seek feedback from the industry. As with all our standards, we have a responsibility to ensure they evolve over time, through ongoing widespread industry consultation and collaboration.
Organisations that choose to adopt and implement this standard will not only be positioning themselves as industry leaders but also setting a powerful example of innovation and collaboration. By embracing this framework, platforms can demonstrate their commitment to improving adviser workflows, reducing onboarding complexities, and delivering exceptional value to their clients. Early adopters have a unique opportunity to shape the future of the industry while gaining a competitive edge in a rapidly evolving market.
Paul Wood, Best Advice Software Manager at Aviva:
Being part of the Platform Account Opening Working Group lets us shape transformational standards that streamline processes, enhance reusability, and ensure future-ready solutions for platforms and advisers.
Nicky Sevel, Co-founder of Woven Advice:
Woven Advice is pleased to have been part of the working group from the outset, collaborating with the industry to shape the Platform Account Opening Standard. This kind of industry collaboration is exactly what’s needed to fix long-standing inefficiencies, unlock real value, and ultimately, empower advisers to deliver more value to clients. At Woven Advice, we’re all about using quality data in innovative ways to make life easier for advisers - saving time, boosting capacity, and growing business value. This new standard is perfectly aligned with that mission, and we’re excited to see the impact it’ll have across the sector.
