Adviser Ratings signs up 1,000 advisers

Survey results from the first 1,000 advisers who’ve joined Adviser Ratings show a national satisfaction level with their licensees/employers of 84%.

Other findings of the survey include:

*When asked if they would consider switching from their current licensees in the next six months 17%, or more than 170 advisers, said yes.

*Better technology, marketing support and communication were the top three asks advisers had of their licensees.

*IOOF-aligned licensees were the most sought after group amongst those considering a switch, closely followed by Synchron and BT aligned licensees.

The Adviser Ratings’ website was launched four weeks ago to help the public find advisers who fit criteria around competence, qualifications and compliance. More than 18,000 planners on the database have been invited to populate their profiles to help increase transparency and trust in the market.

“After a month into the launch of Adviser Ratings we’ve had more than 1,000 advisers register across Australia – validating that many advisers support the need for change,” said campaign director, Christopher Zinn.

“Over the next few months, we will be rolling out a more robust platform to help both consumers and advisers,” he added.

Initiatives will include an improved search function, the ability for an adviser to expand on their profiles and the recognition of both risk and SMSF advisers.

Founder Angus Woods said the data which was provided by planners could help dealer groups improve their service and help lift standards.

He said “The key area that advisers felt licensees could improve under their support structure was overwhelmingly that of technology and innovation, with several advisers noting this could be a point of differentiation for their customers.

“Advisers also noted the need for increased marketing support and overall business development and training for their individual practices,” he added.

Adviser Ratings consulted widely with a range of stakeholders before the launch and continues to do so following it to ensure the best and fairest service possible for both advisers and consumers.

“We appreciate all feedback, listen to ideas from all sides and are committed to continue to improve the service and its impact on a much-needed sector,” said Woods.