The significance of the ASIC Register of financial planners launched today, is about how third parties can use the data to drive transparency and consumer empowerment to allow better comparison of planners.
The pro-consumer platform Adviser Ratings – allowing customers to rate and review planners – says the ASIC register, which includes bans and degree of alignment with product manufacturers, is only the start of a change.
The official register does not include details, such as how much planners charge, but will make its data available to other players who can go further with technology and innovation, allowing consumers to compare planners.
“While some commentators have focused on what the ASIC register can not or was never designed to do, we are more focused on what we and others can make of the data to help consumers navigate this market,” said Adviser Ratings spokesman Christopher Zinn
“The key area for most consumers of course is how much is it going to cost and how am I going to be charged. At present that information, if it’s available, is buried on thousands of different websites. In future it’s going to come out because of the transparency technology can now deliver,” he added
Mr Zinn said the goal is for social businesses, such as Adviser Ratings, was to help consumers find competent and trustworthy advisers, as well as independent and useful information about the sector.
“The ASIC register will include qualifications and memberships of planners from the end of May, which helps consumers build a clearer picture of whom they might trust to guide their financial futures. There’s still a long way to go but the ASIC register provides the kind of platform in financial advice which can help others, and we hope there will be many other players in the space,” he added.
Adviser Ratings launched last October and helps connect customers with advisers; captures qualifications and memberships; and allows comparisons and consumer feedback.
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