The Most Trusted Adviser Network (MTAN) has grown to 112 as network’s creator, Beddoes Institute, expands the criteria for inclusion on the network to include other aspects of trust within adviser-client relationships.

The new Adviser Trust! Score (ATS) builds on the recognised Net Promoter Score (NPS), which measures a client’s propensity to refer others to a product or service provider, and incorporates other aspects of a relationship that indicate strong levels of trust. The new ATS measure has replaced the NPS as a qualifying criteria for the MTAN.

For now, existing members of the MTAN (see table) remain in the network, having originally qualified by virtue of an NPS score of 50 or higher. Advisers are required to re-qualify for the MTAN every 12 to 18 months, will be reassessed under the new APS criteria, and be required to achieve a score of at least 85. (The NPS has a scale ranging from -100 to +100, while the ATS has a scale ranging from 0 to 100.)

Correlation analysis

“When we moved across to the Adviser Trust! Score a couple of months ago we did some correlation analysis between the NPS of advisers within our network, and we compared that to their ATS,” says Dr Rebecca Sheils (pictured), a director of Beddoes Institute.

“It’s relatively comparable, an ATS of 85 or more, to what our previous threshold of a NPS of 50 was.”

Sheils says that “pretty much everyone on the network [had an ATS of] 85 or higher, and if they weren’t 85 they were maybe sitting on the borderline of 84 or 83”.

“And there were less than five that fell into that category,” she says.

“So well and truly all of the advisers on the network are still eligible based on the new ATS criteria.

“We would have been posed a problem had we identified, say, an adviser that came in at 70 on the ATS. Then we would have been in a dilemma, but fortunately we didn’t have that situation arise. Everyone – well, 98 per cent – were 85 or above, and just a couple were within plus or minus 2 per cent. So clearly, everyone is very strong on the Adviser Trust! Score.”

Other criteria

Sheils says the ATS is “the qualifying metric” for being accepted into the MTA, but there is a range of other eligibility criteria as well.

“All advisers in the network need to [have been] managing a minimum of 40 clients in the last 12 months,” she says.

“They need to be truly working in an advice capacity with their client, not be just someone [working] part-time, not someone who is new to the sector and doesn’t have a full client load.

“We also have a criteria around having a minimum number of ratings, from our client experience survey. So if an adviser only had two client ratings, then of course we wouldn’t include them in the network because it wouldn’t be a representative sample.

“We also have a criteria around achieving a minimum response rate, and once again that’s to make sure it gets back to what we were speaking about a the beginning of the discussion: making sure we have enough clients that have rated these advisers in order for those ratings to be representative of the service that they are delivering to their clients.”

Qualified adviser

Sheils says an adviser must also have worked as a qualified adviser, within and advice practice, for at least five years.

“Again that talks to the experience and expertise of the individual,” she says.

“We don’t believe that anyone who has, say, two years’ experience can really be truly called a most trusteed adviser. That comes with experience, time on the ground, and expertise.

“We also require that our MTAs belong to other the AFA or the FPA because we think that belonging to a professional membership association is what all true professionals should do. And they also need to have achieved A or B compliance ratings for the last two consecutive years.

That eligibility criteria is really important, because we are making a promise to consumers that these advisers are most trusted advisers, and we need to make sure that we deliver on that promise.”

Sheils says there is scope for the MTA network to expand further but it will only ever cover a relatively small number of advisers.

“We need to make sure we retain that really high standard, and that’s why we have those tight qualifying criteria,” she says.

“We’re not going to relax that and we never envisage that we’re going to have thousands of MTAs on the network. We don’t see that. It is an elite group of best-of-breed advisers. That’s how it will sty, and because of that it will always be relatively contained. There’s obviously more room to move above 112, but we’re never going to have thousands.”

The network

1.  Troy MacMillan The Wealth Designers
2.  Stephen Kostarelas The Wealth Designers
3.  Phillip Win Profile Financial Services
4.  Kurt Ohlsen Profile Financial Services
5.  Tim Perrin Complete Financial Balance
6.  Tapel Cafer Complete Financial Balance
7.  Kyle Thompson Complete Financial Balance
8.  Graham Campbell Complete Financial Balance
9.  David Clark Clark Pacific Financial Services
10.  Catherine Robson Affinity Private
11.  Sam Gawenda Rising Tide Financial Services
12.  Matt Hale Rising Tide Financial Services
13.  Craig Bigelow Rising Tide Financial Services
14.  Ryan Merrett Tribeca Financial
15.  Alistair Lee Tribeca Financial
16.  William Bracey Sydney Financial Planning
17.  Richard Stewart Sydney Financial Planning
18.  Michal Bodi Sydney Financial Planning
19.  Julia Schortinghuis Lighthouse Capital
20.  George Vassiliou Lighthouse Capital
21.  Bernard Schortinghuis Lighthouse Capital
22.  Eleanor Dartnall Dartnall Advisers
23.  PJ Byrne Mr Insurance
24.  Troy Theobald Robina Financial Solutions
25.  Natalie Goodall Robina Financial Solutions
26.  Darko Zigic Robina Financial Solutions
27.  Anne Graham McPhail HLG Financial Planning
28.  Bryen Guy Carrington Financial Services
29.  Brett Waters Kingston Financial Services
30.  Steve Crawford Experience Wealth
31.  Scott Brouwer Prosperum Wealth
32.  Sasha Topolcsanyi Prosperum Wealth
33.  David Jennings Prosperum Wealth
34.  Bronwyn Cant Vizion Financial Planning
35.  Christine Swanson Prominent Financial Planners
36.  Christopher Bailie Financial Footprint
37.  Finn Kelly WE Private
38.  Andrew Wem Navwealth Financial Group
39.  Drew Hickey Navwealth Financial Group
40.  Craig Banning Navwealth Financial Group
41.  Stuart Hollman Navwealth Financial Group
42.  Rory Mooney 360 Private Wealth By Design
43.  Christie Rigg 360 Private Wealth By Design
44.  Tim Rogers 360 Private Wealth By Design
45.  Greg Rundle 360 Private Wealth By Design
46.  Stephen Catania Assured Financial Partners
47.  Lisa Greeve Greeve & Associates
48.  Mark Rando Rando and Associates
49.  Brett Schatto RI Blackwood/Nth Adelaide
50.  Nella Grida RI Blackwood/Nth Adelaide
51.  Lauren Topp ToppTunbridge
52.  Nick Tunbridge ToppTunbridge
53.  David Davidson Priority Life
54.  Bradley Gecelter Priority Life
55.  Ross Vanderwolf Rothgard Financial Partners
56.  Gino Saggiomo Rothgard Financial Partners
57.  Justin Gilmour Integro Private
58.  Brian Woods Nexus Wealth Management
59.  Stuart Brown Bartons
60.  Adam McCann Bartons
61.  Daman Arthur Bartons
62.  Steven Genoff Bartons
63.  Asha Burrows The Payne Group
64.  Chris Payne The Payne Group
65.  Michelle Tate-Lovery Unified Financial Services
66.  Lisa Haley Unified Financial Services
67.  Justine Back Back to Back Financial Planners
68.  Paul Reilly Back to Back Financial Planners
69.  Vince Dore Delphi Financial Management
70.  David Pitt Panoramic Financial Solutions
71.  Derek Mondy Panoramic Financial Solutions
72.  Calum Laing Panoramic Financial Solutions
73.  Andrew Hollow AHS Financial
74.  Heidi Schwegler AHS Financial
75.  Adam Hurwood Altitude Financial Group
76.  Christopher Taylor Empire Financial Group
77.  James Wortley Enlightened Financial Solutions
78.  Scott Jamieson Enlightened Financial Solutions
79.  Benjamin Whitwell FinAdvice Financial Planning
80.  John Grasso Grasso Financial Services
81.  Tonia Sanderson Grasso Financial Services
82.  Samantha Hamilton Key Choice Financial Solutions/NCA Financial Planning
83.  Don McLeod McLeod Watzdorf Financial Planning
84.  Werner Watzdorf McLeod Watzdorf Financial Planning
85.  Ben Littleton Perrier Ryan Financial Advisors Pty Ltd
86.  Troy Scott Perrier Ryan Financial Advisors Pty Ltd
87.  Greg Lourens SAM Group
88.  Paul Roberts SAM Group
89.  Debbie Hudson Wealth Fusion
90.  Alan Tickle Your Heritage Financial Planning Pty Ltd
91.  Charles Read FTS Financial Planning
92.  Emma Falkenmire FTS Financial Planning
93.  Robert Beutum FTS Financial Planning
94.  Daniel Sharp Warrington Scott
95.  Prue Martin Warrington Scott
96.  Glenn Sterrey Bentleys Wealth Partners
97.  Josh Drake Crosbie Wealth Management
98.  Mark Alexander Crosbie Wealth Management
99.  Tim Deamer Crosbie Wealth Management
100.  Katherine Hann Affinity Financial Planning Australia
101.  Deborah Kent Integra Financial Services
102.  Anthony Pears Integra Financial Services
103.  Emma Oliver Complete Financial Planning
104.  Kathy Boland Complete Financial Planning
105.  Jenny Brown JBS Financial Strategiests
106.  Glenn Malkiewicz JBS Financial Strategists
107.  Warren Hanna JBS Financial Strategists
108.  Esther Althaus Perspective Financial Services
109.  Tatiana Coulter Monarch Advisory Group
110.  Dianne Chalk Hillross Fairy Meadow
111.  Dianne Charman Jade Financial Group Pty Ltd
112.  Christine Hornery FMS Group

 

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Simon Hoyle is head of market insight for CoreData Research.