What we do
Adviser Ratings puts the entire world of financial advisers and online advice tools at your finger tips making it easy to find the right kind of advice to suit you and your circumstances. It is an easy to use and transparent online platform which empowers customers and provides a valuable independent mechanism of consumer feedback for the industry.
Despite years of experience in the financial services sector and numerous scandals engulfing the finance industry we didn’t know where to send our family and friends who were seeking financial advice. Through this clear need to bring a trustworthy and transparent service to help consumers find qualified financial services we created Adviser Ratings. Our aim is to make financial advise more accountable, accessible and affordable for customers by fostering transparency, integrity and trust.
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Our Rating System
Our rating system is divided into two key areas. The first is the 5 star Customer Rating - this is calculated as an average of all customer reviews given to an adviser. The second is the Adviser Ratings Status and is displayed as one of 4 badges. The Adviser Ratings Status is calculated using a combination of factors including information gathered from licensees, ASIC, key industry bodies and the overall customer rating score.
Whenever a customer rates their adviser they are given the opportunity to give feedback on both the quality and satisfaction with the advice they receive through a series of specially devised questions. These questions involve 4 key areas including: Communication, Knowledge & Expertise, Customer Care and Recommendation. Each of these areas is then combined to give a total percentage which is then divided by 20 to give a final rating out of 5 stars.
This means how often the customer could clearly understand the adviser's advice and their explanation of how it fitted the customers needs
Knowledge & Expertise
How confident the customer is that their adviser's knowledge and experience was broad enough to allow the adviser to despense the best advise for them
This means how often the adviser was able to give the customer full care and attention when they’ve needed help or advice
This means how likely the customer would be to reccomend their adviser to other customers, family and friends
Adviser Ratings Status
The rating system incorporates information on individual planners from Consumers, Industry Bodies, Licensees & ASIC. We apply percentages to each component to come up with an overall adviser rating percentage.
We ask feedback from customers on both the quality and satisfaction with the advice they receive through a series of specially devised questions. These questions involve 4 key areas including:
- Knowledge & Expertise
- Customer Care
Consumers can rely on certain industry or professional bodies that its member advisers have appropriate professional qualifications, development & compliance in place. If your adviser is not a member of an industry body, Adviser Ratings requires them to go through a more thorough questionnaire to come up with their rating. We recommend all advisers be a member of an industry or professional body.
ASIC & Licensees
Each financial adviser is required to hold an Australian Financial Services License or be an Authorised Representative of one. The regulator, the Australian Securities and Investment Commission, has the power to enforce certain undertakings on these licensees as well as the power to ban and disqualify financial planners. We take this into consideration in our rating system.
We then award the advisers the following status:
100% - 90%
80% - 89%
70% - 79%
60% - 69%
0% - 59%
Angus and Chris, co founders of Adviser Ratings, met whilst working together at One Big Switch. There they were behind the scenes working on massive consumer switches where large numbers of people pooled their negotiating power in search of better offers.
Angus and Chris’ financial services and consumer empowerment backgrounds converge to create an opportunity to be at the forefront of changing the financial advice industry.
We are proud to present Adviser Ratings. It’s been said we can be to financial planners what TripAdvisor is to hotels. It’s more accurate to say we are part of the emerging collaborative consumption economy where technology and bright ideas bring those who need a financial service together with those who provide it at a better cost, in better ways and with greater transparency.
In November 2017 we were pleased to welcome on board Mark Hoven as CEO Wealth. Mark joins Adviser Ratings from Equifax where he was Head of Wealth Segment and previously held senior leadership roles at Standard & Poor’s, with his most recent as Managing Director Global Fund Services.