The heat turned up another notch on both the financial planning industry and ASIC this week, following Sydney Morning Herald’s investigation into NAB Wealth.
Adviser Ratings will launch phase 2 of its website in coming weeks, which will further help to redress the information imbalance between consumers and advisers. As Christopher Zinn has stated in our keynote article this week, the actions of certain rotten berries in the industry are not only impacting the trustworthiness of the good guys but also preventing consumers from seeking financial advice.
The challenges for the profession are not just limited to the actions of rogue planners, but incoming and competing technologies and consumer preferences in seeking advice. The latter point though also presents opportunities for those within the planning industry that are willing to adapt - refer to David Rae's piece.
One of those technology enablers are ratings and review platforms, such as ours - Harvard research found that those organisations who utilise such platforms see a significant uptick in revenues. As part of our rollout in phase 2 and upcoming campaign for the Adviser Ratings website, there will be a significant focus on those advisers who have embraced reviews as part of their profile.
We want consumers to re-engage with the financial planning industry and connect with trustworthy and competent advisers - reviews from their own customers is just one way this can be achieved.