The advice industry has changed dramatically in the past couple of years, with the introduction of professional standards. As the only ratings company of financial advisers, it’s time for our ratings system to evolve to match changing community and regulatory expectations. Ultimately, this creates a better set of signposts for consumers to have trust in the advice market and find the right adviser for their financial needs.
Here’s a quick look at what will be different and what you can do if you’re affected. You can read more information in our whitepaper, here.
How is Adviser Ratings’ scoring procedure changing?
We are introducing a more dynamic scoring system that uses more accurate sources of information to assess the following components:
1. Your qualifications
2. The professional associations where you’re an active member
3. The volume of reviews you’ve received
4. Your experience.
How will I find out how this affects me?
The changes will be adopted in coming months. We will write to you to let you know if your Adviser Ratings status badge is being upgraded or downgraded as a result of our modified ratings system.
What can I do if I want to change my rating?
To stay ahead of the changes, if your Adviser Ratings badge is going to be downgraded, there are some steps you can take in the meantime:
1. Check that information about your qualifications and professional memberships on the Financial Advisers Register is correct and up to date.
2. Join a Tier 1 professional association. You can find the list of Tier 1 associations in our whitepaper.
3. Make sure your CPD requirements are complete.
4. Finish a FASEA-approved qualification.
5. Ask your clients to leave a review.
Once again, please read our whitepaper for more about the sources of information we are accessing to compose your rating. You will receive a separate notification on when these changes will occur to your profile, but in the interim, you can reach out to our team at email@example.com with any enquiries you may have.