To the Advice Community,
This week we launched an important initiative in the lifecycle of Adviser Ratings. We acknowledge there are some limitations around client reviews, but it is an important part of the story to showcase quality advice and the benefits it is providing to hundreds of thousands of consumers.
The next stage of instilling trust back into the sector, we believe, is the formation of an industrial strength rating system on a key player in the advice value chain, the licensee. Yesterday we launched a white paper open for comment on how a licensee rating system can be an important utility for both consumers and advisers in improving the quality of advice. This is an undertaking supported by government funding and with partners from both the Capital Markets Cooperative Research Centre and the University of NSW. In light of initial hearings from the Royal Commission, licensee governance must improve.
In coming months, we will be actively rolling out more announcements on how this rating system will take shape. In the meantime, before we embark on a consumer awareness campaign later this year, we would encourage advisers to continue to engage in the platform. We are now receiving in excess of 120,000 searches each month, a majority of which are existing clients validating advisers' credentials and client reviews.
An important part of Adviser Ratings in playing a role in restoring consumer trust is maintaining our independence and ensuring we shine the spotlight on quality advisers and quality licensees. As an industry, we are now all aware that the actions of some have harmed the reputation of all. We will try and play a small part with you to rebuild these reputations.