Adviser Ratings launched in October 2014 as Australia’s first independent marketplace of financial advisers. Today we are a data and ratings business that services three financial services industry customer types:
Consumers: Adviser Ratings is solving the problem of information asymmetry that exists in the wealth space. Consumers just don't know about the performance, skills, actions or regulatory compliance of those who they deal with in the sector. Without this information, consumers were previously not empowered to make the best buying decisions.
Advisers: Today, many consumer buying decisions are based on public reviews while at the same time adviser marketing to customers through a growing list of divergent media or relationships is costly, time consuming and not guaranteed to succeed.
Service providers and licensees: Due to poor advice dispensed in the last decade and lax compliance standards, banks alone have set aside billions of dollars to compensate customers and for increased spending on risk and compliance to make sure it does not happen again. We provide the data to help manage their distribution and compliance risk.
As stated by Justice Hayne in his final 2019 Royal Commission Report, “The financial advice industry is part way through transformation from an industry dedicated to the sale of financial products to a profession concerned with the provision of financial advice. The interests of Australians who seek financial advice require that transformation be completed.”
It is this transformation that we have been supporting and driving for the last 4 years.
