Slides Framework

FAQs

Find An Adviser

Does Adviser Ratings ensure all current financial advisers are on the platform?

Yes, we have a direct feed into ASIC which gives the most up-to-date records on financial advisers.

How do I access my adviser profile?

If you are yet to do so, you can access your profile page on Adviser Ratings by going to the “Adviser Signup” button on our home page to claim it.


Click on “Adviser Signup” at the top right of our homepage at www.adviserratings.com.au then:

  • Simply enter your names as it appears at the ASIC Financial Advisers Register and you should appear in a drop-down menu
  • Select yourself from the menu and make sure your name appears in the “name” field
  • Enter your business email address in the next field
  • Click on “Check Profiles”

Continue to follow the prompts as requested. If all details are correct, the process takes less than a minute until you have access to your profile. Once you have access to your profile, you can upload a profile picture, update your address, enter and change your company name and logo as well as other details. A handy guide to “using the basics” of your profile (including using our email template to invite your clients to rate you) can be found here

How are reviews verified?

We track email and IP addresses to ensure duplicate and fraudulent reviews are not included.

How do you handle negative feedback?

Negative feedback is quarantined for 72 hours to ensure accuracy and fairness of the review.

Can an adviser dispute a rating?

If you believe a customer review or rating to be false, you can lodge a dispute at reviews@adviserratings.com.au.

We will review your request and investigate accordingly. All reviews require the reviewer to supply a legitimate email address.

We will only remove false reviews - a difference of opinion is NOT considered a false review. All advisers have the right of reply to every review that's been posted.

Won’t other advisers be able to falsify customer reviews?

Adviser Ratings has processes in place, both automated and manual to verify each customer review. We have a dedicated technology and moderation team that check all the reviews posted to the Adviser Ratings website.

In the instance we find an Adviser or Customer has falsified a review, be it negative or positive, the offending Adviser will be removed from the website. We also refer to ACCC's statement on misleading reviews. You should not:

  • Simply enter your names as it appears at the ASIC Financial Advisers Register and you should appear in a drop-down menu
  • encourage family and friends to write reviews about your business without disclosing their personal connection with your business in that review
  • write reviews when you have not experienced the good or service reviewed or which do not reflect a genuinely held opinion
  • solicit others to write reviews about your business or a competitor’s business if they have not experienced the good or service Adviser Ratings may refer Advisers that have deliberately provided falsified reviews to ACCC for further investigation.

What do the Star Rankings refer to?

The Star Rating of the adviser (0 to 5 Stars) is based on their client reviews only.

Customers answer particular questions on their own advisers or advisers from whom they have sought advice. The answers to these questions are weighted to give an overall customer rating out of 5. The overall star rating is the average rating of all client reviews combined. Advisers yet to be reviewed by their current or former clients will have a zero Star rating.

What do the Adviser Status (Platinum, Gold etc) refer to?

We created the Adviser Status (Minimum, Bronze, Silver, Gold, and Platinum) to help consumers navigate the minefield of advisers and variability around the quality of advice dispensed. This should be considered in conjunction with customer reviews. We import data from the ASIC Financial Advisers Register (FAR) regarding adviser's memberships to various industry and professional associations, qualifications they hold, experience in the industry and compliance checks in place. We then apply a weighting to each of these segments to come up with the status level for the adviser.

How do I improve my Adviser Status?

Any adviser on the platform has passed the minimum requirements to be on the platform. As you improve your qualifications, have a more thorough compliance regimen, increased experience as an adviser or have more customers rate you positively, your Status (Gold, Silver etc) is likely to improve.


Client review input can increase your status ranking so getting reviews can increase your Adviser Status. Client reviews can account for up to a fifth – or 20% of your status level.

Robo Register

What is the purpose of the robo register?

The robo register was our first move away from strictly working with financial advisers. This in turn has led to the creation of the soon to be launched Adviser Marketplace

Adviser Marketplace

Will there be defined rules of engagement that define acceptable behaviour by advisers and service providers in the marketplace?

Yes, these will be published for all users to abide by. Participants will be prevented from using the marketplace if they consistently or flagrantly flout the rules. Further, advisers must claim their profile and be logged into the portal to access the marketplace so there will be full traceability of where they have been and what reviews they have created.

Can service providers rate financial advisers?

No, however service providers will be able to view the adviser’s customer satisfaction results

Will service providers be able to challenge ratings?

Challenges will be accepted if there is no record of the adviser having used the service or the language is unacceptable.

Will advisers be able to submit anonymous reviews of service providers?

Yes. Our testing confirms that simply providing this option leads to significantly higher participation rates by advisers, even if they do not select that option.

Will service providers be able to see the ratings of their competition?

Yes, there will be curated views available of competitor reviews although this will require payment of a subscription to access this content.

Education Hub

Will service providers and licensees be able to contribute content to this portal?

Yes, by invitation.

Adviser & Robo Adviser Ratings

Who gives advisers, and robo advisers their ratings

Former or existing clients who have a positive or negative view of the adviser or robo tool

Licensee Ratings

Are you working with licensees to develop the ratings criteria?

Yes. Licensees participated in our round tables last year when we were first establishing the terms of reference. Now that we have established our various internal and external rating committees, we are reaching out to licensees to invite them to participate in further discussions about our approach.

Service Provider Ratings

How will advisers rate and review the financial services industry participants?

Each category of industry participants will have a unique set of questions, reflecting what advisers often ask each other. Some questions will reflect general ideas such as ‘what was your client’s experience like?’, and other questions may be more specific to the vendor category such ‘what is the tele-underwriting process like?’ for life insurers.

Distribution

What experience does Adviser Ratings have in producing data analytics?

Adviser Ratings has been capturing and maintaining data on the adviser channel since inception in 2014. We have expanded our team to include data scientists as we evolve into a sophisticated data-analytics provider. Our rich and diverse data sets are further enhanced by powerful visualisations using 3rd party and proprietary tools.

Compliance

How will Adviser Ratings assist to solve compliance problems?

We’re developing a three-flag system to assist all product and service providers the chance to comply with the new ‘reasonable steps’ requirements laid out in the recent Design and Distribution Obligations guidelines.

Data Cleansing

What if my organisation will not allow us to share our data with Adviser Ratings.

This has happened occasionally based on the firm’s risk appetite and existing privacy permissions. In these situations, we can provide sample datasets to allow your team to analyse and compare, providing you with assurance as to the quality of our data.

Market Research

Do you perform custom research for individual organisations?

Not at this stage.

White Label

Can I control which advisers are displayed on the site?

Yes. White Label clients either provide a list of the advisers to be displayed or provide Adviser Ratings the selection criteria to use to filter in / out the desired advisers.

Are there options for how this is built / delivered?

Yes. We are completely flexible with the delivery option, from fully hosting it ourselves (on AWS) to providing data feeds into your own purpose built platform.

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