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FSI adviser recommendations a good start but much work to do

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8 December 2014 by Adviser Ratings

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Adviser Ratings has welcomed the FSI’s recommendations to encourage innovation in financial services and increase the competency of financial planners.

The consumer-led ratings and review platform to increase transparency in the planning market also applauds moves to improve ways risk and fees are communicated.

Another key recommendation to raise industry standards and align the interests of consumers and advice providers is in line with the AR submission to the inquiry.

“ We are the first non-aligned platform in Australia that rates advisers across a variety of criteria. We also help decipher this data for consumers and help them compare across the entire market,” said Christopher Zinn.

“We also support the use of technology to offer scaled or limited advice options for consumers, making advice more affordable and accessible to more Australians.”

Another recommendation of merit is to establish a public-private initiative called the ‘innovation collaboration’ to drive forward-looking change in financial services and help timely and coordinated policy and regulation.

“Adviser Ratings wants to be at the forefront of bringing technology in the financial advice space, for both consumers and advisers, and help lower costs which can be passed onto consumers,” said Managing Director, Angus Woods

“Innovation around transparency is key to accelerating many of the positive changes the FSI report has underlined.”

The AR submission to the FSI underlined Harvard Business Review accounts of how businesses which participate in review platforms see a 9% increase in their revenues for every notch their ratings increase.

“We invite advisers and their licensees to get on the Adviser Ratings platform and be proactive in building trust,” said Woods.

“We'll also help bring customers and technology into the market at a lower cost of acquisition with improved tools for advisers to facilitate their relationship with customers.”

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