Search by:NameLocation
 
 

Media

In Brief: July Edition  

Do you have a good advice story?

Are you an adviser with a customer who'd like to tell their story how your advice helped them?

Are you a customer with a good story about how advice has added value to your life?

Tell us about it

Rotten Tomatoes for financial planners

« back to media

20 October 2014 by Kye White, Startup Smart

Article link: http://www.startupsmart.com.au/growth/start-up-profiles/rotten-tomatoes-for-financial-planners/2014102013450.html

Adviser Ratings, a platform that lets users review their financial planners has launched, hoping to rebuild consumers’ faith in the sector. 

The startup, armed with a database of 18,000 financial planners, is offering a Rotten Tomatoes-like service for people wanting to find a financial planner, and those who want to review one. It’s currently limited to Australia, but co-founder Angus Woods says the team is looking to take the platform overseas as soon as possible.

Adviser Ratings will give each of its 18,000 financial planners an ‘adviser’ rating, which will be based on their qualifications, experience in the marketplace, and compliance. In addition advisors will also be given a customer rating, which will be based solely on customers’ reviews. 

Woods says there’s been a need for such a platform since the global financial crisis.

“There’s a crisis of confidence in the financial planning space,” he says.

“Adviser Rating is about rebuilding the trust and confidence in the industry. The number of people that use financial advisers in Australia in dwindling. It’s our aim to help grow that pie.” 

The platform conforms to Australian Competition and Consumer Commission guidelines, and as such it has a number of mechanisms in place to prevent astro-turfing and similar practices. That’s achieved by a combination of manual and automated checks of things like email and IP addresses. Whenever a negative review is posted the subject of the review is given a period of time to respond to the criticism, before it goes online.

Customer reviews aren’t your typical one out of five, with a short spiel, like you might see on the Apple App Store. Woods says the startup worked with economists and psychologists to develop a survey of three to four minutes for reviewers. 

The platform will continue to be available for free to users looking for a financial advisor, or wanting to review one, and monetisation will centre on building “value adding” products which can be offered to financial planners.

Woods says he and his co-founder Christopher Zinn have funded the startup themselves, but they’re currently finalising an investment proposition, which they’ll be taking to investors in the near future.

Comments

No comments added.

Add comment

Name

Email

Comments

Enter code:*

Refresh code

Add comment

« back to media

Adviser Ratings

For consumers

For advisers

 
  Join as an Adviser
 

While we may facilitate the review and introduction of Advisers, Customers of Adviser Ratings will be responsible for entering into their own agreement with Advisers introduced through our website. Adviser Ratings does not provide personal financial advice nor do we recommend or suggest a particular adviser is right for you. We provide information of a general nature and we do not take into consideration your personal objectives, financial situation or needs. Always consider whether the advice and information you are provided suits your needs. Adviser Ratings does not endorse, accept or adopt the Advisers on our site, the content of any profiles or the comments or discussion in any community forums. For further information about How We Rate Our Advisers, click here. Per quote in our video, refer KPMG research undertaken for Financial Services Council

Adviser Ratings Pty Ltd (ABN 18 154 273 640 ) (AR 466730 ) is a Corporate Authorised Representative of IPraxis Pty Ltd (ABN 39 114 365 007) the holder of Australian Financial Services Licence No. 329337. We are a Sydney based company located at - Level 22, Tower 3, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia

© 2021 Adviser Ratings Pty LtdTerms of Use | Privacy | Contact