Adviser Ratings, a platform that lets users review their financial planners has launched, hoping to rebuild consumers’ faith in the sector.
The 18,000 financial adviser listings on the controversial Adviser Ratings website came from a commercial deal with research and publishing house Rainmaker Group.
Co-founder of new consumer-led review website for financial planners has responded to brokers’ concerns over the site’s independence and validity, and said there would be no reason why it couldn’t work in the broking industry as well.
The Association of Financial Advisers (AFA) has voiced its support for the recently launched Adviser Ratings website, saying anything that benefits consumers is a good move for the industry.
What are consumers to make of launches of online searchable registers of financial planners.
The FPA has questioned the value new consumer advice site Adviser Ratings will bring to the financial planning industry following the launch of the ‘Trip Adviser’-style website on Monday.
The Adviser Ratings website, which allows consumers to rate their financial planners for free, will launch paid services for advisers and consumers in the future.
Shadow Treasurer Chris Bowen has endorsed the development of private sector financial adviser ratings websites, as a second product of this kind is launched to the market.
A new online service designed to give investors a forum for rating financial planners may eventually include financial brokers in its coverage.