…Media release…
Adviser Ratings completes ASX “Find An Adviser” solution
Sydney, October 13, 2020: Adviser Ratings – Australia’s only independent financial advice data and ratings agency – has announced the successful completion of the ASX “Find An Adviser” tool to help consumers reach financial advisers working at ASX Trading Participants. This new service aligns with research that supports an increasing willingness for investors to seek professional advice, partly motivated by impacts from COVID-19 induced market volatility.
The ASX “Find An Adviser” solution was launched this week on the new ASX website, one of the most visited websites in financial services with over one million unique visits per month. The tool currently contains over 200 financial advisers from Canaccord Genuity, Morgans Financial and Ord Minnett. This is expected to grow as more Trading Participants join the program in coming months, with the potential to showcase over 2,000 advisers currently employed in the stockbroking industry.
“We are delighted to welcome ASX as a client of our white-label service and applaud their commitment to creating better connections between investors and advisers,” Adviser Ratings Chief Executive Officer, Mark Hoven, said. “White-labelling is integral to our mission to improve advice affordability and accessibility for consumers. The ASX solution launches at a time of increased interest in direct investing including exposure to exchange traded funds and international equities, and ongoing product innovation from fund managers supported by ASX. Financial advisers working for Trading Participants and other licensees are also accommodating this demand through changing investment portfolio strategies and execution channels,” Hoven said.
The launch of the ASX tool coincides with the release of the 2020 ASX Australian Investor Study. This research shows continued strong demand for advice in Australia. 84% of respondents already receiving advice found their adviser helpful during the COVID-19 period. Encouragingly, 63% of those surveyed were open to receiving financial advice, and 17% were more likely to do so after COVID-19. The study also highlighted barriers to seeking advice, with 25% of investors saying they didn’t know how to find a suitable adviser.
The ASX white-label is the third “Find An Adviser” product launched following earlier successes with a major super fund and national small business directory. “As organisations increasingly recognise the power of financial advice to improve financial well-being for their clients, members, investors, policy holders, or employees, we expect to see more demand for our white-label service,” said Hoven.
“Perversely, the rapid shrinking of the adviser workforce is also a catalyst as high volumes of previously advised clients become orphaned.” Wealth firms like platforms, fund managers and life insurers, traditionally kept at arms-length from the end customer by the adviser, are now confronted with finding ways to reconnect their customers with another third party adviser for retention purposes, without running the legal risk and moral hazard of making an explicit recommendation. “Our service removes this business risk by allowing consumers to self-select from a custom list of advisers matched to the geographic and demographic span of the audience.”
ENDS
For further information, please contact:
Mark Hoven, CEO Adviser Ratings
m 0413 614 640
About the “Find An Adviser” White Label Service
The white-label service is highly flexible and customisable to accommodate client preferences for branding, content, the range of financial advisers and digital tool options displayed, consumer experience journeys, and administration. It allows for rapid deployment that can be integrated into a client’s existing web environment, and outsources ongoing maintenance of adviser information. Put together, it removes execution and financial risk to allow companies to concentrate on their core capabilities.
About Adviser Ratings
Adviser Ratings is a data, ratings and technology business based in Sydney. It provides both a consumer service by helping people find financial advice solutions, and a data service where it analyses wealth industry trends and the advice channel.
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