Less than five per cent of the listed advisers have actively signed into their profiles and listed their credentials, according to a statement from Adviser Ratings.
However, Adviser Ratings also announced the site has attracted 13,000 visitors.
Despite the apparently low level take-up, Adviser Ratings principal Angus Wood said he was happy with the site’s progress.
“We are delighted with the very strong response to our service amongst advisers and their clients,” he said.
He assured advisers that the site provides strict controls that allow advisers to promote themselves and “monitor” their clients’ attitudes.
“Advisers are screening and responding to clients’ reviews and ratings before they are published on our closely monitored website, providing them with strong protection”, he said.
Warrington Scott adviser Daniel Sharp was quoted in the statement as saying Adviser Ratings was a “great promotional tool”.
“I have been surprised at the number of reviews and the thought clients have put into them,” he said.
“It is helping me understand where the customer is coming from and giving them worthwhile information about what I have to offer and how it has been received.”
JAS Wealth adviser Joshua Stega said he had picked up his first client referral from the site.
“I will be using the site and urge other planners to get on board on what is the future of financial planning,” he said.
Adviser Ratings recently issued its first ‘platinum’ rating to one of its participating advisers.
All the qualifications and professional associations yet still unwilling to declare product-based commissions, or would we rather say “asset-based fees on funds under advice”? How’s that rate?Follow the money!
I hold great concern for this site and the manner in which a advisor is rated. It is also full with advisors who have left the industry. Some of my previous advisors are there and left over 10 years ago.
there are 18,000 planners listed on the site who all received an email about the site. there have been 13,000 visitors to the site. I wouldn’t mind betting that the 13,000 visitors were mostly planners.
I was hesitant about using the site but I spent the 10 minutes setting up my profile and then emailed about 10 clients and was blown away to have 6 of them respond quickly. I had expected I would get about 2 in 10 clients to respond as many are very private people and older so not as tech orientated. The feedback I got from them was they were keen to promote good advice because of the CBA scandal.