Speaking at the launch yesterday, Beddoes Institute director Adam Tucker said network membership is by invitation only and is based solely on how participating advisers have been ranked by their clients.
“The advisers we surveyed include the very best of the best from corporate partner advisory networks as well as those advisers who have, over the past three years, been finalists and winners of the AFA Adviser of the Year Award,” Mr Tucker said.
“Most Trusted Advisers deliver significantly better outcomes to their clients,” he said. “Their clients believe they are more on track with their financial plan and are financially better off as a result of working with their adviser compared to clients of other financial advisers.”
Mr Tucker explained that in order for an adviser to be included in the network, they have to meet a benchmark Net Promoter Score (NPS) of 50 or more.
“The NPS is a powerful loyalty metric which has been linked to profitability and growth in a wide range of businesses,” he said.
“An NPS higher than zero is regarded as ‘good’ while an NPS of 50 plus is regarded as ‘excellent’.
“We were also very pleased to discover that the advisers currently included on the Most Trusted Advisers network hail from different segments of the industry, including both institutional and non-institutionally aligned licensee groups,” Mr Tucker said.
Two points.
There’s some great advisers on that list. What I don’t get is why they are there. Do they need more clients? How many clients do they want? How many can they handle??? A consumer looking at this list will say “I want Troy – I don’t want to talk to anyone but Troy”. Before too long won’t Troy have to take himself off the list because he hasn’t got enough time to service his clients?
Or does his pass them to a junior who isn’t on the list? If I was a consumer I’d be pretty pee-ed off that I’m not getting one of the guys or girls on the list.
Or is this an ego thing?
Or an attempt to bring more people to financial planning? If it’s this last one, great.
Second point – does anyone know if other professions have association awards like the AFA and FPA? Do professional doctor, lawyer and accounting associations have “Doctor of the year awards”?
I’ve never seen it…
Great initiative, well done to Beddoes Institute. The last sentence in the article is very telling and timely in the context of some of the current debates.