Westpac-aligned advisers will be publicly rated by consumers on a new ‘Trip Advisor’ style register, with the bank pledging to publish any negative comments.
Yesterday, BT Financial Group announced the launch of ‘Adviser View’, a new public register of financial advisers in Westpac’s salaried bank and aligned dealer group channels, alongside a new ‘advice commitment’ document and new education standards.
Speaking to ifa, BT head of advice Mark Spiers said the register is about shepherding in a “new era” in which advice is “more accessible and more transparent”, which means allowing consumers to post comments about negative experiences with advisers.
“I think consumers are very savvy, they can tell the difference between truly below-standard service and a 'one-off',” Mr Spiers said.
“If one of our advisers receives a poor rating then that is a great resource for us to know how better to service that adviser and whether they may need additional training.”
Mr Spiers said BT intends for the website to have an “honest” approach to content publication, with only defamatory and derogatory content to be edited out and all other “verbatim comments” to be published.
The register is currently up and running for salaried bank advisers, with authorised reps of Securitor and Magnitude to be included over time on an “opt in” basis.
“Not all of the aligned [advisers] will want to be included,” he explained, adding, however, that he is confident most are supportive of the move.
Westpac will be directing traffic to the Adviser View portal from its consumer-facing websites.
“We don’t want this to be a secret,” Mr Spiers said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Nov 2018FASEA standards still raise questions: AFABy Eliot Hastie
- 20 Nov 2018Industry group slams ‘cosmetic’ changes by FASEABy James Mitchell
- 20 Nov 2018‘Culture’ at the heart of CBA advice failingsBy Adrian Flores
- 20 Nov 2018Netwealth reveals new licensee partnershipBy Adrian Flores
- 19 Nov 2018ClearView launches dealer services offerBy Adrian Flores
- 19 Nov 2018Lonsec introduces super research to advisersBy Sarah Simpkins
- view all