Roskow Independent Advisory principal Neil Salkow has received the ‘platinum’ rating, off the back of a 100 per cent rating awarded by the website’s inbuilt methodology.
In a post on the Adviser Ratings website, Mr Salkow said he attributes his success on the ratings site to his firm’s Corporations Act-compliant independent status.
“As a truly independent adviser, my clients know I’m on the same side of the table as them when I give advice,” Mr Salkow said.
“There are no hidden agendas; there are still too many salesmen masquerading as advisers.
“There’s a growing number of advisers wanting to do the right thing by their clients and wanting to know how to be independent. I can only see this as a good thing for clients.”
More broadly, Mr Salkow described being an adviser as the “greatest job in the world” in that he gets to “help his clients make smart choices with their money”.
Speaking to ifa, Adviser Ratings founder Angus Woods said that independence has not been specifically factored into the in-built ratings system, at least “initially”.
“Our analysis suggests that independence and product separation did not play a role in the inherent bad advice that was dispensed pre-GFC,” Mr Woods said.
“We are also grappling with the term independence – depending on how you define independence (aligned v non-aligned, product manufacturing, life insurance commissions, licensee affiliation, etc).
“However, in saying that, we do realise the importance of this distinction for both the industry and consumers, and we will be addressing this issue in coming months.”
Jason, you can put your head in the sand and ignore the site or you can accept that some clients (or potential clients) will use the site to assist them in choosing an adviser. That is your choice.
For the small amount of time it takes to complete your details and ask your clients for a review I think it is a worthwhile exercise.
I believe those advisers who don’t like the idea are those who are frightened what their clients might say when not facing the adviser.
A good guide is probably the level of new business you get from personal referrals.
[quote]Still looking for a rating site for doctors or other professionals and I can’t seem to find one.[/quote]
There are numerous sites out there that already allow people to leave reviews on professional services businesses, such as doctors, lawyers, and financial planners.
One is called Google.
Try searching “doctor Sydney CBD” and you’ll see a bunch of examples. Google doesn’t ask to set up a page for you (although you can)…they do it, you can claim it and have greater control over it. A bit like Adviser Ratings really.
Another is called womo.com.au.
Another is called yellowpages.com.au.
Jason. You’re right. Popularity contests don’t mean you’re a professional.
But I’d urge you to consider the Adviser Ratings site from the perspective of being able to positively influence how the public sees you and other financial advisers. You can do that by asking your happy clients to leave a review.
Sure, in time, there will no doubt be some negative reviews. But those negative reviews actually give the site validity. It’s a good thing.
It’s a bit like investment markets. You can’t control them, but you can set up a portfolio to leverage the opportunity. Sometimes you win. Sometimes you lose. Play smart, and you’ll win in the long run.
Or, you can take your cash and hide it under the mattress. Safer? Maybe. But also an opportunity lost.
Classy act.not Rated right next to the toaster oven. Popularity contests don’t mean your a professional. Exactly right about ten clients. I’m sure Storm financial in their peak could of gotten 10 clients, Still looking for a rating site for doctors or other professionals and I can’t seem to find one. You’re not a professional if appearing on this site in my book
[quote name=”Susie Munro”]
If you’re an adviser that can’t email 10 of your clients and ask them to spend 10 minutes leaving a review, that says a lot more about you, than about the Adviser Ratings site.
[/quote]
Well said Susie. So true.
Come on Mr Salkow, what do you mean by independent
[quote]Fascinating… The only discussion so far from advisers is about how it might be possible to rort the system. That in itself is telling.[/quote]
Agreed Phillip.
Many advisers who are vocal in the comments on this site and social media, have focused on the imperfections of the Adviser Ratings site. In their haste to sharpen their pitchforks, they’ve failed to see the opportunity.
If you’re an adviser that can’t email 10 of your clients and ask them to spend 10 minutes leaving a review, that says a lot more about you, than about the Adviser Ratings site.
Awesome job Neil.
Fascinating… The only discussion so far from advisers is about how it might be possible to rort the system. That in itself is telling.
I wonder why the discussion wasn’t about “Gee – he sounds like he’s doing it well… I wonder whether we could learn something from him?” or “Congratulations, Neil! Well done.” so…from this adviser who agrees with the thinking that clients want not just your word that you’re on their side, but ALL conflicts removed so you could ONLY be on their side… WELL DONE NEIL. Thanks for showing the world that there is a better way and that some of us are doing it properly!
[quote name=”John”]Is there anything stopping Neil from completing the client testimonials himself?[/quote]
I believe you need a separate email address for each review and that this is used to confirm the review prior to it being posted/accepted by Adviser Ratings.
But, if you wanted to you could set up fake email addresses and post multiple reviews. Questions is why would you bother.
Is there anything stopping Neil from completing the client testimonials himself?