Of the 18,000 financial advisers listed on the Adviser Ratings site, only 850 have signed up, the website operators have revealed.
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.
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