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Adviser Ratings review website to put the spotlight on financial planning industry

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14 October 2014 by Frank Chung, news.com.au

Article link: http://www.news.com.au/finance/business/adviser-ratings-review-website-to-put-the-spotlight-on-financial-planning-industry/story-fnkjidjt-1227089841604

A NEW consumer review website aims to be the TripAdvisor for financial planners.

Its founders want to put the power back in the hands of the consumer and restore “confidence and competence” to the industry in light of numerous scandals and the slow pace of reform.

Adviser Ratings, which launches today, is the brainchild of financial services expert Angus Woods and independent consumer advocate Christopher Zinn.

The free site gives consumers the chance to rate and review financial planners much like other collaborative review sites such as Yelp or TrueLocal.

Mr Zinn told news.com.au the move had been welcomed by politicians, industry bodies, licensees, consumer groups and banks.
“We have consulted widely with the industry. Really it’s something they should welcome. We would like it to drive more competence and confidence in the industry,” he said.

The site launches with a register of more than 18,000 financial planners with names and basic details such as who owns their practice.

“ASIC is trying to come up with a register at the moment, but that’s going to take some time,” he said. “This is a first take on a register. We’re inviting planners to contribute their profile to the list.”
Mr Zinn admitted that financial advice was often subjective and consumers weren’t always in the best position to assess the quality of advice received, but said feedback was useful nevertheless.

“There is moderation and resolution, so if there is a critical comment it is not posted straight away. We do check with the planner and give them a chance to respond. We try to be as fair as possible.
“Consumers are actually not very good at assessing the quality of the advice they received, and we are aware of that, but that doesn’t mean their point of view isn’t useful to the industry or community.”

Consumer advocate Christopher Zinn hopes it will “let the genie out of the bottle” and kickstart reform. Source: News Limited
He said the current crisis of confidence in the financial planning industry was having its own cost. “Consumers might be procrastinating about getting advice, they might not be doing anything with their money or they might be taking advice from someone down at the pub.

“People do need advice because the world of money is complicated.”
Mr Woods, former CFO of Virgin Money and 20-year veteran of the finance industry, has been developing the idea for six years.

“The time is right for an independent and consumer-led ratings and review service featuring strict controls,” he said in a statement. “Confidence about planners is at an all-time low and it is in everyone’s best interests to clearly put consumers’ first with an initiative like this.”

Bernie Ripoll MP, Shadow Minister for Superannuation and Financial Services, said in a statement: “By using technology and consumer power Adviser Ratings has the potential to be a game changer by providing consumers with visibility across the quality of advice provided.

“Consumers no longer need to be on the sidelines of the reform of the advice industry they can now play a role by contributing and viewing independent reviews and ratings of planners.”

Mr Zinn added that he hoped by “letting the genie out of the bottle”, a critical mass of consumers could help drive reform in the industry.
“Regulation has proven so hard to get anywhere in this area, but we believe consumer demand and preference can change things quickly. One you get the genie out of the bottle and introduce some transparency, they’re more likely to engage.”

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