Adviser Ratings claims early victory

Adviser Ratings says the fact it has signed up 1000 advisers in its first month is validation that planners want change from their dealer groups, particularly when it comes to technology and innovation.

The online registry, which launched last month with the intention of helping Australians find advisers who match their education and compliance expectations, said its initial reading of the adviser market is that "many advisers support the need for change".

The site conducted a survey to find out what advisers feel their licensees are providing and lacking.

It found while just 17 per cent would consider switching licensees in the next six months, the level of satisfaction around technology and marketing support was low across the board.

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"The key area that advisers felt licensees could improve under their support structure was overwhelmingly that of technology and innovation, with several advisers noting this could be a point of differentiation for their customers," founder Angus Woods said.

"Advisers also noted the need for increased marketing support and overall business development and training for their individual practices."

Adviser Ratings said it would improve its search function and profile capability as a result.

"Over the next few months, we will be rolling out a more robust platform to help both consumers and advisers," he added.

Campaign director, Christopher Zinn, said Adviser Ratings' initial sign ups signalled the demand for transparency and trust in the market.

"After a month into the launch of Adviser Ratings we've had more than 1,000 advisers register across Australia — validating that many advisers support the need for change," he said.