Adviser Ratings seeks to crowd fund growth
Financial adviser ratings business, Adviser Ratings is seeking to raise funds to expand the business via an equity crowd funding campaign.
The company which has moved beyond adviser ratings to licensee ratings has now announced its crowd funding bid and the intended launch of an “Adviser Marketplace” intended to rate service providers such as insurers and platform businesses.
The company said the crowd-sourced capital raise was intended to fund current and future product initiatives principally comprising the distribution and compliance data service, the Adviser Marketplace and Licensee Ratings.
“We are offering investment in ordinary shares at a pre-money valuation of $11 million with $1 million already raised from current shareholders,” the company’s announcement said.
Adviser Ratings Wealth chief executive, Mark Hoven said the capital raise took advantage of the Government’s recently introduced Crowd Sourced Funding regime and was being arranged through Birchal Financial Services.
Adviser Ratings founder and managing director, Angus Woods said that before the crowd sourced funding regime the business had been restricted to approaching only high net worth or institutional investors.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
