New adviser register establishes best practice benchmark
Beddoes Institute, the financial services benchmarking group, has launched a free, invitation only adviser register based on client experience surveys and has created a benchmark to measure the quality of advice and value proposition offered to clients.
The Most Trusted Advisers network register was launched in Sydney yesterday, and is available to consumers via a website and mobile device application and lists 33 advisers who were invited to join the register after receiving a Net Promoter Score (NPS) of 50 or more.
Beddoes Institute director Adam Tucker said the NPS was adopted as the benchmark as it is used to measure client loyalty and business profitability across a number of business sectors including banking, telecommunications, airlines and supermarket and professions such as doctors and lawyers.
Tucker said NPS scores were typically measured from -100 to 100 and a score higher than zero was considered good while a score higher than 50 was consider excellent, which is the required benchmark for invitation to the Most Trusted Advisers network.
He said the advisers who are invited to join the network were chosen solely on the ratings provided by their clients which were gathered as part of Beddoes Institute client experience surveys and industry benchmarking exercises across an initial adviser group of more than 150 advisers.
The 33 advisers currently on the register come from a mix of institutionally and non-institutionally aligned planning groups with women making up a quarter of that number. More advisers are expected to be added in the next 12 months with advisers being reassessed every 12-18 months to ensure they qualify to remain in the network.
Tucker said that the network and register were completely funded by Beddoes Institute without any involvement from financial services suppliers and is offered at no-cost to some advisers and all consumers in an effort to build trust in financial advice and to promote best of breed advisers.
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