Your adviser Status Score helps consumers navigate the minefield of advisers and variability around the quality of advice dispensed.
All advisers on our platform have passed the minimum requirements. As you increase your years of experience as an adviser, improve your qualifications, have a more thorough compliance regimen, or have more customers rate you positively, your Status is likely to improve.
We worked with independent academics and economists to come up with the rating system, and whilst not foolproof, it is a tool that helps navigate the evolving expectations of the community, the government and regulators.
To standardise adviser professional listings, we import data from the ASIC Financial Advisers Register (FAR) regarding:
- Adviser's memberships to various industry and professional associations
- Qualifications they hold
- Years of experience in the industry
- Compliance checks in place
*Only the information that is current on the FAR will come through to your Adviser Ratings profile. Any updates to these listings should first be made with ASIC (your licensee can usually do this on your behalf), then the new information will flow through to your Adviser Ratings profile after our next regular update.
Using the methodology of our patented algorithm we apply a weighting to each of these professional listing segments.
Your current Adviser Ratings consumer reviews are also considered as a weighting in your score.
* Our methodology was updated in November 2021 after our large-scale review on adviser scoring to meet with industry standards and further empower consumer confidence in the advice market. You can view our white paper - 'The evolution of the Adviser Ratings scoring' here.
What can I do to improve my score?