Updates to your professional listings on ASIC and increasing customer reviews.
Status Badges have always been based on a composite score from data we review from the Australian Securities and Investments Commission (ASIC), licensees, professional bodies and customer reviews.
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.
You may also have noticed your Status changed in November of 2021 when we improved our scoring methodology.
We conducted a large-scale review of the Financial Adviser Register which found some significant discrepancies, mostly around professional memberships and qualifications, which are metrics used by licensees, regulators and FASEA to measure compliance on new professional standards.
Tapping into more accurate sources of information ensures our updated system recognises the proactive steps (or lack thereof) taken by advisers, in turn, creating a better set of signposts for consumers to have trust in the advice market and to help them find the right adviser for their needs.
We believe this improvement in the accuracy and the sources of information we feed into our scoring system will have a positive impact for advisers and empower consumers confidence in the advice market.
We released a white paper in November 2021: 'The evolution of the Adviser Ratings scoring' which details all our findings and how we came to our new methodology to score advisers.