Adviser Ratings completes ASX Find An Adviser tool
Financial advice data and ratings agency Adviser Ratings has completed the Australian Securities Exchange (ASX) Find An Adviser tool to help consumers find a financial adviser working at ASX trading participants.
The tool was launched this week on the re-designed ASX website and contained over 200 financial advisers from Canaccord Genuity, Morgans Financial and Ord Minnett, with the expectation to grow to over 2,000 advisers working in the stockbroking industry.
Mark Hoven, Adviser Ratings chief executive, said the ASX solution had launched at a time of increased interest in direct investing which included exposure to exchange traded funds (ETFs) and international equities, and ongoing product innovation from fund managers supported by the ASX.
“Financial advisers working for trading participants and other licensees are also accommodating this demand through changing investment portfolio strategies and execution channels,” Hoven said.
Hoven said the shrinking of the adviser workforce was a catalyst, as high volumes of previously advised clients became “orphaned”.
“Wealth firms like platforms, fund managers and life insurers, traditionally kept at arms-length from the end customer by the adviser, are now confronted with finding ways to reconnect their customers with another third party adviser for retention purposes, without running the legal risk and moral hazard of making an explicit recommendation,” Hoven said.
“Our service removes this business risk by allowing consumers to self-select from a custom list of advisers matched to the geographic and demographic span of the audience.”
AUTHOR
Chris Dastoor
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