Yesterday, BT Financial Group announced the launch of ‘Adviser View’, a public register of BT/Westpac-aligned advisers – which will allow consumers to post comments about an individual adviser and give them a rating – alongside a new ‘advice commitment’ and educational standards for advisers.
Speaking to InvestorDaily, BT head of advice Mark Spiers said the suite of announcements will come to have a significant impact on the advice industry and will help raise the number of Australians seeking professional advice services.
“We want to provide more advice to more Australians and in order to do that we have to make advice more accessible, more transparent and we have to give consumers better tools,” Mr Spiers said.
“Collectively these initiatives are almost like a dawning of a new era in advice. [They] are going to support consumers to gain access to advice and also support great service.”
The Adviser View website is now operational with salaried bank planners already listed on the register and advisers licensed by aligned groups Securitor and Magnitude soon to follow on an opt-in basis.
Mr Spiers said the bank will take a non-interventionist approach to moderation of comments on the register, censoring only “defamatory and derogatory” content and allowing negative posts.
“I think consumers are very savvy,” he said. “They can tell the difference between truly below-standard service and a one off.”
The Adviser View website will be linked through to the government’s adviser register once it is completed.
The ‘advice commitment’ is a new document that outlines BT’s value proposition to advice clients, including a promise of “no hidden fees” and advice provided in “plain language”.
