Advisers get rating feedback service through VouchedFor

The news came as the website, which lets clients rate and review IFAs, reported it had reached a major milestone having registered 200 advisers and received 280 IFA reviews since launch.

The website is also gearing up to promote its service to the public from September, with the help of three consumer-facing financial websites with whom its has partnered.

Mr Price said: “The aim is to help bring the referral concept into the modern age, heightening transparency and trust as the industry enters a new era of professionalism.”

VouchedFor works by asking clients to comment on their adviser’s services. They can rate the IFAs from one to five on the advice they give, the service they offer and value.

To prevent fraudulent reviews, reviews are only published if either the adviser has confirmed the reviewer is a genuine client, or the reviewer has provided evidence that he is a client.

Previously, the adviser had to be registered to get a review, but now clients can review any IFA. The IFA is then contacted by VouchedFor and must agree to register for the review to be published.

However, Mr Price said he might look at letting reviews of entire IFA firms be published online, regardless of whether or not the firm agrees to register, in the same way that anyone can rate hotels on TripAdvisor.

He said: “Now advisers are more familiar with the review system, we are seeing review volume grow quickly. Advisers have embraced the concept.

“Our partners, FundsNetwork, Institute of Financial Planning, Nucleus and Voyant are also helping to raise awareness of VouchedFor.”

Klare Baldwin, head of marketing for FundsNetwork, said: “Review sites have really taken off in other industries and at a time when advisers are looking at ways to promote their proposition and the value of the advice they give, VouchedFor is a modern way to get this message out to a new customer base in a cost-effective way.

“IFAs and their clients can see the benefit of providing others with invaluable information on the services they are providing or receiving.”

Nick Cann, chief executive of the Institute of Financial Planning, said: “We are supporting the development of VouchedFor. It represents an innovative and modern-age way for advisers to win client trust and generate referrals, based on their ability to deliver an excellent client experience.

“It builds on the credibility provided by their qualifications and structure to obtain first hand real feedback of how they have performed.”