The Financial Adviser Service Awards rate providers from ‘One Star’ (poor service) to ‘Five Stars’ (excellent service). The categorisation is based on a poll which last year generated an amazing response of over 4,000 advisers. 

The Awards have always been considered the benchmark for service standards within the retail finance marketplace. Our ‘Five Star’ award is the most sought after in the industry and we look forward to honouring those who have earned this accolade at our ceremony in November.

Providers are rated on several areas, including:

Back Office Support 

Ease of integration: New business switching, set-up and documentation

Ease of use: Simplicity and, if need be, ability to explain/visualise processes for client

Reporting and data management: Including data output and data reconciliation

Product support: Technical and product support provided by company including query handling 

Value for money: Electronic and online capability both directly and via portals

Cash Investment Provider

New business processing: Ease of transfers, good documentation, fair value under consumer duty regulations

Product support: Technical and product support provided by company including query handling 

Communications and transparency: Quality of service and in particular, accessibility from regular contacts within providers. This may be with a named contact/consultant by any form of communication

Central processing: This is for existing business and includes access, approachability, accuracy, and speed of response

Ease of use: How easy is their process to set up and administer? 

Electronic business: Electronic and online capability both directly and via portals

Discretionary Fund Manager 

New business processing: New business set-up, issue and documentation 

Product and tech support: Technical and product support provided by the company including query handling 

Communication and transparency: Quality of service and in particular accessibility from regular contacts within providers. This may be with a named contact/consultant by any form of communication 

Tailoring and white labelling: This is for existing business and includes access, approachability, accuracy, speed of response, renewal, surrender quotations from a central or head office site

Value for money: Do they offer a range of options for advisers, and can charges be tailored to specific circumstances?

Client report process: Electronic and online capability both directly and via portals

Investment Provider

New business processing either direct or via platforms: Speed of money transfers, providing key features documentation, quality of documentation provision, ease of setting up investment portfolios

Product support: Technical and product support provided by the company direct or to a DFM/platform, including query handling, regular investment updates. Have they made their whole relevant product range available via platforms/DFMs?

Communications and transparency: Quality of service and accessibility of information and individuals whether or not clients are via a platform, a DFM or direct. This may be with a named contact/consultant by any form of communication 

Central processing: This is for existing business and includes access, approachability, accuracy, speed of response, regular savings plans, surrender quotations on bonds from a central or head office site

Fair value under consumer duty: Is their product range fairly priced? Are the managers remunerated within clients’ interests? Is the company clear and transparent? Is it informing the DFM or platform of any and all changes and updates?

Adviser focus: Regardless of whether advisers are putting business through a DFM, a platform or direct, is the provider willing to engage with, and provide quality service, training and information to, advisers to help them optimise their advice to clients?

Electronic business: Electronic and online capability both directly and via platforms/DFMs, ease of use, communication, ability to process new and existing business online

Mortgage Provider

Speed of processing: Fast, efficient administration, prompt requests, prompt decisions 

Feedback: Regular feedback, updates, copy correspondence, status reports, communication after completion 

Product knowledge: Trained mortgage advisers, knowledgeable staff, understanding of mortgage criteria 

Reliability: Access to right people, returning calls, friendly, helpful attitude, clear and precise 

Flexible criteria and fair value: Treat case on its own merits when part of application is outside normal criteria, intelligent underwriting, flexibility for distressed or vulnerable clients

Electronic business: Electronic and online capability both directly and via portals, ease of remortgaging online, ability to switch rates online, communication

Pensions and Protection Provider

New business processing: New business underwriting, policy issue and documentation 

Product support and legacy handling: Technical and product support provided by company including query handling across all divisions, including closed book business, communication to ie GPs, client, other providers

Communications and transparency: Quality of service and in particular accessibility from regular contacts within providers. This may be with a named contact/consultant by any form of communication, training for advisers

Central processing: This is for existing business and includes access, approachability, accuracy, speed of response, renewal, surrender quotations from a central or head office site

Adviser signposting and remuneration: Do the companies cross-sell to the client or direct to your business? Do the protection departments offer a range of options for facilitating adviser charging? Is it flexible? Is there tiered charging offered?

Electronic business: Electronic and online capability, payments, applications, query handling, servicing both directly and via portals, speed of turnaround

Platform Provider

New business and onboarding: New business set-up, issue and documentation 

Technical and product support:  Technical and product support provided by company including query handling 

Communication and transparency: Quality of service and in particular accessibility from regular contacts within providers. This may be with a named contact/consultant by any form of communication 

Product choice of flexibility: This is for existing business and includes access, approachability, accuracy, speed of response, renewal, surrender quotations from a central or head office site

Fees and charges: Do they offer a range of options for facilitating adviser charging? Also, how easy is their process to set up and administer? 

Quality of electronic business: Electronic and online capability both directly and via portals

Technology and Software Provider

Quality of system integration: How quick integration process? How often does the software update? Is it seamless and easy to administer?

Ease of use and white labelling: Who offers great technology products that can be white labelled for your business? Is the technology easy for you and your clients? Does it integrate well with your business processes and brand?

Reporting and data: How often does the technology create useful reports? How good is the data? Is it integrated? Does the provider give detailed analytics?

Product support and online security: Speed of resolution with queries and complaints; help with data protection, GDPR, cyber security and AI support; training provided on new software or updates

Value for money: Does it do what other providers cannot do? Does it work well with all the back office systems? Is it able to shave time off your administrative processes? Does it pay for itself and highlight operational efficiencies for your business?

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