Adviser Ratings, Australia's only independent financial advice data and ratings agency, has officially acquired Beddoes Institute.
Established in 2014, Beddoes Institute mainly assists retail life insurers with direct actionable insights in the financial services industry. It operates the “Most Trusted Adviser” brand and “Adviser Trust! Core” and helps advice practices and licensees through their benchmarking solutions.
With Adviser Ratings' proprietary data streams and technologies and Beddoes Institute's data and insights, the acquisition is expected to bring and enhance new insights for the industry and provide improved reporting for new and existing clients as part of the agency's ever-growing data suite.
Adviser Ratings founder Angus Woods commended Beddoes Institute's understanding of the wealth and life industries, the power of unique data, and the client requirements in this space amid dramatic market change driven by ongoing regulatory reform.
“Beddoes has built an exceptional data business with wide-ranging clients across the life insurance and wealth sector,” Woods said. “Combined with our data, we will enhance the value proposition for not only our own clients but also for Beddoes' clients. Harnessing the power of Beddoes' data to its full extent will help provide a powerful combined market offering.”
Beddoes Institute CEO Bill Nikolovski, who will remain a part of the combined entity, said being part of Adviser Ratings will allow the business to meet the growing industry need in a more scalable way.
“At Beddoes, we are focused on providing behavioural data and actionable insights to problems our clients face,” he said. “We know there is a significant issue for the industry in analysing data and understanding trends … I am excited by what the two brands can bring to our respective client bases and new clients.”
A part of Adviser Ratings' growth strategy, the acquisition of Beddoes Institute follows a recent funding round in November and the launch of its Future Flow intention solution for platforms, asset managers, and superannuation funds. Beddoes will be immediately cashflow positive for Adviser Ratings.
