Valuiza chief executive Ray McHale said the goal of the initiative is to improve the public’s perception of the industry and encourage more Australians to seek the financial advice they need and demonstrate the value that planners deliver.

“The results will be used to generate a major report to share positive stories with the public, while educating the industry and its practitioners to drive change,” said Mr McHale.

The data for the report will be collected during January and February next year with practices able to review the results in real time, he said. The results for individual practices will be confidential.

Mr McHale said there remains a lot of mistrust among Australian consumers towards advisers, largely due to instances of unethical conduct and poor culture, where some investors and consumers were sold products and strategies that didn’t meet their needs or expectations, or were defrauded.

“This less than stellar reputation is adversely affecting consumer trust and confidence. Regulatory bodies are addressing some of the core issues, but I believe members of the industry have a huge role to play in reversing the current negative perceptions,” he said.