Wednesday, September 5, 2007

Rate Your Financial Advisor

Imagine having the ability to search for a financial advisor and to read how that advisor is rated by current and past clients. You are able to decide whether to engage an advisor or firm before you even interview them. By the same token, advisors and firms will no longer be able to make unethical recommendations, churn client accounts and, after investing the client's money, simply not service the client because they've already received payment. Moreover, you can continually monitor your advisor, watch how they are servicing their other clients and discern whether any of those clients have concerns with the advisor's services (and why).
Financialjoe is a place to rank and rate financial advisors. You simply register, post and rank the info about your advisor, and browse through other rankings. You can also read the blog and/or the forum, which has some good links. I think most of us have experienced the tough choices in investing our precious dollars and sought out the advice of a financial advisor. But usually we remain fearful and skeptical of their advice, because different investments benefit them personally in different ways. How do we know they are not steering us in the wrong direction? How do we know they are not charging us too many fees? This site helps the consumer level the playing field and hold advisors accountable. It is also a great place to find a highly ranked investor.
More at:http://financialjoe.com/

1 comment:

Anonymous said...

I went to financialjoe.com and was not impressed. Ratings can't be verified and are based on uninformed investors answering superficial questions. Brokers can rate themselves and you can only see the 'top 10' rated brokers (no way to see how many brokers have been rated or who they are). Ten broker can rate themselves highly and be the only brokers advertised on the site. Very little participation and a poster with great suggestions was asked to leave the site.

I would not trust my money to a broker because some random client says they like the broker based on some shallow questions.