Four-hundred new advisors have been added to Millionaire Corner’s Best Financial Advisors rating service, bringing the total to more than 2,500.
Best Financial Advisors allows clients to rate their advisors in four categories: overall satisfaction, knowledge and expertise, responsiveness to requests and recommendations and advice. The advisors are rated on a five-point scale in each category.
There are 213 advisors affiliated with Edward Jones (with 23 new advisors added to the list) and they have an overall rating of 4.47. The 193 Ameriprise-affiliated advisors (including the 20 new ones) have an average rating of 4.50.
Morgan Stanley has 175 affiliated advisors with an overall rating of 4.43 on the BFA page, and 139 advisors affiliated with Merrill Lunch have been evaluated, with an overall rating of 4.45.
In a Spectrem study of Ultra High Net Worth investors with a net worth between $5 million and $25 million, 82 percent said they were satisfied with their advisor’s knowledge and expertise. The Spectrem research shows that only 75 percent of investors were satisfied with their advisor’s recommendations during the worst part of the recent recession, but that 84 percent are satisfied with their advisor’s responsiveness to requests for information.
To access the Best Financial Advisors ratings, click here, or on the yellow tab above. You can see all of the ratings or discover if your advisor is on the site. If your advisor is not listed, have them email Eric McDonald at firstname.lastname@example.org.