Overall satisfaction and responsiveness are two categories clients can rate their financial advisors on.
Taking advantage of a recent Securities and Exchange Commission ruling, Millionaire Corner is able to offer a detailed rating service of financial advisors of all kinds.
In an interview on firstbusinessnews.com, Millionaire Corner President Cathy McBreen told Bill Moller why Millionaire Corner created its Best Financial Advisors service.
“We thought there was a real need for people to find a financial advisor,’’ McBreen said. “A lot of people are inheriting money, a lot of people are retiring from their 401K plan, and we find nobody knows where to go to find a financial advisor other than asking a friend or family member.”
McBreen explained how Best Financial Advisors service works.
“Any kind of financial advisor is listed on our service,’’ she said. “We ask the actual customers of that financial advisor, just as you would on Angie’s List or Open Table, whether you think your advisor is any good. We rate it on a four-star criteria. We ask them “Is your advisor responsive, is he honest and truthful, is he knowledgeable, and are you satisfied with his performance overall?”
McBreen noted that the four-star criteria was determined based on research performed by Millionaire Corner’s parent company, Spectrem Group, in its quarterly Wealth Segmentation Series.
“The research shows that those are the top criteria for why people fire their advisors,’’ McBreen said. “They are not being responsive is the top reason they fire their advisor.”