When an investor employs an advisor, they do so with the expectation that the advisor knows more about the subject of investing than they do.
Therefore, when investors rate their advisors, the rating of knowledge and expertise is a key factor in determining the quality of the advisor’s services.
In Spectrem’s recent research, Mass Affluent investors with a net worth between $100,000 and $1 million rate highly the knowledge and expertise of their advisors. In the report Advisor Relationships and Changing Advice Requirements, 76 percent of Mass Affluent investors approved of their advisor’s knowledge and expertise, a rating that was higher than those for overall satisfaction and responsiveness.
Similar information is available on any of the more than 2,500 advisors rated on Millionaire Corner’s Best Financial Advisors service, where clients rate their advisors in four categories on a five-point scale.
For instance, there are 145 advisors affiliated with Merrill Lynch rated on the Best Financial Advisors service, and they have an overall rating of 4.43 with a rating for knowledge and expertise of 4.51.
Advisors are also rated on BFA for responsiveness and planning and advice.
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.