by Jack Waymire
They can if they use the free tools on the Paladin Research & Registry website (www.PaladinRegistry.com). Free Paladin tools create the ratings investors need to select the best financial advisors.
What’s the Problem?
Financial advisors do not have track records or mandatory disclosure requirements. It is up to investors to develop their own processes for gathering information from financial advisors, determining advisor quality, and comparing advisors to each other. This requires an objective process that produces information, ratings, and comparisons.
How Big is the Problem?
Maybe one investor in a thousand has developed this process on his own. Consequently, every year millions of investors select financial advisors who have the best sales skills. Advisors use these skills to make undocumented sales claims and deceive investors into giving them control of their assets.
Is There a Solution?
In the past investors have been on their own. It was up to them to develop processes that helped them select the best financial advisors for the right reasons. Now, there is a free, online solution on the Paladin Research & Registry website (www.PaladinRegistry.com). Paladin provides the process that investors have needed to gather data, produce quality ratings, compare advisors, and archive advisor responses.
Data Gathering Tool
Paladin provides a Request for Information (RFI) that asks financial advisors the right questions about their credentials, ethics, and business practices. This is the process that has been missing for the 99% of investors who do not have their own processes.
Financial Advisor Scorecard
Advisor Scorecard is a second Paladin tool that takes the data from the RFI and creates side-by-side comparisons so it is easy for investors to compare financial advisors and select the best professionals for interviews.
Nothing is more confusing than four very different sales pitches from four advisors who have to gain control of investor assets to make money. There has been no easy way for investors to compare these advisors to each other and select the best two for interviews. Now, there is an easy way, and it is a free Paladin service, it is called Advisor Scorecard.
Financial Advisor Quality Ratings
Most advisors have varying combinations of strengths and weaknesses so it is next to impossible to compare them to each other. Paladin’s Advisor Scorecard tool has a built-in algorithm that produces a quality rating for each advisor. The rating makes it easy to compare advisors to each other. Investors interview the advisors with the highest quality ratings.
Other posts from Jack Waymire
How often have you heard the expression, “You need to spend money to make money?” Usually reserved for...
What you should be asking yourself—and your advisor—while evaluating your portfolio’s 2016 performance. The end of 2016 brought...
Read this timely article if you are planning to change financial advisors or select your first advisor in...