The internet is making it easier for clients to be less personal and more objective when looking for an advisor, and there is one review site in particular that financial advisors should be aware of. “Enter GradeMyAdvisor.com, a site that aims to rate advisors objectively based on portfolio performance and the risk taken to achieve that performance.” The website judges a professional’s competency as an advisor and uses many of the same analytics that firms often use to evaluate their own advisors. The service is free and private for investors which means that advisors are going to be unaware if their client is using the service. Some experts have expressed concerns that this online service could easily backfire for advisors. Regardless of one’s opinion on the benefit of this service this is something that financial advisors should know about.
See Zina Kumok, GradeMyAdvisor: What Advisors Should Know, Investopedia, January 15, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
