Online Service Offers to Fire Your Financial Advisor
NEW YORK (MainStreet) Claiming that one-quarter of clients are dissatisfied with their financial advisor, a new online service offers to fire your advisor for you, monitor the transfer of your assets and match you to a "better advisor."
The just-launched FireMyAdvisor.com is an initiative created by Dave Dickinson, a former broker and now consultant to financial advisors, and Delwin Holeman, a website designer and online marketer.
"Many investors stay in an unproductive and many times harmful relationship, because they're unsure about how to make a change for the better; whether that change for the better is finding a new advisor or managing their investments on their own," the website says.
The service charges advisors $1,800 annually to buy the rights to a territory and receive referrals from disgruntled clients looking to make a change. "It's easy to change financial advisors," the website claims. "You don't have to talk to your current advisor to make a switch. We'll show you how."
The matchmaking service is free to investors.
Dickinson and Holeman offer to show investors how to evaluate their advisor and determine if a change should be made, and if so, steer them to Certified Financial Planners and Registered Investment Advisors or provide assistance to investors who wish to manage their own accounts.
A blog post on the site reads as follows: "While managing money as a Registered Investment Advisor or CFP requires more effort, the extra effort is worth it to assure clients their financial issues are being looked after with the care they deserve. Let us put it this way: If we were looking to hire a financial advisor for someone we loved, we would hire a Registered Investment Advisor or CFP."
The Certified Financial Planner board reports there are 69,440 CFP certificants in the United States as of February 28, 2014, of which just over 76% are male and nearly 23% are female.
--Written by Hal M. Bundrick for MainStreet