don't bite the hand that feeds you
Seattle, WA (PRWEB) August 21, 2007
financialjoe.com, the leader in collaborative financial services accountability on the Internet, today announced the release of financialjoe.com, which provides the premier Internet platform for investors to collaboratively monitor the services provided by financial advisors and their firms.
Users complete an online questionnaire of eighteen questions pertinent to the services provided by a financial advisor to the investor. In turn, other investors who share the same financial advisors are now informed on how their financial advisor is servicing his clients. The platform creates custom pages storing specified advisor and firms for active monitoring. If an advisor conducts themselves in an unethical manner with one of their clients, the client then goes to their "My Advisors" page, changes the rating on the advisor and other investors who utilize that advisor are instantly notified via internal and external email. Financial advisors who sell investors product without providing full disclosure and proper service will now be exposed. The result - solid accountability, which means unethical and poor advisors can no longer hide behind privacy policies, deep pockets, and quick settlements. For the investors, they not only get to actively monitor their current advisors, but highly rated advisors in their city, state, or country. If an investor decides their current advisor in not fulfilling their responsibilities, the investor simply searches for new advisors who have been highly rated by other investors in their area.
According to the founder and CEO of financialjoe.com, the most lacking aspect with regards to investor tools is the ability to communicate with each other, and truly hold advisors and firms accountable. This is supported by several recent articles written Businessweek.com (refer to articles)
"financialjoe.com represents the first generation of investor tools to make this possible. Individual investors are the first to identify the lack of service or unethical behavior of a financial advisor or brokerage firm. Thus, they become the early warning system to alert other investors who utilize the services of that financial advisor or brokerage firm. Collectively, investors use financialjoe.com to communicate, creating a firewall of protection by utilizing each other. The fact is, investor confidence will always fluctuate with a cyclical economy, but financialjoe.com will strengthen investor confidence involving advisors and firms. We want to change the statistic that over 85% of investors leave their advisor for lack of service. We encourage investors to take action if their current or past advisor has failed to provide them proper service or behaved unethically in their business with them…let others know! However, if they have a great advisor - reward them…let others know! If they are new to the world of financial advisement, they need to do their research, use financialjoe.com and the experiences of other investors to make sound decisions on their investments. financialjoe.com can also be a tremendous ally for the ethical advisor who properly services their clients. We are not looking for fault; we are providing remedy."
The current monitoring system is certainly questionable. The NASD (National Association of Securities Dealers) or recent name change "FINRA" is who sets the standards and guidelines for the financial industry. Any self-regulatory presents a tremendous conflict of interest. Without revenue, a company can't exist. The NASD's revenue is generated by the financial industry. It's the old saying, "don't bite the hand that feeds you", hence the NASD will never be able to bring change.
financialjoe.com. is a privately held company founded in 2005 to enable investors to keep their advisors and financial consulting firms accountable. Investors can rate the service provided by their advisors, and share their experiences with other investors.