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Accepting new customers. 6. 1 year client retention rate. 7. Five-year customer retention rate. 8. Non-institutional discretionary and/or nondiscretionaryclient assets administered. 9. Number of client homes served. 10. Education and expert classifications. The required Eligibility Requirements are generally table stakes to even become part of the advisory profession. There's absolutely nothing heroic about being accredited and not having pissed-off your clients.

Five Star Mortgage Professional - Five Star Professional

And I tend to agree with Michael Kitces that it's presently too simple to get accredited as a monetary consultant. However that's an industry concern, not a 5 star program issue per se. The Evaluation Criteria which 5 star states they consider appears to all be self-reported by advisors. How does 5 star examine accuracy and truthfulness? And what weighting does each product have in their factor to consider? They don't expose that.

Research - Five Star Professional

It appears they might offer substantial weight to possessions under administration, but they don't inform you just how much. What I did find in the 2016 5 Star Wealth Manager Disclosure for Portland were fine print products like these:"Award does not examine quality of services supplied to customers."Obviously it doesn't.

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All about Matthew Rhea - Manager & 5 Star Mortgage Professional

That can't take place in this context for a variety of factors."Once awarded, wealth managers may buy additional profile ad area or marketing products."As indicated, that's the real factor driving the entire exercise." Official Info Here  may or may not use discretion in their practice and therefore may not handle their customer's possessions.

Now, there's absolutely nothing wrong with being a Relationship Managerthat's an important function in numerous scenarios. Simply call it what it is and quit deceiving clients by claiming you're doing something that you're not. ********** So I'm calling out fellow monetary organizers and investment consultants who've been granted as 5 Star Wealth Managers.

You understand in your heart that a genuine factor of "5 star" would determine customer service and complete satisfaction, which is not even possible in this context. You understand this is primarily a marketing plan developed to make you look excellent in the eyes of clients and prospective clients who just don't understand any much better.

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If you are the exceptional Wealth Manager I hope you areone genuinely worthwhile of 5 starsthen I challenge you to drop this dubious award. Instead, sign up with the small but growing variety of us who make every effort to advance excellence, rigor, quality, and customer service in the financial planning and advisory profession.