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October 06, 2021

New service allows investors to rate and review advisors

As anyone with university-aged kids can tell you, Rate My Professor and Rate Your Prof are popular online services that allows students to anonymously rate and comment on the professors teaching at their schools.

Just by browsing the rankings, you can find out everything you ever wanted to know – and maybe some things you didn’t – about current or future profs.

Now there’s a new Canadian research tool, called Know Your Financial Advisor, that’s built on a similar principle.

Although still in its infancy, a number of hungry advisors have signed up with the service in recent weeks, hoping to be discovered by potential clients.

To show off their acumen, advisors can participate in the Answers and Advice forum and post news about events for their clients on personalized calendars as well.

In turn, using a national advisor database of some 80,000 names, the site aims to provide investors with advisor ratings and reviews. And, if two or more advisors are of interest to you, you can see how they stack up against each other by using the Audition tool.

Ultimately, advisors will earn a KYFA "rating" based on client feedback – a measure that didn’t particularly thrill a couple of experienced advisors I spoke with.

Not surprisingly, their concerns centre on the possibility of a disgruntled client posting an unfair, even malicious, review and the fact that unscrupulous competitors might cook the books by posting specious reviews about them.

KYFA claims to have several checks and balances in place, however, so we’ll have to see.

The prof-rating sites have long been criticized for being statistically inaccurate, focusing on the wrong criteria, and too one-sided.

It is, after all, just someone’s opinion though, which is why some of the professor-ranking sites are now allowing academics to chime in with rebuttals if they feel hard done by.

Do you have strong feelings about the advisors you've dealt with? Will you share the word now that you have the chance? Would such a rating guide influence your decisions?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...