KYA (Know Your Advisor) Scorecard in Printable Format

First a reminder:

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…and we’re back.

The work continues on the KYA (Know Your Advisor) Tool: I have already created the scorecard, released the scoring key, and now I’ve formatted a printable format so that people can take a physical copy with them if/when meeting with a financial advisor. You could even use it on your current advisor, but keep in mind it is not finished yet. On Saturday, once I have all the components ready and assembled together, I”ll be asking for input from readers (investors, advisors and other industry participants alike) in order to make it as good as possible out of the gate.

What Is Left To Do

The Scorecard below is Part II of III. Part I is the “Red Flags” section which will allow the investor to check the advisor’s registration with the proper regulatory bodies, and look for any past fines or disciplinary actions. Part III is the Advisor Fact Sheet – which will be a collection of phone numbers, email addresses, etc. for every member of the advisor team, the branch manager, the chief compliance officer, back-up advisors (if applicable), along with some other information that is handy to keep.

Printable “Know Your Advisor” Scorecard

Here is the link to download a copy of what the Advisor Scorecard will look like when printed. (NOTE: Link is down while I incorporate the feedback – thanks to everyone who submitted comments!) Again, this form was developed so that you can take the scorecard with you instead of filling out the questions online since you aren’t likely to have internet access during your meeting with the prospective advisor. Enjoy! I’ll ask for you to hold off on comments until Saturday (or thereafter).

Preet Banerjee
Preet Banerjee an independent consultant to the financial services industry and a personal finance commentator. You can learn more about Preet at his personal website and you can click here to follow him on Twitter.
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Showing 10 comments
  • Rajiv Verma

    Hi Preet

    I would like to thanks for the effort to do something credible by designing KYC for assessing advisors. I think it is going to be great tool for investers and average people having less information about financials.
    Keep up the good work….

    Like your site's new look



  • Shawn B.Sc, CIM, FMA

    Hello Preet,
    Interesting KYA. There are a couple issues I find with this test.

    Question #2 – Just because an advisor's firm has sales contests or has sales incentives does not necessarily mean that the advisor is “worse” compared to an advisor at another firm that has no sales contests. Firms may have sales contests or incentives, but it DOES NOT mean that all advisors will participate in these. To some advisors, its business as usual and if they happen to do a lot of business during that period, then great.

    Question #7 – The use of options doesn't mean that an advisor is more competent compared to one who does not uses options. Options can be hard for clients to understand and is rarely a good choice for most clients. Besides, if we're trying to reduce the correlation of a portfolio, there are bonds, bond funds, and other less correlated products that would be better suited than trying to implement an option for your non-sophisticated investor.

  • Preet

    Thanks Rajiv – lots of work yet to do, but we're getting there.

  • Preet

    Hi Shawn –

    #2. Yes, I agree. I'm thinking about how to modify, or omit that and perhaps leaving as a non-scored talking point.

    #7. I have to think about this. There are certainly prudent option strategies and then there are option trading strategies. I'm a big fan of collars, and portfolio insurance. I believe these to be good tools. There is certainly (a personal) bias in this question though, but my thinking is if you have a client 5 years from retirement they might be willing to pay 2%, 5%, whatever % to insure against a black swan event during the years just before and just after retiring.

    Let me mull that over… and thanks for your input.

  • Shawn

    Thanks for your reply. Good work.

  • Alexandra Rickards

    My husband and I are meeting with a new financial advisor on June 8th. Will your “Know Your Advisor” form be ready by then?


  • Preet

    Hi Alexandra, I don't think it will be complete by then, but if you want to send me a private email I will send you the latest working copy and explain how you can use it for your particular situation…

    • Mike

      Hi, Preet. I wish I had come across your website sooner. I’m just finalizing arrangements with a new advisor…my last I parted ways with. Like Alexandra above, if I could get a copy of the KYA template I’d be very appreciative. It might help me avoid getting stuck with a 2nd poor advisor in a row. Cheers, and keep up the good work.


  • Patrick

    Preet, don’t let too many cooks spoil the broth here. I think your KYA form was off to a great start until you started to take the feedback so seriously! Why not put it back up?

  • dj

    Still looking to print this KYA…..i bet advisers gave you flake …but they have no problem having us sign a KYC to cover there butts