First a reminder:
Don’t forget to enter my contest to win an iPad! Click here for more details.
…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).