Denver Non-Profit Creates Objective System to Evaluate Financial Advisors for Consumers

PRLog (Press Release) - Feb 09, 2010 -
Denver, CO — Until now, consumers seeking the expertise of a financial advisor relied on referrals from other financial industry contacts or ‘word of mouth’ from friends. NABCAP, a national 501(c)(3), will help change the way consumers research financial advisors based on an unbiased objective process.  The consumer-focused program assesses advisors in 20 categories developed to analyze expertise, practice management and offer more transparent information on financial advisory practices.  After launching the program in Seattle, Fall 2009, the Denver based non-profit is now initiating the evaluation process for consumers and financial advisors in Denver, Boulder, Colorado Springs and the outlying cities of Colorado.  

“Given the conditions of the financial services industry, consumer investors require an objective way to identify and differentiate between advisory practices — and advisors require an unbiased process that allows them to distinguish their skills and capabilities from the massive pool of advisors locally and nationally,” said Dr. Chuck King, Board Vice President of NABCAP. “Our board of directors is comprised of industry experts, members of the investing public, coupled with people from the academic world and professionals who are dedicated to achieving our mission of adding transparency to the financial services industry with unbiased information.”

Process:
NABCAP’s unique methodology helps consumer investors clearly discern among top quality advisory practices through an objective and unaffiliated process The evaluation process incorporates a comprehensive questionnaire, and verification system that corroborates a substantial amount of the information provided by participating advisory practices.  Content collected will be utilized to evaluate and identify quality advisory practices on a local and national level.  
Results:
Upon completion of the entire process, NABCAP will identify top practitioners and release their results for consumer investor use; data includes: number of assets per client, number of clients per advisor, financial advisor to support staff ratio, designations/credentials and the individual practice’s top five specialties.  The information is designed to assist novice and experienced consumer investors in finding and comparing financial advisory practices objectively.  Results will be published in Denver during Sept. 2010.  

Participation:
Consumers are encouraged to refer their current financial advisor to participate.  Financial advisory practices will be proactively contacted by NABCAP, however all advisory practices advisors are encouraged to apply online, regardless of firm, channel or size.

To learn more about NABCAP and the evaluation process visit: www.NABCAP.org or email info@NABCAP.org