September 17th, 2019
With over 600,000 professionals licensed in the United States to provide financial advice, there is no quick and easy way to look up individuals to assess trustworthiness. While the government and industry offer public databases to consumers, they are challenging to use and deliver limited context to help Americans make an educated decision.
Today, we are launching Trust Score (Beta) for individuals to bring transparency to light and help Americans quickly and easily gauge trust for every financial advisor across the United States.
How We Got Here
Over ten months, we collected all the data from the two primary public databases covering financial advisors: the SEC IAPD and FINRA Broker Check. Next, we crunched the numbers and built an algorithm that would produce a single 1 - 99 score for overall trustworthiness. Learn more.
Benefits and Considerations
To help everyday consumers, we wrote the Trust Score algorithm to surface the most important benefits and considerations for each professional. Everything from years registered to disciplinary history and regulatory status was factored in. All in all, these takeaway statements provide a clear summary of each financial advisor's history to date.
Transparency for every American
With this new scoring system, Americans can quickly look up any financial advisor licensed in the United States. Also, being a consumer advocacy project, our algorithm is 100% driven by regulatory data. Advisors cannot pay to have their scores improved.
Overall, we are thrilled to bring transparency to every American across the United States. Next time you see your financial advisor, ask them, "What's your Trust Score?"