Referrals to Financial Advisors <ul><li>Welcome to the webinar that describes why CPAs, attorneys, and other Centers of In...
About Paladin <ul><li>Paladin is an independent information services company; not a financial services company </li></ul><...
Paladin Research <ul><li>Paladin has surveyed more than 4,000 consumers to obtain factual information about their range of...
Client Needs & Assumptions <ul><li>Based on extensive Paladin Research, there are four reasons why your clients and other ...
Expectations = Pressure <ul><li>Research also shows clients have expectations when you refer them to financial professiona...
Advisor Expertise <ul><li>Unfortunately, there is no easy way to determine advisor competence. For example: </li></ul><ul>...
Advisor Ethics <ul><li>Advisor ethics are even more difficult to measure </li></ul><ul><li>All advisors claim to be trustw...
Advisor Results <ul><li>Money managers have track records because they provide the same service to multiple clients </li><...
Just Say No <ul><li>Refusing to provide your clients with advisor referrals is an easy solution; it’s just not the best so...
The Registry Solution <ul><li>You can help your clients find and select quality advisors by referring them to a local, fiv...
Paladin Registry Facts <ul><li>The website URL is  www.paladinregistry.com </li></ul><ul><li>More than 700,000 consumers h...
Registry Services <ul><li>Information Center  - Consumer education for selecting quality advisors and avoiding bad advice ...
The 90/10 Rule <ul><li>A financial professional introduced you to the free public services in the Registry </li></ul><ul><...
Registry Professionals <ul><li>Advisors who are profiled in the Registry have these characteristics in common: </li></ul><...
The Need for Documentation <ul><li>Non-Registry advisors use sales skills and personalities to convince clients to trust t...
What’s the Cost or Catch?  <ul><li>There is no cost  </li></ul><ul><ul><li>All Registry services are free to the public  <...
Summary <ul><li>Now you know there’s an alternative that helps you satisfy your clients’ needs for competent, ethical fina...
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Referrals to Financial Advisors Welcome to the webinar that ...

  1. 1. Referrals to Financial Advisors <ul><li>Welcome to the webinar that describes why CPAs, attorneys, and other Centers of Influence refer clients and others to financial professionals who are profiled in the Paladin Registry </li></ul><ul><li>Webinar Duration </li></ul><ul><ul><li>Number of slides: 17 </li></ul></ul><ul><ul><li>Viewing Time: Approximately 7 minutes </li></ul></ul><ul><li>Jack Waymire, Narrator </li></ul><ul><ul><li>31 years of financial industry experience </li></ul></ul><ul><ul><li>Author of the best selling book “ Who’s Watching Your Money?” </li></ul></ul><ul><ul><li>Co-founder, PaladinRegistry.com </li></ul></ul>
  2. 2. About Paladin <ul><li>Paladin is an independent information services company; not a financial services company </li></ul><ul><li>The Registry is a unique source of objective information about financial advisors, planners, and firms </li></ul><ul><li>No advisor or firm has an equity interest in Paladin </li></ul><ul><li>No advisor or planner is employed by, licensed by, or affiliated with the Paladin Registry </li></ul><ul><li>Paladin is not licensed to sell any investment products </li></ul>
  3. 3. Paladin Research <ul><li>Paladin has surveyed more than 4,000 consumers to obtain factual information about their range of experiences with advisors and planners </li></ul><ul><li>Paladin received input from more than 550 financial professionals about their range of experiences with consumers </li></ul><ul><li>Paladin combined the input from both sources to develop the content of this webinar </li></ul>
  4. 4. Client Needs & Assumptions <ul><li>Based on extensive Paladin Research, there are four reasons why your clients and other people ask you to refer them to financial advisors and planners: </li></ul><ul><li>#1. It’s an easy way for them to find financial professionals </li></ul><ul><li>#2. They don’t know where else to go to find advisors </li></ul><ul><li>#3. They don’t have to do any work evaluating advisors </li></ul><ul><li>#4. They assume you know the best advisors because you or </li></ul><ul><li>your other clients already use their services </li></ul>
  5. 5. Expectations = Pressure <ul><li>Research also shows clients have expectations when you refer them to financial professionals. They expect your referrals to: </li></ul><ul><ul><li>Have high degrees of competence and ethics </li></ul></ul><ul><ul><li>Put their financial interests ahead of their own </li></ul></ul><ul><ul><li>Have investor-friendly business practices </li></ul></ul><ul><ul><li>Produce above average results </li></ul></ul><ul><li>Client expectations can create pressure: </li></ul><ul><ul><li>First, there is the pressure to help your clients find quality advisors </li></ul></ul><ul><ul><li>Then, there is the pressure to help your clients avoid the risks and consequences of bad financial advice </li></ul></ul><ul><ul><li>Then, there is the pressure that your clients may be negatively impacted by the advisors that you referred them to </li></ul></ul>
  6. 6. Advisor Expertise <ul><li>Unfortunately, there is no easy way to determine advisor competence. For example: </li></ul><ul><ul><li>90% of advisors are sales representatives (reps) who are paid commissions to sell products; they are not paid to help your clients achieve their goals </li></ul></ul><ul><ul><li>Advisors don’t have audited track records </li></ul></ul><ul><ul><li>There is a broad range in the quality of advisors </li></ul></ul><ul><ul><li>All sales reps claim to be ethical experts even when its not true </li></ul></ul><ul><ul><li>Sales reps use titles, for example planner or advisor, to help them maximize their sales of investment and insurance products </li></ul></ul><ul><ul><li>Reps do not provide any written documentation for their claims of financial expertise </li></ul></ul>
  7. 7. Advisor Ethics <ul><li>Advisor ethics are even more difficult to measure </li></ul><ul><li>All advisors claim to be trustworthy. Like expertise, this claim helps them sell their products and services </li></ul><ul><li>Investors should go to www.nasd.org to view the advisors’ compliance records. However, the records don’t show: </li></ul><ul><ul><li>Conflicts of interest </li></ul></ul><ul><ul><li>Advisors selling products that make them the most money </li></ul></ul><ul><ul><li>Advisors using titles, they have no right to use, to sell more products </li></ul></ul><ul><ul><li>Advisors hiding information from consumers that would interfere with their sales processes </li></ul></ul>
  8. 8. Advisor Results <ul><li>Money managers have track records because they provide the same service to multiple clients </li></ul><ul><li>Advisors do not have track records because their services vary by client </li></ul><ul><li>Advisors try to create track records by: </li></ul><ul><ul><li>Selling hot products that they selected after the performance occurred </li></ul></ul><ul><ul><li>Providing references that describe the results that the advisor produced for them </li></ul></ul><ul><ul><li>Showing consumers sample performance reports </li></ul></ul><ul><li>Advisor s’ past results cannot be documented </li></ul>
  9. 9. Just Say No <ul><li>Refusing to provide your clients with advisor referrals is an easy solution; it’s just not the best solution </li></ul><ul><li>There are several reasons why you should help your clients find and evaluate financial advisors and planners </li></ul><ul><ul><li>Without help, your clients will be prone to selecting bad advisors because they don’t know how to determine advisor quality </li></ul></ul><ul><ul><li>You want to help your clients avoid the risks and consequences of bad financial advice </li></ul></ul><ul><ul><li>You want to help your clients achieve their financial goals </li></ul></ul><ul><ul><li>You don’t want your clients going to your competitors for help </li></ul></ul><ul><ul><li>You may also have common clients with the advisors in the future </li></ul></ul>
  10. 10. The Registry Solution <ul><li>You can help your clients find and select quality advisors by referring them to a local, five star member of the Registry </li></ul><ul><ul><li>Paladin screened the advisor for you </li></ul></ul><ul><li>They can view the professional profile of this advisor </li></ul><ul><li>They can use the Registry’s educational content to learn more about advisors </li></ul><ul><li>And they can print copies of the advisor’s profile and other documents so they have a permanent record </li></ul>
  11. 11. Paladin Registry Facts <ul><li>The website URL is www.paladinregistry.com </li></ul><ul><li>More than 700,000 consumers have used Registry services since April, 2005 </li></ul><ul><li>The Registry received Kiplinger’s highest quality rating for its service category </li></ul><ul><li>CBS Marketwatch called Registry services the perfect solution for consumers who didn’t know where to find advisors and how to determine their quality </li></ul>
  12. 12. Registry Services <ul><li>Information Center - Consumer education for selecting quality advisors and avoiding bad advice </li></ul><ul><li>Search Service – Matches consumers to pre-screened, five star planners and advisors </li></ul><ul><li>Documentation Service – Comprehensive information for advisor credentials, ethics, business practices, and services </li></ul><ul><li>Rate Your Advisor – A questionnaire and evaluation system for rating non-Registry advisors </li></ul>
  13. 13. The 90/10 Rule <ul><li>A financial professional introduced you to the free public services in the Registry </li></ul><ul><li>The professional is a member of the Registry and an advocate for competent, ethical financial advice </li></ul><ul><li>Less than 10% of advisors who contact us have credentials, ethics, business practices, and services that meet the Registry’s high minimum standards for admittance </li></ul><ul><li>More than 90% are rejected because they don’t meet Registry standards for competence and ethics </li></ul>
  14. 14. Registry Professionals <ul><li>Advisors who are profiled in the Registry have these characteristics in common: </li></ul><ul><ul><li>They provide competent financial advice </li></ul></ul><ul><ul><li>They have ethical business practices </li></ul></ul><ul><ul><li>Their clients interests always come first </li></ul></ul><ul><ul><li>They are acknowledged fiduciaries </li></ul></ul><ul><ul><li>They are compensated with fees </li></ul></ul><ul><ul><li>They provide sophisticated financial services </li></ul></ul><ul><ul><li>They provide voluntary documentation and disclosures </li></ul></ul><ul><ul><li>The achievement of client goals is their number one priority </li></ul></ul>
  15. 15. The Need for Documentation <ul><li>Non-Registry advisors use sales skills and personalities to convince clients to trust them with their assets </li></ul><ul><ul><li>Their verbal information is easy to misrepresent </li></ul></ul><ul><ul><li>It’s also easy to omit verbal information </li></ul></ul><ul><ul><li>Clients have no written record of what was said to them </li></ul></ul><ul><ul><li>Verbal information is easy to deny later </li></ul></ul><ul><li>On the other hand, Registry profiled advisors provide comprehensive, written documentation for their credentials, ethics, business practices, and services </li></ul>
  16. 16. What’s the Cost or Catch? <ul><li>There is no cost </li></ul><ul><ul><li>All Registry services are free to the public </li></ul></ul><ul><ul><li>We have nothing to sell consumers </li></ul></ul><ul><li>There is no catch </li></ul><ul><ul><li>Your clients don’t have to register to use three of the four Registry services for consumers: Information Center, View Documents, and Rate Your Advisor </li></ul></ul><ul><ul><li>Registration is required for the search service so we can send them their results </li></ul></ul>
  17. 17. Summary <ul><li>Now you know there’s an alternative that helps you satisfy your clients’ needs for competent, ethical financial advice </li></ul><ul><li>You can refer them to the education, search, and documentation services on the Registry website </li></ul><ul><li>You will be providing a value-added service that also helps you avoid the risk of bad advisor referrals </li></ul><ul><li>Thank you! </li></ul>

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