Look for these unique customer reviews.
If you’re on the hunt for someone to help get your finances in order, it's a big deal. Your top priority is likely to find the most trustworthy, reputable, and ethical financial manager possible.
This search can be stressful and time-consuming. But you don’t want to cut corners in your research because your financial well-being is at stake.
So, where do you begin? A financial professional's reputation is the first and most important factor to consider. To learn more, you’ll likely start your search online, where a wealth of information is available.
Online reputation is just as important as word of mouth when it comes to shopping for your financial advisor. Below, we'll explore how to investigate a financial advisor’s online reputation so you can make the right choice with confidence.
How to find a business with a good online reputation
It’s no wonder that financial professionals’ reputations are so important these days. In fact, financial services profile views on BBB increased by over 45% from 2022 to 2023. Additionally, there were 1.2 million visits to financial services represented on BBB in 2023. For BBB, an organization that champions trust, we count that as a strong sign that reputation matters to our consumers.
So what amounts to a good reputation? In a general sense, it hinges on one’s commitment to transparency, honesty, and putting their clients' interests first. When researching these qualities online, you’ll want to ensure your advisor has a track record of integrity, reliability, expertise and a commitment to ethical guidance.
When investigating a business’s online reputation, here are some factors to consider:
Professional website: A well-designed and user-friendly website is a must for financial professionals. Ask if your financial needs are met by the content on the website. You’ll also want to ensure there’s contact information, privacy policies and security measures to safeguard your data privacy.
Social media profiles: Financial advisors or accountants may not always be active on social media, but when they are, learn how accessible and responsive they are to customers on these platforms.
Reviews and testimonials: Positive mentions are always good evidence for a great reputation, but also pay attention to the finance professional’s responses when available. BBB reviews and complaints [link] provide an opportunity for the business to respond. Read more about reviews below.
Certifications and fiduciary duty statements: Ensure they hold recognized designations like CFP (Certified Financial Planner) or CPA (Certified Public Accountant). These professionals operate under a fiduciary duty to clients, prioritizing your best interests. Find a CPA near you.
- Professional associations and industry directories: These should be available on a business homepage. Displaying industry memberships, certifications or awards highlights the company's commitment to excellence and recognition from peers.
- Online articles and publications: Positive mentions, reviews, or articles about the business on external websites, news outlets, or industry publications can give you an outsider’s perspective of how the business is viewed by the public. Be sure the sites you visit are also trusted and reputable. How to identify a fake website
- Low complaints and disputes: A low volume of complaints or disputes, especially when handled promptly and professionally, indicates a commitment to customer satisfaction.
- BBB Profile and Accreditation: We refer to the BBB Accredited Business Seal as “The Sign of a Better Business” because it’s exactly that – an indicator that shows a business is committed to maintaining a good reputation. When considering financial professionals, it’s always good practice to keep an eye out for the BBB Seal.
While these are all areas where you can find signs of your financial professional’s online reputation, there remains one that deserves the spotlight…
The difference-maker: BBB's customer reviews
Let’s face it: Not all reviews are created equal. When finding someone to manage your hard-earned money, BBB’s customer reviews are your ace card in making the best choice possible. In a sea of sites and directories, BBB.org is your top resource for reviews you can trust. That’s because BBB Ttakes steps to confirm that a marketplace interaction took place and attempts to verify that the reviewer is a real person.That’s because BBB takes steps to confirm that a marketplace interaction took place and attempts to verify that the reviewer is a real person.
Here’s a breakdown of what that means:
BBB customer reviews are more likely to be written by real clients who have had firsthand experiences with their financial planner. Their feedback, therefore, is more likely to reflect the planner's actual performance and customer interactions, helping you understand what to expect.
BBB attempts to ensure the authenticity of every review by requiring a phone number and email address to confirm the reviewer is a real customer and is accurately representing their experience. During this verification process, BBB may reach out to consumers to make sure they left a review.
BBB customer reviews provide a balanced perspective, allowing (and encouraging) businesses to respond so customers can make an informed decision. Reviews are not influenced by advertising or biased sources and BBB makes every effort to provide you with honest and accurate insights into the financial planner's performance.
This level of dedication goes above and beyond the anyone-can-post-anything methodology that seems to dominate so many platforms. In the end, this approach is designed to give you peace of mind as you make important decisions about choosing a financial advisor.
Final thoughts
In your quest to find a trustworthy financial planner, a great online reputation needs to be at the top of your list. Without the right track record, you could face a variety of consequences like loss of money, a lack of transparency, or even legal and regulatory issues.
While there are some solid indicators of a financial professional’s reputation, like a strong website presence, testimonials and articles – BBB's customer reviews stand out as one of the most dependable resources at your disposal. They offer transparency, reliability, and an unparalleled commitment to ensuring that the information you access is accurate and unbiased. Whether you're new to financial planning or simply seeking a reputable advisor, these reviews can guide you with confidence, helping you make the best choice for your financial future.
Please note: A BBB customer review is not a factor in determining a business’s overall BBB business rating.
