10 Online Tools Advisors Cant Live Without
Advisors are constantly on the prowl for new websites, online tools and apps to improve their communication with existing and potential clients. They (and their clients) also like to know where they stand in relation to their peers in terms of performance and services.
InvestorWatchdog.com is a free educational and interactive service where advisors can communicate with potential clients as well as track and compare their personal performances to other advisors.
The site features more than 40 online tools for tracking, comparing and communicating with advisors and clients.
Here are the top 10 most useful and popular advisory tools available on Watchdogs site.
Source: Jack Waymire, founder of InvestorWatchdog.com
For a monthly fee, advisors can be put into the InvestorWatchdog.com directory, where potential clients can search and communicate with potential advisors.
The advisor or investor can input performances and the Watchdog Tracker will produce a report comparing the advisors results to the investors benchmark as well as create a performance track record.
Highlights advisors strengths and weaknesses in their Advisor Scorecard.
Allows investors to compare advisors side-by-side.
Advisors and investors select benchmark for risk tolerance from very high to very low, and compare benchmarks to see if they are a good fit.
Allows advisors to interact with investors and nail down certain requirements and needs.
Each interaction is documented and archived, but changes can be made and can act as a written agreement.
Connects the advisors to the tools the investor wants to use as well as manage their relationships.
Investors input advisor contact information and identifies them as current or prospective.
Both advisors and investors have access advisor information such as credentials, ethics, past performance, expenses, etc.
Advisors can compare their Advisor Scorecard to other advisor scorecards.
Advisors can refer clients to the dictionary of investment jargon as well as list of the different certifications and what they mean.
Investors can select advisors they wish to communicate with as well as interview them to see if their qualifications can be met.
Provides guide for interviewing advisors.
Investors select the categories they want advisors monitored in including: performance, risk exposure, investment expenses, compliance records, client attrition, lawsuits, bankruptcies, etc.
Watchdog gathers the data, produces reports, and archives the data.
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