The Financial Planning Association has partnered with Money.com to develop a list of the best financial advisors, which the two organizations will release at the FPA’s annual conference in September, the association said Tuesday.
The list will be based on several factors, including an advisor’s specialties and education, as well as such things as how well they communicate with clients. “The Best Financial Planners list will use a unique methodology designed to empower consumers to identify and engage with trusted financial planners easily,” the organizations said in announcing the partnership. “With a shared vision that financial planning should be inclusive and accessible to all, this list will aim to address the challenge consumers face in discerning the most reputable financial planners from the rest, such as experience, credentials and trust with clients.”
“Like FPA, the outstanding team at Money.com recognizes the importance of financial planning and that not everyone who proclaims to be a financial planner is providing these important services at the same level,” said the FPA’s chief executive officer, Patrick D. Mahoney, in a statement. “It can be challenging for consumers to know who to trust most with their financial future, which is why we are honored to partner to provide a much-needed list to the millions of consumers who depend on Money.com for their personal finance news and insights.”
The Best Financial Planners list was designed to be a comprehensive evaluation tool that is open only to FPA members who complete a detailed questionnaire covering various aspects of their work. The questionnaire, developed by Money.com and the FPA, covers education, credentials and experience, as well as areas that have traditionally been more difficult to quantify, such as trust factors and client communication.
Other lists of best advisors have long been criticized for favoritism and being subjective. Given this list is open only to FPA members, it could encounter similar critiques.
“The Best Financial Planners list aims to bridge the gap between consumers and financial planners by offering a standardized and comprehensive evaluation framework,” the organizations said in their press release. “The questionnaire is being designed to capture not just the basics but the essence of what makes a financial planner exceptional. Aligning planners' responses with what clients value most can identify a true representation of excellence in the financial planning field.”
“The Best Financial Planners list will arm readers with insights into the who’s who of this world, ultimately providing everyone with the information to make smart decisions about who to trust with one’s financial future,” said Mike Ayers, head of content at Money.com, in a statement.