SACRAMENTO, Calif., June 19, 2007 — After extensive consumer research, the Paladin Registry, a free, independent, objective source for consumers who use the services of financial planners and advisors, added a new type of content for consumers who are selecting a financial advisor for the first time. The content can be found on the Registry's home page under Information Center.
Jack Waymire, co-founder of the Registry and author of "Who's Watching Your Money?" (ISBN 0471476994, John Wiley & Sons, 2003), said, "About 2 million consumers hire financial advisors for the first time each year. Most often, this need for professional advice occurs when they move retirement assets from company 401(k) plans to IRAs. Most consumers aren't experienced investing such large sums of money – particularly when asset performance impacts their future standard of living and financial security."
Consumers know they need advisors, but don't know much about them. That includes issues such as how to determine advisor quality, what is reasonable compensation, what services they need from professionals, and what their expectations should be. Most consumers are also concerned about advisor ethics because they have read stories or heard about advisors who take advantage of less experienced investors.
A recent Registry survey indicated consumers want an impartial source that will provide them with objective information about advisors. Those surveyed did not believe they could obtain factual information from advisors who are trying to sell them investment and insurance products.
"Advisors aren't selling vacuum cleaners," Waymire said. "Their advice and recommendations will determine the financial security of millions of Americans during retirements that may last for decades. When consumers don't know how to determine advisor quality, they expose their retirements to a major risk – bad advice that undermines the achievement of their goals."
"It's much easier for consumers to learn to select quality professionals than it is to learn to do the planners' and advisors' jobs themselves," Waymire added. "If consumers spend two hours viewing and listening to the seminars in the Registry's Information Center, they will know enough to protect themselves from bad advice and select high-quality professionals. It doesn't take very much time to learn who can help you achieve your goals and who represents a major risk to your future financial security."
About Paladin Registry Inc.
Founded in 2003, Paladin Registry is an independent, objective information services company that provides four free public services to consumers who use the services of financial advisors: Awareness & Education programs, Advisor Search Services, Advisor Documentation Services, and Advisor Rating Services. For more information, visit Paladin Registry at http://www.paladinregistry.com.
Media Contact:
Rebecca Anderson
Gregory FCA Communications
For: Paladin Registry Inc.
610.642.8253 ext 177
Email