At AdviceIQ, financial advisors, whether from a wirehouse, IBD, RIA, bank brokerage or wherever, can only get listed in the directory if they have zero complaints on their records.
Therefore, an investor cannot search for compliance issues about their advisors because advisors with complaints won’t even be listed.
Advisors pay an annual fee and the site checks against all federal and state regulators before allowing the advisor to complete his profile. Those with “dings” on their records are turned away.
- Investors will be able to pull data on advisors such as the audit history.
- The company will rely on an outside independent board to vet the firms before they can join the group.
- The board will set up standards and members (in this case, the RIA firms) will have to modify to comply or be asked to leave.
- An annual fee to join will be based on the size of the firm.