Can Financial Planners Be Rated Like Yelp?

Post on November 26, 2013

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A three-month-old site called Wallethub.com, an offshoot of Cardhub.com (which lets users compare credit cards), brazenly aspires to be the Yelp of personal finance. It has started running reviews of advisers by current and former clients, such as “Found him to be out of touch, unresponsive and arrogant.”

Wallet Hub founder and CEO Odysseas Papadimitriou says, “We’re on a mission to put more information in the hands of consumers to help them make the best decisions.”

Grant Easterbrook, senior research associate at Corporate Insight, a financial services analytics firm, thinks we’ll see a growth in such ratings of planners when Generation X and Generation Y amass enough savings to warrant money management. “They’re much more interested than boomers in getting reviews online.”

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