Advisor Check’s Revamped Background Screening Service Changes Hearts and Minds   

Following articles critical of Advisor Check’s background screening services for consumers, the company revamped and introduced 100% Free Background Checks over two months ago and consumers and advisors are raving about it.

November 12, 2009: ST. LOUIS, MO – AdvisorCheck, a free online service that provides consumers with thorough background checks on advisors in the financial industry, revamped its fee structure in September after some advisors voiced concern that the $50 screening fee was too costly.  Background checks have always been free to consumers but the company had previously required the advisor that was inquired upon to pay $50 for the screening. 

“We knew it really wasn’t an issue (the $50 fee) considering they could be receiving a new client but we thought why not take it off the table and create a situation where there is no reason for an advisor not to submit to a background screening,” said Advisor Check spokesman, Bryan Binkholder. By utilizing the service and creating high consumer demand, Advisor Check believes that advisors will see the value and join the ‘Pro Transparency & Disclosure Movement’ that the company has initiated. 

“I was approached by this company and from the beginning I thought it was a great idea. A way for me to let my clients and others know that I have a squeaky clean background after 16 years in this industry. I am proud of that,” commented Tony Filippone of Rockford, Illinois. 

Cindy R. of Houston, Texas was a consumer who requested a current background screening of a potential advisor via the Advisor Check system. “I was searching for a new advisor and had read many articles on how to check on financial advisors.  After a frustrating call to the state, they told me to request a FINRA report.  After I had read the FINRA report on my broker, I noticed it said the items were self-disclosed so I was concerned if the information I was receiving was accurate.  After he submitted to the screenings and they came back ok, it really gave me the confidence to move my accounts to him.”  

Advisor Check performs a twelve-point background check on advisors, since many consumers lack the time or resources to perform their own due diligence on a potential or current advisor.  The free service provided by Advisor Check offers a sense of security to consumers, while giving advisors a tool to promote their transparency and full disclosure.

About AdvisorCheck

AdvisorCheck, www.advisorbackgroundcheck.com, was established to provide consumers with unbiased information to promote honest practices by advisors in the financial services industry.  AdvisorCheck can help financial advisors by joining the ‘Pro Transparency & Disclosure Movement’ and utilizing this open book approach to establish trust and peace of mind with clients.  Through the Advisor Check website, both consumers and advisors can benefit through building accountability, instilling confidence, and developing mutually beneficial relationships. More information on AdvisorCheck is available at www.advisorbackgroundcheck.com.

http://registeredrep.com/news/gross_nailed_for_7million0915/

Sep 15, 2009 1:53 PM, By John Churchill

You may not remember our April 2008 cover story on Gary Gross, the Boca Raton, Florida, (where else?) broker with a 100-page, customer-complaint laden CRD. Gross apparently preyed on elderly people and a FINRA arbitration panel recently awarded $7 million to his victims, whom he defrauded.

The plaintiffs’ attorneys are calling the award one of the biggest FINRA awards ever against an individual broker.

Gross, an Orthodox Jew, used his temple and his faith to earn the trust of prospective clients, one of whom was a Holocaust survivor. His Form U-4, at more than 100 pages long, listed 35 customer complaints (33 of them settled) amassed at several firms over the previous 8 years and illustrated the problems regulators face taking bad brokers out of the industry. Among the SEC’s complaint filed against him in 2008: churning, misrepresentation and “fabricating customer account values,” among others. Registered Rep. detailed the story of how Gross and others like him with horrendous records are sometimes able to slip through the cracks for long periods of time in our April 2008 cover story, The Failure Chain.

The award, handed down on September 4, included $4 million in punitive damages against Gross, 56, based upon what the panel found to be “willful and wanton” conduct in “flagrant disregard” of the investors rights, according to Scott Silver, an attorney with Blum & Silver, one of the firms representing investors. The 61-page award said Gross created false and misleading statements while engaging in churning, unauthorized trading, unauthorized use of margin and many more violations that cost several investors their life savings.

AdvisorCheck Waives Fees, Service Completely Free to Consumers and Advisors

In an effort to help restore consumer trust, company will begin offering free background checks on financial advisors and insurance agents as part of its Advisor Check Program.

September 11, 2009: ST. LOUIS, MO – AdvisorCheck, a free online service that provides consumers with comprehensive background checks on advisors in the financial industry, has waived its fees for background checks.  Previously, the checks were free to consumers but the company had required the advisor that was inquired upon to pay $50 for the screening.  Due to recent discussions with influential members in the financial field, writers, and key leaders, the company has elected to complete the screenings at no charge.  By utilizing the service, the company believes that advisors will then experience the innovation and join the ‘Pro Transparency & Disclosure Movement’ that the company has initiated within the financial services industry.

 “I was approached by this company and from the beginning I thought it was a great idea. A way for me to let my clients and others know that I have a squeaky clean background after 16 years in this industry. I am proud of that.” commented Tony Filippone of Rockford, Illinois.

 AdvisorCheck performs a twelve-point background check on advisors, since many consumers lack the time or resources to perform their own due diligence on a potential or current advisor.  The free service provided by AdvisorCheck offers a sense of security to consumers, while giving advisors a tool to promote their transparency and full disclosure. 

 “Our service allows advisors such as Tony the opportunity to establish trust with clients, demonstrate their ethical business practices, and promote confidence,” said Bryan Binkholder, national spokesman for AdvisorCheck.  “Eliminating the fee we originally charged advisors for the background checks removes a major hurdle that some advisors expressed as rationale for not submitting to these screenings previously. With this hurdle removed, we expect nearly all advisors to participate.”

 AdvisorCheck has experienced explosive growth and success since its launch in April. In June, AdvisorCheck appointed Bryan Binkholder its national spokesperson. Binkholder is a registered investment advisor, real estate investor, and also hosts a weekly radio show called “The Financial Coach.”  He is also a member of AdvisorCheck.

About AdvisorCheck

AdvisorCheck, www.advisorbackgroundcheck.com, was established to provide a ‘Single Source’ for consumers to acquire background information on advisors.  AdvisorCheck assists financial advisors by joining the ‘Pro Transparency & Disclosure Movement’ and utilizing the open book approach to regain trust and peace of mind with clients.  Through the AdvisorCheck website, both consumers and advisors can benefit through building trust, instilling confidence, and developing mutually beneficial relationships. More information on AdvisorCheck is available at www.advisorbackgroundcheck.com.

An interesting point is made by Mr. Brennan that consumers should know the credit score of an advisor to determine if they ‘eat from the same cooking.’  Listen as the Bryan C Binkholder, the company spokesman explains that would be inherently unfair to the advisor due to various factors out of their control that determine a credit score.  

What IS important is consumers and advisors know the facts and in doing so consumers can find advisors that are open books and committed to Full Disclosure.

KMOX Interview with Charlie Brennan

http://www.forbes.com/feeds/businesswire/2009/07/29/businesswire127267313.html

Maybe the advisors who are making the loudest noise are the one’s with problems?  We will see and compile the data as we go.

Check out this story

http://www.star-telegram.com/news/story/1545329.html

Consumers: We are here for YOU!  AdvisorCheck is dedicated to bringing trust and transparency back to the financial services industry.  Watch the video to learn the benefits of AdvisorCheck and how to use our services!

 Learn ways to utilize AdvisorCheck to help expand your business

Have you had a consumer inquire on your background?  Watch the video to see what the process entails.

This is what separates AdvisorCheck from the other guys.  We cater to the needs of today’s consumer, those that would need and want this type of information prior to making any significant financial decisions.  Had this particular individual attempted to acquire a securities license, they would have been immediately turned down because of these past issues.  Yet this same person would be considered approved with other organizations.

We provide consumers with an advisor’s personal financial history because there can be a direct relationship between personal and professional financial performance and adequacy.  Think about this:  would you knowingly invest your money or take advice from someone who’s had previous troubles like the sign-up we spoke with today?  Chances are, you’re more likely to go with someone who practices what they preach.