CHICAGO, IL--(Marketwired - Apr 24, 2014) - At the end of March, the SEC quietly published IM Guidance Update No. 2014-4. This memorandum will allow investors to review client opinions of investment advisers or investment advisory representatives (IARs) that are posted by a third party. Spectrem Group's MillionaireCorner.com addresses this ruling through their new Best Financial Advisors service.
As consumers tapped independent, third-party review sites such as Open Table, the SEC found that consumers sought a similar tool for investment advisers. Compliance rules from the 1990s initially seemed to prevent testimonials and ratings for investment advisers and IARs. Specifically, testimonials were prohibited from investment advisory advertisements because they could be construed as a fraudulent, deceptive or manipulative act or practice.
IM Guidance Update No. 2014-4 allows independent third-party sites to publish testimonials about an investment adviser or IAR. The third party must be independent of the adviser and the adviser can have no control over the information posted. Additionally, the independent social media site may include a mathematical average along with the public commentary.
Millionaire Corner (www.millionairecorner.com) is one of the first to accommodate consumers following the new SEC Guidance with its Best Financial Advisors service, a reviews platform for 1,000+ advisers across the U.S.
"We are pleased that the SEC has realized the value that a service like this provides for investors," states Catherine McBreen, President of Millionaire Corner. "Our research shows that advisers often believe they know what their customers want, but research with the customers shows otherwise. This will be an invaluable tool to bridge that gap and benefit both investors and advisers."
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For more information about Millionaire Corner's review process, or to set up an interview with Cathy McBreen, president of Millionaire Corner, contact Natalie Bisaro at natalie@wilkspr.com, 708-434-5006.
About MillionaireCorner.com
Millionaire Corner delivers timely, relevant and practical information and tools to help fuel financial growth for Millionaire investors and aspiring millionaires. With its Best Financial Advisors service, investors are able to search and evaluate financial advisors based on actual customer reviews of satisfaction with the advisor.
About Spectrem Group
Spectrem Group (www.spectrem.com) is the leading research provider in the wealth management marketplace. Each month, Spectrem Group surveys more than 1500 investors with $100,000 to $25 million of net worth regarding their investment attitudes and behaviors.