Why Adviser Rankings May Not Be All They Seem

Boiling down financial advisers to a “best of” list sounds like it might be helpful, but the reality often falls short for retirement savers looking for the right help.

(Image credit: (C) 2011 Yellowdog Productions RIGHTS RESERVED ((C) 2011 Yellowdog Productions RIGHTS RESERVED (Photographer) - [None])

People love rankings, whether they involve college basketball, universities or the best places to live. Rarely do consumers dig deeper to determine the criteria behind the rankings.

One of the findings of behavioral finance is that humans love shortcuts, given all the decisions we face day in and day out. Rankings provide just such a shortcut, and most consumers assume that such rankings are independent, objective and properly vetted.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Mike Palmer, CFP
Managing Principal, Ark Royal Wealth Management

Mike Palmer has over 25 years of experience helping successful people make smart decisions about money. He is a graduate of the University of North Carolina at Chapel Hill and is a CERTIFIED FINANCIAL PLANNER™ professional. Mr. Palmer is a member of several professional organizations, including the National Association of Personal Financial Advisors (NAPFA) and past member of the TIAA-CREF Board of Advisors.