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

ST. LOUIS--(BUSINESS WIRE)--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.