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Accepting new clients. 6.  five star mortgage nmls #245495 -year client retention rate. 7. Five-year client retention rate. 8. Non-institutional discretionary and/or nondiscretionaryclient assets administered. 9. Variety of customer households served. 10. Education and professional classifications. The required Eligibility Requirements are generally table stakes to even be part of the advisory profession. There's nothing brave about being accredited and not having pissed-off your customers.

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And I tend to concur with Michael Kitces that it's presently too simple to get licensed as a monetary consultant. But that's an industry issue, not a 5 star program issue per se. The Assessment Requirements which Five Star states they consider appears to all be self-reported by consultants. How does 5 Star examine precision and truthfulness? And what weighting does each item have in their factor to consider? They do not reveal that.

5 Star Real Estate Agent -

It appears they might offer substantial weight to possessions under administration, however they do not tell you how much. What I did discover in the 2016 5 Star Wealth Supervisor Disclosure for Portland were great print items like these:"Award does not evaluate quality of services offered to customers."Naturally it does not.

Israel Hill 2019 Portland Five Star Real Estate Agent Pages 1 - 4 - Flip  PDF Download - FlipHTML5

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That can't take place in this context for a variety of reasons."Once granted, wealth managers might acquire extra profile advertisement area or promotional items."As suggested, that's the real factor driving the entire exercise."Wealth managers might or may not use discretion in their practice and therefore may not manage their customer's possessions.

Now, there's definitely nothing wrong with being a Relationship Managerthat's a valuable function in numerous situations. Simply call it what it is and quit deceiving customers by declaring you're doing something that you're not. ********** So I'm calling out fellow financial organizers and financial investment consultants who've been granted as Five Star Wealth Managers.

You understand in your heart that a real factor of "5 star" would measure customer service and fulfillment, which is not even possible in this context. You know this is mostly a marketing plan designed to make you look excellent in the eyes of customers and prospective customers who simply don't understand any much better.

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If you are the excellent Wealth Supervisor I hope you areone genuinely deserving of 5 starsthen I challenge you to drop this dubious award. Rather, join the small but growing variety of us who aim to advance excellence, rigor, quality, and customer service in the monetary preparation and advisory profession.