The Financial Planning Association and MorningstarAdvisor.com formally announced a partnership at the FPA’s Broker/Dealer conference in Los Angeles on Feb. 4, regarding an online matchmaking service called the Broker/Dealer Center. Available through the Web sites of both the FPA (www.fpanet.org) and Morningstar (www.morningstaradvisor.com), the Center offers broker/dealer reps the chance to compare up to five B/Ds at a time in their prime areas of interest, such as size of firm, payouts, and minimum production per rep per year.
A questionnaire consisting of 28 questions and a survey pursuing 46 data points are completed by each participating B/D. Advisors can then search for the factors most important to them in their quest for a new B/D, and then check whether they themselves meet that B/D”s criteria. Interested B/Ds are thereby presented with qualified leads for new reps, the FPA and Morningstar claim, and advisors can look forward to being contacted by the B/Ds that appeal to them the most.