Honestly, who needs online reviews? What advisor in their right mind would willingly encourage people to rant about them in full view of current and prospective customers?
The answer, simply, is you! The reason? Because they help to create a strong online reputation and to drive future sales. And advisors who don’t listen hard to consumer voices online — and learning from their feedback — will be at a competitive disadvantage.
Although Internet reviews have long been a fixture for book sales (Amazon), restaurants (Yelp), and personal services (Angie’s List), they’ve only recently begun to appear regarding financial products and advisors. But we believe this trend will explode soon for the following reasons:
First, the Baby-Boom generation, as you well know, is transitioning from asset accumulation to decumulation. Advisors who wish to maintain their incomes must build bridges to younger Generation X and Y clients. Guess what, folks? These prospects are big fans of online reviews, and will expect to read them before hiring a new advisor.