BrightScope launched a new product, AdviceMatch, on Wednesday that helps consumers find financial advice — including advice provided by online platforms — based on their personal financial needs.
Consumers answer a questionnaire to determine what they’re looking for from an advisor. The questionnaire asks users how involved they want to be in making decisions, how important fees and the advisor’s proximity to the client are, and, of course, the amount of investable assets they own.
AdviceMatch then searches BrightScope’s database of 680,000 financial professionals and ranks candidates based on their “match score.” Users can create an account or use LinkedIn to sign in to get their recommendations.
Once they create a profile, users will receive proposals from advisors they are matched with. Profile information is anonymized so financial providers make their introductions through the service.
“AdviceMatch is the next evolution of BrightScope’s Advisor Pages offering, which was created to help investors research and make a well-informed decision when it comes to choosing who manages their money,” Mike Alfred, CEO and co-founder of BrightScope, said in a statement. “This platform makes it even easier to choose the most appropriate financial advisor by delivering personalized recommendations that also take the ‘how’ into account, revealing if an online advisory service should be considered.”
The tool includes robo-advisors among potential matches, with a brief description of the services provided and fees that might be required.
Ryan Alfred, president, COO and co-founder of BrightScope, called online advice providers a “tectonic shift in the market for managing money.”
“In the last few years people have become increasingly dependent on researching and finding advisors online, and that trend is growing very fast,” he said in a statement. “As a result, there is a new generation of online-enabled ‘financial advisors’ that are growing businesses entirely online.”
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