How Long Before Financial Advisors Rating Site Gets Sued?

from the the-rating-game dept

Back in June, the launch of Avvo, a site for rating lawyers, was met with a lot of controversy. Lawyers aren't used to being rated as if they were any other good on the market, and it didn't take long before the site was sued by one lawyer unhappy with his ranking. Now a similar site is getting set to launch, except this time it will focus on financial advisors, another group which isn't used to much scrutiny. It's not clear whether or not this will prove particularly useful, but hopefully the site has some money socked away for legal fees, since it's only a matter of time before one disgruntled advisor sues after a bad rating.

Filed Under: ratings

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  1. identicon
    Anyone I want to be?, 20 Sep 2007 @ 10:08pm

    Financial Advisors promote themselves anyway. They have friends and family refer them all the time; they even get their clients to refer them.

    On the flip side, there are those disgruntled clients who bash the advisor and tell others to stay away.

    Either way, its one sided depended on who is sharing their thoughts about the advisor. At least now the site allows you to see both sides.

    I looked at the site and it does need work. It’s lacking a professional appeal. What I did notice as apposed to the avvo site is the financial advisor one does not put any personal rating on the advisor, which means it is all user/client driven. (No different than this site, or any other that allows users to post their comments). So with that said, they are pretty safe. The avvo site was sued because the attorney put his softball awards up and it raised the score. The suit was not over the rating per say, but the faulty valuation lapse. Also, how can avvo say that an attorney is better based on the law school they attended? All that means is they attended a more prestige’s school, not that they’re a better attorney.

    The site does need some work, but at least investors can now see both sides.

    By the way, has anyone perfected internet users from signing up and posting. Yet be able to control the environment 100%. Nope! And this site is a prime example. Here on this subject a post is put up and calls someone an asshole, yet the site has no idea who did it?

    I found another site that has been in business for 5+ years and it lets your rate contractors.

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