“We created Rainbook to empower investors,” says Stephen Tanenbaum, founder and CEO of Rainbook. “It is unbelievable to think that 89% of advisors are not providing comprehensive investment advice—which their clients are paying for.* And, shockingly, 38% of investors either don’t know they’re paying fees or how much those fees are costing them.** Rainbook is changing the game with our new Advisor Analyzer.”
The Advisor Analyzer audits the financial advisor relationship and provides ongoing monitoring and feedback to the investor, free of charge. Upon learning their Advisor Score, investors can address the pain points with their advisor, or Rainbook will match them with a new advisor.
Six factors generate the Advisor Score:
- Fees: Tallies all fees, including any layered fees from the funds inside the portfolio.
- Engagement & Trust: Provides insight about the advisor’s responsiveness and initiative.
- Portfolio Performance: Compares against the corresponding Morningstar Target Allocation Index.
- Credentials: Tracks the background of the advisor, including any disciplinary history.
- Statement Quality: Looks at the clarity of the investor statement.
- Alternatives: Considers if investments beyond the “60/40” portfolio are offered by the advisor.
If your advisor is underperforming, Rainbook will match you with two vetted fiduciary investment advisors on the Rainbook Advisor Network, which is striving to be the first gender-balanced network of its kind. All advisors on the network are a Certified Financial Planner, Chartered Financial Analyst and/or a Certified Public Accountant.
*2023 J.D. Power Investor Satisfaction Study
**Financial Industry Regulatory Authority (FINRA) Investor Education Foundation Study
Rainbook is an investor-first wealthtech company dedicated to transforming the client – financial advisor relationship through radical transparency and accountability. Its groundbreaking product, Advisor Analyzer™, monitors their financial advisor’s fees, performance and engagement, delivering a free unbiased review. Investors not only learn their Advisor Score, but can use this information to strengthen their relationship or choose to be matched with a new vetted advisor on the Rainbook Advisor Network. Learn more at www.rainbook.com.
SOURCE Rainbook Holdings Inc.