Scott Barkow, an adviser with Raymond James & Associates Inc. of St. Petersburg, Fla., isn't happy about the challenging economy and how it could hurt new business now.
While word of mouth has helped him build his three-person firm into one with $200 million in assets under management, he isn't taking any chances.
To that point, Mr. Barkow signed up with ClaroConnect.com, a new website that acts like a Match.com, brokering relationships for clients shopping for financial advisers. In this case, Mr. Barkow specializes in pre-retirement planning, and he wants potential customers to know it.
The site allows clients to narrow their search by selecting from specific categories of adviser specialization such as financial planning, college savings or retirement planning. Users are able to choose further by specifying a location, level of experience, qualifications, language and any customized parameters that interest them.
"The site is a great idea. Being able to reach underserved groups with rather specific needs — for instance, I have some associates that mainly deal with divorce and others that deal with non-U.S.-born citizens. Being able to target the right potential client can be a real advantage," said Mr. Barkow, who is based in Coral Gables, Fla.
Scott Barcow: Wanted potential clients to know that his focus is pre-retirement planning.
The website and service were rolled out at the end of last month and connect potential customers to advisers, including planners, investment advisers, brokers, wealth managers, insurance representatives, consultants and business benefit plan providers.
Investors search the site for free and don't have to register, but advisers pay a flat annual subscription fee of $239. For that fee, advisers get a listing and assistance in creating their profiles, along with keyword "tags" that help their profiles come up in specific searches.
Mr. Barkow said that he likes the site for the promise it holds in matching potential clients with the right adviser from the beginning of the client's search, especially those with special needs or requirements.
That is exactly what the site's creator said he intended.
Mel Marten: We have a directory of very unique advisers."
Asked which features would make his site stand out from other search services, such as the Financial Planning Association's PlannerSearch.org or Fairfax Va.-based Wiseradvisor.com, he cited its in-depth, detailed profiles and the specializations of its members.
"We have a directory of very unique advisers, and that is the way we will initially differentiate ourselves," Mr. Marten said.
"We list an adviser's qualifications, the services they offer and the investment minimum. The adviser also can post exactly who their target client is. That way, they don't have to worry as much about getting unqualified leads," Mr. Marten said.
Invested Interests Inc. of San Francisco is another firm that has signed up with the site. The registered investment advisory firm, with $120 million in assets under management, specializes in socially conscious investing.
"We're relatively small now, but we are a national firm, and we fill a void for clients who cannot find advisers locally that specialize in socially responsible investing," Mr. Small said.
"The clients we are working for tend to have distinct preferences in terms of their investments, from, 'Hey, I don't want companies that do animal testing in my portfolio,' to those who want to be completely divested from companies doing business in Sudan over the issue of Darfur," he explained.
The site also is drawing global advisers. "What I'm expecting from the site is for people interested specifically in the Brazilian fixed-income sector to find me," said one international adviser, who asked not to be identified due to his firm's compliance rules. Based in Geneva, Switzerland, the adviser also has a home in Key Biscayne, Fla., and learned about ClaroConnect in nearby Miami.
"I'm fluent in Portuguese, Spanish and English, and have spent 10 years gaining expertise in the Brazilian economy, which is quite hot right now, but it isn't necessarily easy for people to find people like me," he added.
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