What is FARP?
The Financial Advisor Rating Program (FARP) is designed to assist financial professionals gain insight into an established practice. The report allows the financial professional to identify strengths and maximize opportunities. The program is based on a uniform client survey process that allows professionals who meet requirements to advertise their stature as a DALBAR Rated Financial Professional and to include their performance ratings in advertising.
How can I use the results?
Prevent the loss of clients by maximizing opportunitiesbr> The program measures the professional’s success at meeting client needs and identifies areas of strength and opportunities, providing key insights into:
- Clients’ view of the quality of advisory services
- Clients’ intended actions, including continuing to use services
- Level of reliance on the financial professional for financial decisions
- Clients’ assessment of financial results
- Profile of client base indicating basic demographics
Attract new clients more effectively
Financial professionals can use their performance in the program to attract new clients. Results can be used in presentations, advertisements, and sales literature as long as they conform with program requirements and provincial securities legislation.
Identify opportunities for additional business from existing clients The program reveals which services are obtained from the professional and which are being obtained from the competition. The professional also learns what proportion of clients’ business is outside of his or her control. This allows the professional to focus on their core competencies rather than wasting efforts on inoperable solutions. This information also is key to expanding relationships with existing clients. Professionals can dramatically increase business from clients who are already satisfied.
Increase the Value of Your Practice The DALBAR Rating Program measures the quality of the principal asset of the practice: the client base. The measure shows how secure your client base is compared to the industry and provides a basis for assessing the value of the revenue earned by the practice. Professionals concerned about succession, merger, or divestiture of a practice or who wish to understand the perceived value of services can use the DALBAR Rating Program to aid in valuation.
Differentiation The requirements for participation and for the DALBAR Seal mean that only professionals who meet strict program requirements and who perform above the national average may display it. As more institutions and individuals seek to capitalize on the growing demand for financial advice, the DALBAR Seal serves to distinguish the true professionals from those that merely claim to be professional.
What is the Cost of the Report?
$750 + HST per advisor (electronic survey)
How do I order FARP
You can order the FARP report by contacting firstname.lastname@example.org