The Five Star Wealth Manager award, administered by Crescendo Business Services, LLC (dba Five Star Professional), is based on 10 objective criteria:
1. Credentialed as a registered investment adviser or a registered investment adviser representative;
2. Active as a credentialed professional in the financial services industry for a minimum of 5 years;
3. Favorable regulatory and complaint history review*;
4. Fulfilled their firm review based on internal standards;
5. Accepting new clients;
6. One-year client retention rate;
7. Five-year client retention rate;
8. Non-institutional discretionary and/or non-discretionary client assets administered;
9. Number of client households served;
10. Education and professional designations.
Wealth managers do not pay a fee to be considered or awarded.
Once awarded, wealth managers may purchase additional profile ad space or promotional products. The award methodology does not evaluate the quality of services provided and is not indicative of the winner’s future performance. 2,010 Orange County wealth managers were considered for the award; 351 (18 percent of candidates) were named Five Star Wealth Managers.
* As defined by Five Star Professional, the wealth manager has not:
A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine;
B. Had more than a total of three customer complaints filed against them [settled or pending] with any regulatory authority or Five Star Professional’s consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through Five Star Professional’s consumer complaint process;
C. Individually contributed to a financial settlement of a customer complaint filed with a regulatory authority;
D. Filed for personal bankruptcy;
E. Been convicted of a felony.