Core Financial Partners isÂ proud to announce that John Koudsi, FP, IV, TXÂ was listed in Los Angeles Magazineâ€™s 2011 FIVE STAR WealthÂ Managers. Mr. Koudsi is the Principal/Chief Strategist for Core, CFP.
Five Star Professional has named the Los Angeles recipients of the 2011 Five Star Wealth Manager award. The award winners appear in a special section in the January issue ofÂ Los Angeles magazine.
Five Star Professional partnered with Los Angeles magazine to conduct research to identify a select group of wealth managers who are exceptional in both their ability and their commitment to overall satisfaction. Fewer than two percent of the 43,000 wealth managers in the Los Angeles area were selected.
A survey was provided to approximately one in four high-net-worth-households (more than 198,000 consumers), and 8,400 financial services professionals within the Los Angeles area. Survey respondents were asked to evaluate wealth managers they knew through personal experience and to evaluate them based upon nine criteria. Both negative and positive evaluations were included in the scoring. Only wealth managers with a minimum of five years of experience were considered. Each wealth manager was reviewed for regulatory actions, civil judicial actions and customer complaints as reported by regulatory agencies. The final list was reviewed by a panel of local financial services industry professionals.
Five Star Professional provides localized, independent client satisfaction research on the performance of service professionals. Five Star Professional conducts research with consumers, and industry peers and leaders, to identify service professionals who score highest in overall satisfaction. Award candidates also undergo a thorough regulatory review. Five Star Professional joins forces with city and regional magazines to make the research results available to consumers in more than 45 markets across the United States and now, Canada. Five Star Professional was founded in 2005 and is based in Minneapolis. For more information, go to:Â www.fivestarprofessional.com
The Selection Process
Crescendo administered a survey, by mail and phone, to approximately 1 in 4 high- net-worth households(3) (over 198,000 households) and all identified FINRA registered representatives (over 8,400 financial services professionals) within the Los Angeles area.
On the surveys, recipients were asked to evaluate only wealth managers whom they know through personal experience and to evaluate them based upon nine criteria: customer service, integrity, knowledge/expertise, communication, value for fee charged, meeting of financial objectives, post-sale service, quality of recommendations and overall satisfaction.
Both positive and negative evaluations were included in the scoring, and only wealth managers with more than five years of experience in the financial services industry were considered.
Next, each wealth manager was reviewed for regulatory actions, civil judicial actions and customer complaints as reported by FINRA, the SEC, the State Board of Accountancy and the State Bar.
Then, before finalizing the list, wealth managers were reviewed by a blue ribbon panel comprised of individuals from within the financial services industry. Although panelist comments were incorporated into the final score, safeguards were built into the review process to reduce the ability of panel members to influence the composition of the final list on the basis of company affiliation.
An Elite Award
The resulting list of 2011 FIVE STAR Wealth Managers is an elite group, representing less than 2 percent of the wealth managers in the Los Angeles area. For a more user-friendly listing, wealth managers have been grouped based upon their primary financial service. Each wealth manager was also able to list up to three additional financial services that they provide their clients.
Although this list will certainly be a useful tool for anyone looking for help in managing their financial world or implementing aspects of their financial strategies, it should not be considered exhaustive. Undoubtedly, there are many other excellent wealth managers who, for one reason or another, are not on this yearâ€™s list.
(1) 2010 Consumer Survey, QMI Research
(2) FINRA registered representatives, IARs, CPAs and attorneys that provide estate planning and trust services
(3) Defined as the upper 1/3 of all households based on net-worth