Marshfield, MA (PressExposure) March 06, 2011 -- In conjunction with Crescendo Business Services, an independent research firm, Boston Magazine identified the "best in client satisfaction" wealth managers serving the Boston area. The independent firm surveyed by mail and phone more than149,000 high-net-worth households, along with 17,200 financial services professionals in the Boston area and subscribers of Boston Magazine.
"Being included in this objective and well documented survey is a distinguished award," noted John Topham, co-founder of Damon, Topham & Company. He added, "This independent endorsement underscores our efforts to meet and exceed client expectations. This is a testament to the hard work of the people of Damon, Topham."
The survey concluded that well over half of the consumer responses in the Boston area indicated it is difficult to find a wealth manager they trust and rely on. Wealth managers, broadly defined, are those individuals who help you manage your financial world and/or implement aspects of your financial strategies. Common examples of wealth managers are financial advisors, financial planners, investment advisors, tax advisors, estate planning attorneys, etc.
The resulting list of 2011 FIVE STAR Wealth Managers is an elite group, representing less than 3 percent of the wealth managers in the Boston area.
Michael Damon, also co-founder of Damon, Topham & Company exclaimed, "Most people choose a wealth manager based on a referral from a friend, a chance meeting at a networking event or a blind search on the Internet. This survey helps consumers make prudent choices to help them maintain and expand their net worth."
The Selection Process
Crescendo administered the survey, by mail and phone. 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 including 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 the Financial Industry Regulatory Authority (FINRA), the Securities & Exchange Commission (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.