Each GuardVest report shows how the risk of each investor's portfolio.
Do you invest wisely? How do you know?
The fact that many people are unaware of how their investments stack up with returns, risks, fees and expenses was the basis for Steve Scanlon forming GuardVest, a website that gives people an independent report card on their investing strategies.
Scanlon started his career with Bernstein and spent several years compiling massive reports for his clients' investment portfolios. The problem was, when he asked clients what they wanted to talk about with their money, many did not know where to start.
"When I asked them what they wanted to talk about, they didn't know what they wanted to know," he said.
And instead of giving them the advice they needed, Scanlon said he felt compelled to sell them the firm's products.
He created GuardVest to change that.
When users log onto the GuardVest website, they provide an account number and GuardVest compiles their investment information straight from the investment firm. It then gives a report card of how each user's money is being managed, including whether some investments are too risky or firm fees are too high.
GuardVest is not meant to attack brokerages, Scanlon says, adding that "good advice is more important than ever."
Rather, the service is tooled to help everyday people find the right investment strategy and company. If a client is unhappy with their portfolio, GuardVest offers them contacts to independent advisers who can help.
"We just want to help clients distinguish between good people and good investors," Scanlon said.
Scanlon's site garnered 600 clients within the first six weeks of operation. In February, GuardVest will officially launch and can be accessed for $8.95 per month. Next up will be taking the site mobile.
"We're separating salesmanship from results," Scanlon said. "We want clients to save without sacrificing."
The website can be accessed at www.guardvest.com.