Advisor Lead-Gen Company Used FeeOnlyNetwork.com Brand in Misleading Way to Promote Webinar
In late January, a financial advisor lead generation company called “Advice Chaser” promoted a sales webinar using our FeeOnlyNetwork brand in their marketing material. Three months later I continue to receive questions about our involvement with this firm, 50+ inquiries so far, each requiring an individual response. Now, I am compelled to publicize the letter we initially sent to our 3,000+ fee only advisor members on January 18 to clarify that FeeOnlyNetwork.com is not involved with Advice Chaser in any way.
Letter sent January 18, 2019 to +3,000 advisors with FeeOnlyNetwork.com profiles:
Dear <Valued Member>,
You may have received an email invitation from a company called “Advice Chaser” to attend a webinar on January 18 entitled “Fee Only Network and Advice Chaser”.
We believe that Advice Chaser invoked the FeeOnlyNetwork.com brand name in their promotion to build credibility and interest – without our knowledge or consent. Hundreds, or thousands, of fee only advisors, including advisors with a profile page on FeeOnlyNetwork.com (a NAPFA member benefit), were targeted for the promotion of this webinar.
I am taking this opportunity to clarify that:
- FeeOnlyNetwork.com does not have any kind of relationship with Advice Chaser
- We do not endorse their service in any way
- To our knowledge, Advice Chaser obtained advisor contact information through a database company
- FeeOnlyNetwork.com data was not compromised in any way.
I spoke with the presenter minutes before the start of the webinar to demand he give a disclaimer stating that there is no alignment with FeeOnlyNetwork.com. He complied. However, we are investigating the breadth of their promotion and are taking official steps to ensure that they do not mislead FeeOnlyNetwork.com members or the fee-only advisor community.
Since 2011, FeeOnlyNetwork.com’s mission has been to raise the visibility of fee-only advisors, individually and collectively. We are proud to exclusively promote advisors that are affiliated with The National Association of Personal Financial Advisors (NAPFA), XY Planning Network, Garrett Planning Network, and Alliance of Comprehensive Planners.
If you have questions (or insight) about the Advice Chaser promotion, or if you want to discuss your profile page on FeeOnlyNetwork.com, then I invite you to contact me directly. I am at your service.
Founder of FeeOnlyNetwork.com
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