The Internet age has made it simple to seek out the most suitable professionals in nearly every field – or the costs and performance of financial products – but when it comes to objectively selecting a good financial advisor, the industry is still lagging behind in that regard.

A new white paper authored by financial research firm BrightScope and the Spaulding Group suggests that a universal standard be adopted that helps consumers pick a financial advisor based on performance.

At present, that's a difficult task, given that most advisors and broker-dealers do not calculate or disclose their performance to the public, making it difficult for consumers to decide who to enlist for help – and also making it a challenge for advisors to differentiate themselves in a crowded marketplace.