Is it fair to base an advisor's financial savvy on his or her test results, and then post those results for the public to evaluate? Especially on an old-fashioned pass/fail scale?
A recent lobbying push by the Financial Services Institute has changed one part of the controversial BrokerCheck Disclosures system – a system designed to bring total clarity to the investment public on the background and skills of their advisors – by reiterating that posting the results of pass-fail tests might not provide an accurate image to the public.
The FSI considers it a win, stemming out of the most recent FINRA Board of Governors' meeting, suggesting that posting those scores would only provide vague information to investors, and would also be unfair to advisors who were simply taking the test to pass, not to try to achieve the highest score possible.
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