A friend recently asked me if I had ever heard of Dr. Markas Gilmartin. According to this article Markas Gilmartin is a co-founder of Epoch Wealth Management. To be honest, I have never heard of the man but that doesn’t mean anything. I have not heard of most biologists or professional financial consultants.
Dr. Gilmartin’s story is interesting, though. He is a Chartered Scientist in the United Kingdom. I don’t believe we have anything similar to that recognition in the United States. A Chartered Scientist is something like a licensed doctor or financial consultant. They are considered to be professional in training and status.
The first article I link to above quotes Dr. Gilmartin as co-founder of Epoch Wealth Management about the significance of the firm’s being awarded Corporate Chartered Status by the Chartered Insurance Institute. This is similar to a professional accreditation and it confers a degree of trust for consumers because the 100,000+ member CII’s program has only awarded 576 charters to corporations (as of December 2013).
Financial fraud news spooks investors and consumers because they are really at the mercy of the brokers and advisers who help them management their wealth. So it’s important for a company to earn any recognition it can from knowledgeable industry vetting bodies. It’s not enough to be a member of the Better Business Bureau, or some other general purpose watchdog agency.
And I am not casting aspersions on the BBB. Consumers should always check with organizations like the BBB to see if other consumers have lodged complaints about companies they want to do business with. How old are the complaints? How frequently are they lodged? Are they resolved? The weaknesses of consumer protection organizations make all professional certifications that include ethical review and the risk of censure or loss of credentials a valuable resource.
If a practicing attorney is reviewed by his bar association, or a physician is investigated by his medical association, that’s a matter of serious concern for the public. So any review of ethical practices among insurance agents and financial advisers is an important aspect of the relationship between service providers and consumers.
I thought this was worth writing about because it brings to light the delicate balance between trust and irresponsibility in the financial services marketplace. In fact, even if you have never heard of a financial professional, the Internet makes it possible to do some research into both the individual and the accreditations he claims. You don’t have to know everything about everyone. You can check the facts against other sources of information before making your decision about whom to trust.
