I am sure you know what a Michelin Star represents.
One star: A very good restaurant in its category. Two stars: Excellent cooking, worth a detour. Three stars: Exceptional cuisine, worth a special journey.
As a consumer, having a recognised impartial brand that helps you decide where to eat is brilliant. Of course, there are many restaurants that offer excellent food. Many don’t want to be recognised by the Michelin Guide. Yet, for those that do, as a consumer, you can set your expectations.
There is no Michelin Guide when it comes to who you talk to about your money.
Whilst there are organisations that try to elevate some firms through awards, they do not measure the quality of advice. That is the one thing a consumer would like to know before they choose.
It means you follow the principle of Caveat Emptor. Let the buyer beware. It means you have to carry out your own due diligence. What should your research include?
Sadly many consumers don’t check if firms are regulated. That’s important not to see if they are regulated, but to flag up any misdemeanours.
Very few consumers don’t care enough if the advisers or planners are certified or chartered. For those advisers who are not chartered, it’s like dealing with a part-qualified doctor; not something to encourage.
Consumers are often not aware of the saying ‘Spratt to catch a Mackerel.’ It means the agenda for most firms is to persuade you that they are the best at managing your money but sell financial planning or other services to attract new customers at a loss.
All of this means, unless you do your due diligence, you can end up buying services that may not be really in your interests.
Wouldn’t it be great if there was a Michelin Star rating? It will never happen. So it’s up to you to do proper due diligence.