It is not uncommon to have second thoughts about your financial advisor even if you have been together for years. Often small irritations fester over time until you get to a point where you feel compelled to make a change. Pulling the eject trigger is not an easy one since this person has had access to the inner circle of your life knowing your complete financial picture.
Despite the difficulty, sometimes it is just plain necessary to evaluate whether another advisor that might be able to serve you better. To help you decide, go through the 4 signs below to see if it breaking up is eminent.
4 Sure-Fire Reasons to Replace Your Financial Advisor:
1. Limited Access.
If you feel that your advisor is often unavailable for meetings or phone calls, or that he or she often takes several days to call you back – then this is a clear signal that the advisor has too many clients to properly serve you, or just plain lacks professional customer service skills.
2. Talks More than He Listens.
If your financial advisor talks AT you instead of WITH you, then a red flag should go up. It’s your money on the line, so your input should be central to the discussions. If you advisor doesn’t listen intently to hear your goals, your challenges and your concerns, and just promotes his own philosophy and throws recommendations at you, then your portfolio won’t be aligned to your ultimate goals.
3. Pushes Products Outside Your Comfort Zone.
If your advisor constantly pushes you toward products you don’t feel comfortable investing in or recommends expensive products that eat away your returns with high fees then you may want to consider switching advisors. It’s your money and your risk-return appetite should be respected and catered to.
4. Lack of Consistent Portfolio Performance Reviews.
Whether you’re investing $10,000 or $1,000,000, you want to receive regular performance reviews to see how well your investments are doing. Furthermore, during these reviews you can alert your advisor to any changes in your goals and needs going forward, and he can let you know whether the portfolio is properly positioned to address those needs. If you are not getting regular reviews, it could indicate that your portfolio is on autopilot and no one is watching its effectiveness.
Excellent Service is A Critical Factor When Replacing Your Financial Advisor.
Of course you want an expert to guide you, but without quality individualized service, there is no advantage to having an expert manage your assets. If your financial advisor doesn’t give you the personal attention you deserve, and isn’t prepared to guide you along the journey of working towards your financial goals, then it probably is time to call it quits and find a new financial advisor who has both expertise and excellent customer service to serve you.
I hope this article has helped you to evaluate whether it is time to replace your financial planner. If you are looking for a fee-only financial planner book a consultation meeting with me. I would be delighted to help you work towards your financial goals.
Located in Durham, NC, Integrated Life and Financial Planning is an independent financial services firm founded by Jerry Bergner, AAMS CMFC. As a Durham, NC, Financial Planner, Jerry’s mission is to help you work toward the life YOU envision for yourself and those you care about. If you need help in clarifying that vision, he can work with you on that as well! Book a consultation meeting today.
