When you hire a financial adviser, you’re not just paying for wealth management advice. You’re investing in your future, trusting that you’ll receive the best advice for retirement.
Since we often let financial advisers make big decisions about our stock allocations and retirement accounts, we expect they’ll not only give professional guidance but also consider our dreams and aspirations in the process. Of course, financial advisers are people, too—sometimes we get along with them, and sometimes we don’t.
But when our money and future well-being are on the line, it’s important to have a healthy relationship. If your financial adviser makes you uncomfortable or has a different vision for your funds than you, you may want to consider cutting ties.
3 Signs You May Need a New Adviser
If you already have a financial adviser but aren’t sure if they’re right for you, watch for the following:
- Communication problems
- Inconsistent input
- Your own instinct
While any competent financial adviser will likely have more than a handful of clients, that doesn’t mean they still can’t make time for you. After all: they’re working with your money. You should never be afraid to call your financial adviser, whether it’s to check on your accounts, ask a question, or explore a new idea. Ask yourself:
- Do I feel comfortable picking up the phone to call my adviser?
- Does he or she return my phone calls within a reasonable amount of time?
Your relationship with your financial adviser shouldn’t be one-sided: they should actively ask for your input, evaluate your risk tolerance, and suggest strategies to get you where you want to go. If you can’t get hold of your adviser, or they never take the time to talk you through an investment or retirement plan, you may want to consider switching firms.
Inconsistent Input and Self-Centered Strategies
Similarly, your financial adviser should be on top of your financial situation. Consider:
- Do they give me details on where they’re moving my money or why they’ve made certain investments?
- Are they responsive to my concerns, or do they dismiss them out of turn?
If you’ve switched jobs, lost employment, or experienced another sudden change in income, your financial adviser should be willing to accommodate your change in circumstance. That might mean adjusting how much money you’re contributing to an IRA, moving around investments, or overhauling an existing retirement plan.
Your financial adviser should always be ready and willing to:
- Listen to your concerns about their suggested plan
- Address major life events
- Discuss the reasoning behind their decisions
If your financial adviser isn’t willing to talk about your money with you, they may be thinking about their success more than yours.
Trusting Your Gut
Even the most successful investors, like Warren Buffet, say it’s important to trust your gut. If you’re already questioning your financial adviser’s logic, your instinct may be telling you that it’s time to move on. If you’ve spent a lot of time with one adviser—or simply did a lot of research before committing to your first—then it may be emotionally challenging to switch to another. However, the process doesn’t have to be difficult. A new, competent adviser can help you terminate your old relationship and set you up for success.
Consider a Switch and Discuss Your Options With Us
Ultimately, you’re the one who should be calling the shots when it comes to your money. Your financial adviser should be helping you plan in accordance with your values and expectations. If you think you’re not getting the time, returns, or respect you deserve, send us a message or give us a call today. We pride ourselves on being active, responsive professionals who take the time to know what our clients want before doing our best to help them achieve their retirement dreams.