Should you change your financial advisor?


Are you satisfied with your relationship with your advisor? Your financial advisor is the key person on your financial team who can help you guide your efforts to achieve your desired goals. This relationship is one that should be evaluated periodically and especially if your situation has changed since you first started the relationship.

Five reasons that might prompt a more thorough review of your advisor:

  • You don’t feel connected
  • You don’t hear from them regularly
  • You don’t receive value added information
  • You don’t feel they listen to your needs
  • You don’t think they are adding value

Choosing the right financial advisor:
If you are ready to make a change then choosing the right financial advisor needs to be based on deciding the type of advisor that is right for you and asking the right questions to ensure that you can make an informed choice.

The questions to ask potential advisors:
Are you a registered investment advisor only? If they are an RIA only, they have to act in a fiduciary manner.
How do you get paid? Ideally work with someone who doesn’t get paid for recommending products.
How often will I meet with you? You want to be sure that you will be meeting them at least twice per year.
Do you work with clients similar to our situation? It helps if they have others in a similar life stage with similar financial needs.
Do you or your firm receive any third party compensation? If they are a CFP and fiduciary, they won’t be receiving this type of compensation.
What types of services will I receive? Working with someone who offers more than investment advice helps have a cohesive financial strategy.

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