Not every relationship is a “fit,” and sometimes people have to break up. This happens in all walks of life, sometimes business partnerships and personal relationships have an expiration date, and the same might also apply to your financial advisor. In this blog post, we will be highlighting three key reasons that you should consider moving financial advisors.
- Lack of communication
- Your circumstances change but your advice doesn’t
- Fees are not explained
Lack of Communication
Like any relationship, communication is key. A high level of customer service includes regular communication. If your advisor isn’t getting back to you or providing updates you are being taken for granted. Sometimes advisors are busy and responses may not be instant but you should not be getting ignored. A responsive advisor is a good advisor.
Your Circumstances Have Changed, but the Advice Stayed the Same
Your financial advisor should tailor the advice to your personal financial situation. Financial conditions can change dramatically over several years, and the last few years have had some big ups and downs. If you’ve received the same guidance year after year despite economic changes, especially if you’re getting close to retirement, there is a disconnect with your advisor, and your needs are not being met.
Fees Are Not Explained to You
First of all make sure your advisor is not tied to any agency. You want an advisor who has your best interest at heart and if they are tied to an agency they can only offer you that agency’s financial products. Ask your advisor to explain their fee structure to you and make sure you are not paying excessive fees. A great advisor will explain how their fees work and be completely transparent with you.
If your current financial advisor does any of the above we strongly recommend that you break up. It’s time to find a new partner and we think that we would be a great match. Book an appointment with us today and let us help you towards achieving financial freedom.
We are running a free webinar on November 17th where we will be explaining the best financial tips to help you kickstart 2023 – Register now.