6 Signs You May Want To Ditch Your Financial Adviser
‘This is a red flag.’ 6 Signs You May Want To Ditch Your Financial Adviser
Alisa Wolfson Wed, January 5, 202
How to know when it’s time to leave your financial adviser.
Like with many relationships, your relationship with your financial adviser might not be working. But how do you know it’s time to head for the hills? We asked certified financial planners and finance experts the things to consider before firing your current financial adviser and hiring a new one.
You’re not that comfortable sharing personal details with them
“Your adviser should be someone who you’re comfortable sharing your financial goals with and count on to act in your best interest,” Tiffany Lam-Balfour, investing spokesperson at NerdWallet says. And money is often tied up in emotional things that can be hard to talk about — maybe you want to save for infertility treatments or worry you can’t pay for a funeral or a home health aid— so it’s essential you can share those kinds of things, with confidence, with your financial adviser.
There are conflicts of interest
When you first hired the adviser, did you get into how they were paid? If not, do it now, and look out for an adviser who isn’t incentivized to work in your best interest.
“If you feel like your advisor has conflicts of interest, that they are not providing advice and recommendations in your best interest, or that you don’t have a strong partnership together, you might consider seeking an adviser that better fulfills your needs,” says Amy Richardson, certified financial planner with Schwab Intelligent Portfolios Premium. This guide (questions 3 -5) will help you understand how your adviser is being paid.
You’re not getting a prompt return phone call
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