A financial advisor should be your guiding force, expertly leading you through the intricacies of personal financial planning. So what happens when their services fall short of your expectations? How do you know when to move on to someone else?

Here, we go over five key signs that it’s time to find a financial advisor who provides the expert, tailored advice and communication you deserve.

#1 Your Portfolio Isn’t Performing Well

Investing can be complex, and poor performance isn’t always an immediate cause for concern. You’ll likely see the value of almost any investment go up and down. That said, there should be a good reason things aren’t performing as you would like. For example, if the market is seeing high returns but your portfolio hasn’t changed, you should check in with your financial advisor to understand what’s going on.

Unsatisfactory performance doesn’t mean you should immediately leave your advisor; you may simply need to rethink your investment strategy. However, if your advisor isn’t working with you to improve the situation and your portfolio is consistently underperforming, you may want to begin looking elsewhere.

What you want instead: Your financial advisor should be able to explain the performance of your portfolio, even when it’s not performing well. They should work with you to adjust your investment strategy as necessary, ensuring it aligns with your short- and long-term goals, needs, and risk tolerance.

#2 You Rarely Hear From Them

Investing (and wealth management in general) is a dynamic process. Whether it’s a new product on the market, a significant life event, or changes in the economic climate, there’s an endless list of factors that may impact your portfolio and financial plan. Your financial advisor should stay abreast of these moving parts, regularly reaching out to you to provide updates or to see if there have been any changes in your life. If you’re never hearing from your advisor, or only hearing from them once a year, it may be time to make the switch.

What you want instead: No matter your needs or circumstances, an advisor should always be proactive and communicative about your portfolio and any changes that could impact your financial plan. As a general rule of thumb, they should be reaching out multiple times per year to provide quarterly reports and discuss your financial situation.

#3 Their Advice Doesn’t Feel Comprehensive

Your financial life isn’t just your income, investments, or taxes. It’s incredibly multifaceted, and your financial plan should reflect that. Suppose your advisor focuses on one area, such as your investment portfolio, and ignores your personal goals or overlooks key areas like tax or estate planning. In that case, you may not be receiving the comprehensive financial advice you need to maximize your money’s potential.

What you want instead: To help you thrive financially now and in the future, an advisor should provide comprehensive advice that considers all aspects of your financial life. They should take the time to understand your financial goals, risk tolerance, and personal circumstances and integrate them into a holistic plan that considers your investments, taxes, retirement plan, and more. 

#4 They’re Not Disclosing Important Information

When it comes to personal finances, you want to know exactly what’s happening and why. Unfortunately, some advisors may withhold critical information, be vague about how they earn their money, or fail to fully explain the risks and consequences of certain choices. This lack of transparency is not only frustrating but can also impact your financial health.

What you want instead: A transparent and trustworthy advisor who is upfront about their fees and the risks and benefits of your financial decisions. They should provide, in an easy-to-understand manner, all the necessary information you need to make informed decisions about your financial plan.

#5 They Just Aren’t a Good Fit

Sometimes there aren’t giant red flags; you may simply feel like the connection with your advisor isn’t right. Maybe you’re anxious to give them a call, they’re unresponsive, they don’t listen to your wishes or concerns, or they talk down to you. Whatever the case, if you feel your relationship with your advisor is strained, unbalanced, or lacking mutual respect, you might be better off looking elsewhere.

What you want instead: When it comes to important topics like personal finance, you want a healthy, respectful relationship with the person that’s supposed to be advising you. You should feel comfortable asking them questions and expressing concerns, and they should listen to your needs, respect your goals, and be committed to helping you achieve them.

Our certified financial planners are dedicated to delivering the highest standards of transparency, communication, and personalized strategy. Connect with us today to start developing a comprehensive financial plan with the level of service you deserve.