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How to Change Financial Advisors: 5 Signs It’s Time

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Unhappy with your financial planner? It might be time to change. Here’s how to change financial advisors.

In grade school, you learned how to read. But most Americans leave school without grasping another type of literacy: financial literacy.

Financial literacy helps you make good choices about things like your budget and investments. Experts say it’s not the answer to everything, especially in a society where wealth is so unequal.

That said, knowing something is still a lot better than knowing nothing. That’s where your financial advisor can either help you or hurt you.

If things aren’t going well, you may be wondering how to change financial advisors. Read on for five situations switching financial advisors makes sense

1. They Don’t Listen

You tell your financial advisor that you want to try something different with your stock portfolio. You ask them what they think.

But instead of giving you a response, they talk about something else that they want you to do.

You deserve someone who will pay attention to what you’re saying. If you have an idea, they should provide feedback on that idea, not ignore it.

2. They Forget Things

You think your advisor listens when you want to try something new, but a few weeks later, they still haven’t put the new plan in place like they said they would.

Your advisor might have organizational issues or a short attention span. Both are good reasons to consider changing financial advisors.

You wouldn’t stick with a doctor who never wrote things down and called in the wrong prescription. The same should be true of the person giving you advice about how to spend your money. You deserve someone you can trust.

3. You Can Never Reach Them

You get that your financial person is busy. But you’re not paying them to never call you back.

If you call and leave a message, it shouldn’t take more than a day or so for them to get back to you in normal circumstances.

If they’re on vacation, that’s a different matter. Yet if their assistant says, “He’s on vacation” every time you call, that’s another red flag.

4. Your Financial Situation Changed

One of your kids told you that you’re going to be a grandparent. That’s great news, and you want to set up a college fund to celebrate.

But the person you’ve been seeing for years may not be the best person to help you transition to a new financial phase. There’s no shame in that.

5. It’s a Bad Fit

Finally, it’s time to look at changing financial advisors if you don’t feel comfortable. There are a ton of reasons why your current situation might not be a good fit.

For instance, maybe he always talks at a volume that makes you feel like he’s yelling at you. Perhaps he’s known you for years but still calls your spouse by the wrong name.

Look at your financial advisor contract before you go to make sure you aren’t missing anything. Then get out of there and find someone new.

How to Change Financial Advisors

If you feel weird for even thinking about how to change financial advisors, don’t. There’s no sense waiting around for a situation to improve when you know it’s only going to stay the same.

You deserve a functional relationship with your financial advisor. Contact us to find out what that looks like.

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