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5 Signs It’s Time to Break up with Your Financial Advisor

You’re in a relationship just isn’t working…But it’s not you, it’s them.

You are no longer happy, you don’t communicate anymore and your needs aren’t being met, but the thought of ending things scares you but you know that it’s an issue that cannot just be ignored.

For sure, breaking up is one the hardest things to do and it isn’t only for friendships or romantic relationships. Some of the professional relationships that you maintain may also need to come to an end and these break ups can also hurt you. you. Your relationship with your Financial Advisor is no exemption to this, a very important professional relationship that involves your financial well-being and your money, so if you aren’t happy about it and it is not getting you results, you have to be the one to break it. It is not a relationship where you will just get up and leave, it is not that easy, especially if they are managing your investments.

I spoke to some clients who have been unhappy with their advisor but feel very conflicted about leaving their advisor, they feel guilty of telling their advisor about their discontentment. However, if you think about it, in any relationship, when you start to you have any doubts about the other person, it is an indication that trust is no longer there, all the more reason you need to leave and move on. Just like in any other relationships there are tell tale signs if it’s time for you to breakup with your financial advisor. When you see these signs, there’s nothing you can do but do it – you need to cross your financial advisor off your list of Valentine’s Day card.

Breaking up with your financial advisor can feel “almost the same as splitting up” with a friend or a romantic partner and here are 5 signs that its time to break up and change your advisor:

1. THEY KEEP IGNORING YOU. The cornerstone of any relationship is communication. As soon as your relationship starts, your financial advisor should let you know how often and when they will check in with you. Aside from your monthly portfolio statements, they should not let a year pass without meeting with you. If all of a sudden, they stop returning your calls, your emails or it takes them too long to get back to you, consider it as a sure-fire sign that you may need to breakup with them and find a new one.

2. YOU’RE MORE COMMITTED THAN THEY ARE. Your relationship with your advisor also starts by “the discovery meeting,” your advisor must understanding your financial requirements, goals, and challenges. It’s a good start, isn’t it? But when suddenly, you’re nowhere close to your financial goals or your not even on the right track and you are the one who solely keep tracking your financial goals and returns while your advisor isn’t discussing with you what is happening and you only hear from them when they want to offer you a new product or when you need to execute a buy or sell order on your portfolio., that maybe a sign that he is not really concerned about you, you need to change them.

3. THEY TALK AT YOU, NOT WITH YOU. Thou, your financial advisor maybe really great on what they do, but each time you meet they just keep telling you what to do without hearing your goals, dreams, and fears, then, they don’t have your best interest in mind, it may be time for you to move on.

4. THEY ARE NOT THERE WHEN SOMETHING COMES UP. You have major life event like marriage, the birth of a child, or retirement, and you need to re-evaluate your financial plan to ensure you are on the right track and your financial advisor is not there or they are there but is not willing to change their financial advice, it may be time to leave.

5. YOUR EYES START WANDERING. If you hear good stories from other people about their financial advisor and you start to wander why you didn’t experience that kind of service and you find yourself listening to other financial advice, you’re probably ready to breakup.

Financial advisors play an essential and necessary role in the success of their clients financial goals. If your financial advisor isn’t paying enough attention to you, isn’t listening to you, or is confusing you, it may be time to call it quits and find a new advisor who is willing to go the extra mile to keep you as a client.

Cristina

Cristina

My family and close friends knew how passionate I am when it comes to writing. I find joy and unexplainable satisfaction in writing. I am able to say what I am thinking or how I feel best when I say it through a letter, a poem and now blog. Through the years, blogging has opened different doors for me. It provided me a space to share my journey and my life lessons, the failures and triumphs that I went through in transitioning to a new life outside my comfort zone and it allowed me to reach out to people outside my circle.

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Cup of Tyh

HI I’M CRISTINA!
Thanks for stopping by, as I make this space to be my superwoman wannabe diary, I want to share my life experiences as a mom, an immigrant, a financial advisor, a mortgage specialist and my life in general.

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