Unfortunately communication issues can run the gamut. This could be something as simple as phone calls or e-mails are not being returned promptly. Or perhaps it’s either a lack of communication or just inconsistent communication. Either way, communication issues can certainly make your relationship with your financial advisor a challenge. Many smart advisors will promise to return all of their calls within 24 hours. This seems like a good policy and is also a clear measuring stick. We have simplified our approach and called it the “Sunset Rule.” Our goal is to return all of our clients’ calls by sunset, that day. No, unfortunately we’re not always successful doing it. Having this as our goal however and communicating it to our clients is important. It sets both ours and our clients expectations.
2) Your Expectations Are Not Being Met
When you engaged your Financial Advisor you had certain expectations. This could be about the frequency of communications, meetings and deliverables. The question is, are your expectations being met? Remember, you buy perception but end up with reality. When asked by a prospective client what differentiates you from other advisors, one of my colleagues response is, “We do what we say we are going to do.” It may sound fundamental but in fact it is quite effective. Regrettably few people actually do what they say they are going to do these days.
3) You Don’t See the Value in the Relationship
This is where the rubber meets the road. When you hire a Financial Advisor you should expect to have an ongoing relationship with this person. Over time, if you don’t perceive the value they are delivering, why would you continue to stay with someone? This value can take many forms. It could be some advanced tax planning strategies. Or perhaps, helping set up an educational funding plan for a child or grandchild. When your Financial Advisor is delivering value it’s relatively easy to continue the relationship. If you can’t see the value being delivered or worse, there is no value being delivered, it might be time to move on to another Financial Advisor.
4) There is No Longer a Fit With You and Your Financial Advisor
The only thing we can count on is change. The relationship with your Financial Advisor can change over time. Maybe you may move away. Perhaps your Financial Advisor moves away. Your personal financial situation might become much more complicated over time that perhaps you outgrow your current Financial Advisor. Conversely your Financial Advisor might outgrow you. Any of these scenarios and countless others will no longer make it a fit between you and your Financial Advisor. Here are 4 Reasons to Change Your Financial Advisor. Certainly there can be more reasons than this. The information contained in this report does not purport to be a complete description of the securities, markets or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the forgoing material is accurate or complete. Any opinions are those of Thomas F. Scanlon, CPA, CFP and not those necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Tax preparation and accounting services are provided by Borgida & Company, P.C., not as a service of Raymond James. You should discuss your tax or legal matters with the appropriate professional. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.