Should You Fire Your Financial Advisor?

Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for 5 Signs To Consider If You Should Fire Your Financial Advisor (And How To Fire Them).

Summary:

[156] – Should you fire your financial advisor?

In this episode, Jeremy Keil goes over the 5 signs that maybe you should: when your advisor only does the bare minimum, when they don’t specialize in your specific needs, when they only communicate with one spouse in a couple, when you have an uneasy feeling about the advisor, and when they consistently fail to meet your financial goals. 

He talks about how you can identify them, and how to leave your current financial advisor and find a new one. Jeremy also explains what a promissory note is and emphasizes the importance of communication and trust in the advisor-client relationship. 

Jeremy discusses:

• 5 reasons that warrant firing your financial advisor
• How to fire your financial advisor
• What a promissory note is
• Why you should find a new advisor who you like working with before firing your current advisor
• Why you don’t always need to tell your advisor they’re fired when you fire them
• And more

5 Signs You Should Fire Your Financial Advisor
(And How To Fire Them)

If Your Advisor Only Does The Bare Minimum

One of the telltale signs that it might be time to part ways with your financial advisor is if they are only doing the bare minimum. Financial advisors should offer comprehensive guidance, including retirement planning, tax strategies, investment advice, and more. If all they provide are a couple of stock recommendations or mutual funds without addressing the broader financial picture, it’s a red flag. 

Your financial future deserves more than a one-size-fits-all approach, and it might be time to consider a new advisor who can provide a more holistic and tailored approach to your financial goals.

If You Don’t Fall Within Your Advisor’s Niche

Another important aspect to consider is whether you align with your financial advisor’s niche. Financial advisors often specialize in certain client demographics or financial needs. If your advisor’s expertise doesn’t align with your specific situation, it can lead to suboptimal results. 

For instance, if you’re focused on retirement planning and your advisor primarily serves younger clients or concentrates on different financial areas, it may be time to look for an advisor whose specialization matches your financial goals and needs more closely.

If They Only Communicate With One Spouse In A Couple

In a relationship or marriage where both partners are actively involved in financial decisions, your financial advisor needs to recognize and respect this dynamic. If your advisor communicates with only one spouse while excluding the other, it raises concerns. 

A healthy advisory relationship should involve both partners equally, as financial decisions often impact both individuals. If your advisor disregards one spouse’s input or doesn’t make an effort to include both parties in discussions, it may be a sign to reconsider your advisor-client relationship. 

A good advisor understands that it’s a relationship of three: the two spouses and the advisor working together toward common financial goals.

If You Have An Uneasy Feeling

Sometimes, your gut feeling can be a powerful indicator. If you have an uneasy feeling about your financial advisor’s recommendations, their actions, or the overall direction of your financial plan, don’t ignore it. Trust your instincts. 

Financial planning should provide you with confidence and peace of mind, not uncertainty and unease. If your advisor’s advice or actions make you uncomfortable, it’s a clear signal that it might be time to explore other options and find an advisor who aligns better with your financial values and goals.

If You Feel Ignored

Feeling ignored by your financial advisor is a significant red flag. Effective communication and regular updates are crucial components of a successful advisory relationship. If your advisor doesn’t return your calls or emails promptly, fails to provide updates on your portfolio or financial plan, or simply seems disengaged, it’s time to address the issue. 

Your financial advisor should be proactive in keeping you informed and addressing your concerns. If you feel neglected or unheard, it’s a valid reason to consider terminating the relationship and seeking an advisor who prioritizes your needs and provides attentive service.

How To Fire Your Advisor

When it comes to parting ways with your financial advisor, the first step is to find a new advisor who aligns better with your financial goals and values. This ensures you have a trusted professional to transition your investments and financial plan seamlessly. 

If you need help finding your next advisor, here are 3 Things You Should Know Before Choosing A Financial Advisor.

While you don’t necessarily have to inform your current advisor, it’s courteous to send them an email explaining your decision and the reasons behind it. This feedback can help them improve their services and might benefit future clients. 

Additionally, if you’re paying fees to your current advisor, consider contacting your custodian (e.g., Schwab or Fidelity) to remove the advisor from your accounts while you search for a replacement. This way, you can stop paying fees for services you’re no longer satisfied with.

___________________________________________________________________________

To learn more about why you should fire your current financial advisor and how to hire a new one, check out the resources below!

If you have any questions, feel free to contact us using the contact information provided below!

Resources:

• Kiplinger.com: 5 Signs You Should Fire Your Financial Adviser
• SEC.gov: Promissory Notes PDF
• Free Retirement Planning Video Course: 5stepretirementplan.com
• 3 Things You Should Know Before Choosing a Financial Advisor (Ep. 90)
• 3 Things You Should Know Before Choosing A Financial Advisor
• 7 Questions That Could Make or Break Your Retirement
• Subscribe to Retirement Revealed on Google Podcasts
• Subscribe to Retirement Revealed on Apple Podcasts

Connect With Jeremy Keil:

• 262-333-8353
• Keil Financial Partners
• LinkedIn: Jeremy Keil
• Facebook: Jeremy Keil
• LinkedIn: Keil Financial Partners
• YouTube: Retirement Revealed
• Book a call with Jeremy

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

Liability

Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

No Tax Advice

Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

No Investment Advice

The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

Investment Risk

Investments may increase or decrease significantly. All investments are subject to risk of loss.

General Disclosure

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.