Breaking up with your financial adviser can be a tough move, especially if you’ve been with them for years or struggled to find someone to manage your savings and investment portfolio from the start of your financial journey. However, as a professional who has worked hard to establish your financial security, it’s essential to have the right management team in place and sometimes your current adviser just isn’t it.
If you want to achieve your financial goals, it’s important to work with an adviser that does the right thing, keeps your best interests at heart, and has the knowledge and tools to help you achieve your financial goals and dreams. That means it might be necessary, if not pleasant, to send your adviser on their way. Here are three good reasons to fire your adviser sooner rather than later.
Reasons to fire your adviser (and get a new one)
1. Lack of communication
Clear communication is key to a successful professional relationship, especially when there is wealth involved. A good financial adviser will stay in regular, consistent contact with you, offering an established schedule of contact times and methods, from face-to-face meeting to email reports. From knowing when you are going to see them to getting a prompt reply to an email query, your adviser should show you through their actions that your business is important to them and they are focused on your financial needs as an individual, rather than a number. If your adviser isn’t reasonably available to answer your questions or concerns about your wealth, it might be worth finding someone who is.
2. One-way talk, one-way products
When your adviser does communicate with you, it should be a two-way street. They should take the time to listen to your financial needs, concerns, and aspirations. And to explain what products and strategies they are using to enhance your wealth management plan in plain and simple terms, avoiding unnecessarily complicated jargon or sales pitches. Understanding what is happening with your money and why is essential to your financial wellbeing. It’s also important that your adviser selects products and practices (with fees to match) that suit your individual needs, rather than that of a financial house that might best benefit them rather than their clients. Not listening to what you need will eventually erode the trust relationship between you. The result? It might be time to shop around for an independent financial adviser who’s really listening and acting in your best interests.
3. You’ve lost trust
Whether it’s in their credentials, reputation, management skills, or recommendations, a loss of trust is a major red flag in any adviser/client relationship. This is your money you’re dealing with and you need to be able to trust your adviser to do their best (using their experience and expertise) to safeguard and grow your wealth in a professional and ethical manner. If you’re not comfortable with the idea of recommending your financial adviser to a close family member or friend, maybe you shouldn’t be doing business with them either?
Having a reputable financial adviser on your side can be an invaluable step towards enjoying your wealth and ensuring your financial stability. But it’s important that this individual is the right fit for your financial needs and plans, and that they place you as an individual at the centre of their service. If not, then it’s probably best to part ways and look for an adviser that can do the best for you.
At TRG, our team of independent financial advisers prides themselves on offering quality service and excellent advice to all our clients at all times. From insurance to investment management, we can help you manage, grow, and protect your wealth every step of the way.