Is the relationship with your financial advisor working or are there some signs that are making you feel like it’s time for a change?
Let’s assume that you are a few years away from retirement and you ask your financial advisor to show you how your assets will be able to provide you with the retirement income you need throughout your retirement. What if your advisor’s response is “Trust me, you’re fine?” Would you be okay with that answer or, like most of us, would you prefer that your advisor show you the numbers? If your current financial advisor is not putting a detailed retirement plan together including a full retirement cash flow analysis to show you the numbers, then you need to make a change!
Breaking up with your financial professional can be difficult, especially if you have a personal relationship with the individual and have worked with them for years. However, if your advisor is not meeting your needs then it’s time to make a change. Here are some reasons to end your relationship with your current advisor.
Zero chemistry. Life is too short to work with professionals that you don’t like. If you are dreading a meeting or phone call with your current financial professional, then you need to find a new one that you enjoy working with.
The advisor is not clear about their compensation. Your advisor should be able to clearly explain how they get paid. It is your advisor’s responsibility to educate and inform you on how they get paid and the value they provide for the fees.
Poor communication. A key to all good relationships is open and honest communication. You should be meeting with your advisor on a regular basis and when you reach out with questions you should hear back within 24 hours.
Your portfolio is off track. You and your advisor should work together to establish an investment strategy to ensure you have a clear understanding of what investments you own and why you own them. In addition, you should be meeting with your advisor on a regular basis to review your portfolio and feel comfortable with how your investments are performing compared to an appropriate benchmark.
Your situation changes. There is a big difference in the planning needs of a young individual just starting their career and a couple in their late 50s looking at retiring in the next few years. Make sure you are working with an advisor that is fully capable of helping you and your current situation. If you are nearing or in retirement and not working with a firm that specialize in retirement planning, then you will want to make a change.
Make sure you are working with an advisor that operates as a fiduciary – always putting their client’s interest first before their own, has the skill and insight that lines up well with your situation and has a passion for helping people. If you see any of the signs highlighted in this blog and feel like it’s time to make a change, please give our office a call at 262-522-4040 to set up an appointment to meet with one of our Financial Advisors for a complimentary retirement review.
Any opinions are those of Kowal Investment Group and not necessarily those of Raymond James. This material is being provided for informational purposes only and is not a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected.
