After more than a decade in the industry I have put together some of the top reasons you should switch financial advisors, so here we go:
#3: They do not offer any form of financial planning
If your financial advisor is only taking orders or allocating your investments, they aren’t really “advising” you, so why pay?
#2: They do not adhere to a fiduciary standard of care
Advisors that adhere to a fiduciary standard typically charge in 3 ways: hourly, fixed rate, or as a % of your assets under management. These costs are communicated to you as well as the services they are providing!
#1: They are nearing their own retirement without a clear successor
There are currently not enough up & coming advisors to replace the retiring advisors, opening up the door for uncertainty. Your advisor should have a clear successor in the event they retire or are unable to fulfill their duties.