When clients come to us from other advisory firms, the issues are always the same. If you can identify with any of the problems listed below, it is time to make a change.
My advisor does not listen to me. If you feel like you are on the receiving end of a speech or presentation during every meeting, you are not being heard and you are probably not getting sound advice. Acting in a client’s best interest means asking questions, listening intently, and working collaboratively to discuss and review options.
I do not feel like I can talk to my advisor. There are some incredibly competent practitioners in the industry that simply cannot empathize with their clients. They see financial puzzles instead of people. You should like your advisor and want to talk with them.
I do not understand what my advisor is recommending or why. This often comes down to incentives. If you only hear from your advisor when they are recommending a transaction, that is a red flag. If you are signing paperwork every time you meet, you should pause. Your advisor may be generating commissions and is most likely not acting as a fiduciary. For more information on fiduciary duty and how to tell if your advisor is a fiduciary, read our article on the 5 Questions You Need To Ask Your Financial Adviser.
I rarely hear from my advisor or do not receive comprehensive advice. This is closely tied to the point above. If you are not getting comprehensive advice or only talk to your advisor occasionally it is most likely because they are commission based. There is no financial incentive for them to provide ongoing advice or service.
Poor communication. Can you reach your advisor? Are they responsive? They should be. If they are not, your advisor may be understaffed, working with too many clients or may not value you as a client.
If you want to learn more about our firm's approach, please contact us to schedule a brief, no obligation consultation.
This is not a recommendation and is not intended to be taken as a recommendation. This material was prepared for general distribution and is not directed to a specific individual.
LPWM LLC does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisers.