Breaking up in any aspect concerned is hard to do especially with a financial adviser who knows almost everything about your finances, goals and what you want to achieve. You are like an open book in front of your adviser which makes it very difficult to let go of them.
But as they say, there is a time for everything and this means there is certainly a time to change your financial adviser or let him/her go. The question when do you when this time has come? will you wait untill you have irrevocable proof? perhaps by that time its too late and you have suffered significant losses. One way to avoid this situation is to know the signs to watch out for that will help you determine that your financial advisor should be replaced. Here are some of them .
#1. Blows you off
No communication is more important to investors than discussing money matters. Everything goes to a stand still if your adviser all of a sudden stops communicating with you about the finances. A good financial adviser always sets time for when and how you will meet to talk about money matters. But if your adviser is not answering your calls or just ignores you totally then it’s a sign for you to start looking for another one that will do a better job.
#2. Talks at you not with you
What makes financial advisors good at what they do is because they take time to understand you. They know your goals, risk tolerance, your calm or aggressive nature towards etc. but if an advisor doesn’t have the time to know you, they certainly careless about your interest. If advisors just say what they want to say without listening to you or taking into consideration what you want, you should consider moving on without them. You are the one paying them so you deserve your moneys worth.
#3. Too much jargon and not enough information
Investment on its own can be very complicated and that is why investors hire financial advisers. Not all advisers though know how to explain things in simple terms for you. They go on ranting jargons that you have no clue what they mean. If you find yourself having an adviser like this, you might start getting rid of them because you do not want to waste money on someone who will say things you will never get to understand. In most cases advisers that use too much jargon don’t even know what they are up to.
#4. Investments are too expensive
An adviser that makes you take expensive investments all of the time with no good reason does not have your interest at heart. Expensive investments have greater risk which can be very risky for you to undertake all the time.
In this confusing and challenging world of investment, a good financial adviser is necessary to help reduce your load. But having one that adds more to your stress can be the last straw. Advisers are only good as the service they provide. You are paying to get the best services if things are not going as planned, find another that will make your investment flourish.