5 Signs It’s Time to Fire Your Financial Adviser
How to determine if the relationship between you and your adviser is no longer working.
You hired your adviser to get you to the financial finish line. If you’re not on course to meet your goals, it’s time to find a new one. But there are other signs the relationship isn’t working. Read on.
1. You’re off track. Meet face-to-face with your adviser annually for a checkup. Figure out whether you’re making progress. Have any goals changed? Is everything moving ahead as planned? Keep in mind that managers will have some bad years—if so, they should explain why they stumbled.
2. He speaks in gobbledygook. If you don’t understand your adviser, that’s a sign he may not be a good fit for you. Says Barry Glassman, a McLean, Va., adviser: “We get clients all the time because their former adviser made them feel dumb or talked over their heads.”
![https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png](https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-320-80.png)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
3. Your needs change. Maybe you’re getting divorced, or you’re getting more interested in income rather than growth. If your adviser’s realm of expertise doesn’t match your needs, consider finding one whose specialty does.
4. He’s just not into you. You should expect a certain level of attention. If you call your adviser and don’t hear back within 24 hours—even if it’s just to say, “I got your message”—that could be a sign that you’re not a priority.
5. You’re just not into him. Sometimes you simply don’t connect. That’s a problem, says Michael Prendergast, of Altfest Personal Wealth Management, in New York City. “You have to trust this person. Otherwise, you might not share some things, and then he or she might guide you in the wrong direction.”
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Nellie joined Kiplinger in August 2011 after a seven-year stint in Hong Kong. There, she worked for the Wall Street Journal Asia, where as lifestyle editor, she launched and edited Scene Asia, an online guide to food, wine, entertainment and the arts in Asia. Prior to that, she was an editor at Weekend Journal, the Friday lifestyle section of the Wall Street Journal Asia. Kiplinger isn't Nellie's first foray into personal finance: She has also worked at SmartMoney (rising from fact-checker to senior writer), and she was a senior editor at Money.
-
It's National 401(k) Day: Have You Checked Your 401(k) Balance?
National 401(k) Day is a great opportunity to review and if need be, revamp your 401(k), as well as any other retirement holdings.
By Adam Shell Published
-
Recent Graduate? Financial Fitness Starts Here
Once you've landed a job, it's time to optimize your starting salary with a focus on creating a budget, paying off student debt and saving for retirement.
By Vanessa Okwuraiwe Published
-
What Does Medicare Not Cover? Seven Things You Should Know
Healthy Living on a Budget Medicare Part A and Part B leave gaps in your healthcare coverage. But Medicare Advantage has problems, too.
By Donna LeValley Last updated
-
13 Smart Estate Planning Moves
retirement Follow this estate planning checklist for you (and your heirs) to hold on to more of your hard-earned money.
By Janet Kidd Stewart Published
-
Medicare Basics: 11 Things You Need to Know
Medicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
By Catherine Siskos Last updated
-
Six of the Worst Assets to Inherit
inheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
By David Rodeck Last updated
-
403(b) Contribution Limits for 2024: Good News for Teachers
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Last updated
-
SEP IRA Contribution Limits for 2024
SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 a year.
By Jackie Stewart Last updated
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Last updated
-
SIMPLE IRA Contribution Limits for 2024
simple IRA The SIMPLE IRA contribution limit increased by $500 for 2024 and workers at small businesses can contribute up to $16,000 or $19,500 if 50 or over.
By Jackie Stewart Last updated