Reasons to consider changing Financial advisors.
When you reflect on your life from this point until you retire, you're probably contemplating major adjustments, the gradual end of your professional life, and picturing the future.
You might have a range of worries, but questioning the decision to stay with your financial advisor should not be among them.
When it comes to getting a fresh take on your retirement plan, or navigating more complex financial decisions, there’s no room for compromise.
So, if your current advisor isn’t cutting it, NOW is the time to act.
Especially in the years leading up to retirement, it’s important to believe in your relationship with your wealth advisor, and the plan you’ve created together.
With that in mind, here are a few telltale signs we’ve seen over the years that we believe signal that it may be time to consider making a switch.
Your advisor doesn't communicate well.
Some people would rather hear themselves talk than hear your concerns. If your advisor is talking AT you rather than WITH you, they might not be the collaborator you need in your financial journey.
Or perhaps your advisor doesn’t follow up when they say they will. When you’re looking for reassurance, especially in a down market, do you get radio silence?
Quality relationships hinge on quality communication. So, if the person managing your hard-earned savings is a poor communicator, it may be time to move on.
Your advisor’s fees don’t make sense to you.
If your advisor fees don’t make sense to you, it may be time to explore how advisor fees work elsewhere. At Flagship Financial Advisors, we strive for transparency with our fee structure. We believe you should understand how our advisors are compensated and how our fee structure works.
You want a tailored for YOU portfolio.
If you don’t agree with your current advisor’s philosophy and approach, you may consider getting a second opinion.
When you invest your hard-earned money with us, you can rest assured we are focused on your goals.
You’re about to retire, now is the time for a credentialed retirement planner
To nobody’s fault, you might have outgrown your advisor. Their specialties don’t apply to your situation, or they lack retirement planning experience.
An advisor experienced in retirement planning may be better equipped to help you with RMD strategies, timing your Social Security benefits, downsizing, estimating healthcare costs, and implementing a retirement income strategy to fund your lifestyle.
We get it. Breaking up is hard to do!
If you’ve determined you’re ready to work with a new advisor, and you’re feeling uneasy about the conversation it will take to end the existing relationship, you’re not alone. We work with many clients who are switching from an existing advisor, and they share their hesitancy to confront the conversation.
So, we’re here to support you with the following ideas.
Once you’ve decided to make a change, what’s next?
Like most separations, the timing might not always seem ideal; however, the perfect moment to part ways, might not arrive. We suggest listening to your instincts when it comes to timing your transition. Here are some additional tips from our experience that have worked for our clients.
Consider reaching out to them.
They will likely appreciate a heads up from you, and separating on good terms, if possible, can make future communication less awkward (especially around tax season when you might need to contact a previous advisor for tax documents).
Remember the decision to change advisors is up to you.
You are not obligated to defend your decision or your reasons for changing advisors.
Leverage your new financial advisor for help.
As advisors, we’re uniquely positioned to put ourselves in their shoes. And as investors ourselves, we can easily put ourselves in yours too. We’ve helped hundreds of clients like you manage the switch from their past advisors, and we would be happy to share our perspective.
Consider taking the next steps sooner rather than later
Connect to your Flagship Financial Advisor at your earliest convenience for us to establish an investment plan that suits your individual circumstances and objectives. We will then assist you in closing your current account, moving your funds, and fully integrating you with the investment strategy we've developed with your goals in focus.
Your retirement savings are the result of your hard work. You deserve an advisor who will put in the same effort for you.
Set up a call with a Flagship Financial Advisors today to get a fresh perspective on your financial journey.
Investment Advice offered through Stratos Wealth Advisors, LLC, a registered Investment advisor. Stratos Wealth Advisors, LLC and Flagship Financial Advisors are separate entities.