6 Worrying Signs That It’s Time to Switch Financial Advisors
Change is difficult. It’s human nature to crave routine and stability. Oftentimes, this can be a good thing. There’s a sense of security in knowing what to expect. However, there are times when sticking with the status quo can be detrimental to your wellbeing. Although the thought of switching financial advisors may be uncomfortable, keeping with the wrong advisor because they’re ‘the devil you know,’ could have disastrous results for your financial future. But how do you know if you’re with the wrong advisor or if you’re just a little out of sync?
Fiduciaries, like the ones at Heritage Investors, are bound by strict codes of standards and ethics to ALWAYS act in your best interest. If your advisor is not a fiduciary, they could make decisions about you and your children’s financial future based on meeting THEIR sales goals, rather than what is in the best interest of YOU.
Oftentimes, advisors work on an “island” meaning, they and they alone, work on their clients’ accounts. Although there is nothing inherently wrong with this approach, it could be a disservice to you. While your advisor may be brilliant when it comes to building a portfolio, they might have a colleague that specializes in education or retirement planning that you won’t be working with. To combat this—and provide the best possible outcomes for their clients—some firms such as Heritage Investors, take a team approach. This means each area of your account will be managed by the team member who is most skilled in that area.
When you meet with your advisor, it’s important that you feel informed and confident about the plans being implemented. A great advisor will go the extra mile to explain complex financial strategies and answer any questions you might have. When you’ve been assigned a new advisor, communication is especially important. It’s how you build a relationship of trust. The Heritage Investors Team value client education as a necessary and important part of their communication.
As important as clear and effective communication is, it’s equally important that communication is frequent and timely. If your advisor is slow to return your calls or emails, it could be a sign that they have too many clients to offer truly personalized service. Even worse, it could suggest that they don’t value you, as a client. Smaller firms such as Heritage Investors can offer a personalized experience that gives you greater access to your financial advisor.
Unless your advisor is using state-of-the-art technology to project, monitor, and review your financial plans, they could be playing a dangerousguessing game with your money. Firms that employ such technology pair traditional research and investment philosophy with real-time data to yield the best results for their clientele.
Unfortunately, there are some advisors who act as though they’re doing you a favor by handling your account. Whether it’s a condescending tone or simple arrogance, don’t put up with it! If your advisor carries themselves in a disrespectful manner, this is a huge red flag. It could signal much larger problems such as an apathetic approach to helping you reach your financial goals. There are plenty of firms like Heritage that treat clients like family. They will get to know you as a person and care for you as a friend.
Now, you’re probably sure if changing financial advisors is something you need to do. The question now is how. Start by giving us a call at 865-690-1155 (or by scheduling a short call by filling out the form below). We would be happy to talk through the process that we use to make the transition as painless as possible.
What’s the Next Step?
One of our highly trusted advisors is ready to listen to your dreams and goals. Simply fill out this form or give us a call at 865-690-1155 and we will reach out with a no-pressure, no-obligation meeting to learn how we drive toward your financial goals and life dreams.
Upon completion of the form, you will be contacted within one business day.
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