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?
We understand that changing financial advisors is stressful and most people prefer to avoid it if necessary. That’s why we’ve created this article to help you examine your current advisor and if they are the right fit for you. If you are still unsure whether you and your future are in the right place, schedule a short meeting with an advisor at Heritage – we would be happy to talk through your options and what might be best for your unique goals.
1. Is Your Advisor a Fiduciary?
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. Fiduciaries, like the ones at Heritage Investors, are bound by strict codes of standards and ethics to ALWAYS act in your best interest.
2. Does Your Advisor Use a Team Approach?
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.
3. Does Your Advisor Communicate Effectively?
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. The Heritage Investors Team value client education as a necessary and important part of their communication.
4. Do You Have Easy Access to Your Advisor?
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 more personalized experience that gives you greater access to your financial advisor.
5. Is Your Advisor Making Data-driven Decisions?
Unless your advisor is using state-of-the-art technology to project, monitor, and review your financial plans, they could be playing a dangerous guessing 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.
6. Does Your Advisor Treat You with Respect?
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.
What’s the Next Step?
We hope this assessment has helped, but if you’re still unsure whether you and your future are in the right place, schedule a short meeting with our team. We would be happy to talk through the options that best fit your unique goals, and how we work to make switching financial advisors as painless as possible.