Many of us have developed a relationship with a financial advisor over many years. It can be emotionally difficult to make a change. But there are times when a change will be in your best interest.
If you have a sound financial advisor who is proactively providing you with direction, competently helping you keep your financial and investment planning up to date, don’t let them go! A study by The Vanguard Group indicates that a prudent financial advisor produces real value over the long term.
But some people do not have a competent, proactive financial advisor who is providing objective advice.
What are some indications that it’s time to make a change?
- If there has been a breach of confidentiality or security or if there is a lack of proactive, fiduciary advice, your relationship needs to be reviewed.
- If events like marriage, children, divorce, illness, or death have changed your situation, you may need additional expertise, which your current advisor may not have.
- If you have a pending liquidity event like the sale of your business, an inheritance, your retirement, or a legal settlement, you may need additional levels of expertise beyond what you currently have. Increasing levels of wealth are typically accompanied by increasing levels of complexity, risk, integration, and management to optimize your overall planning and protection.
Even when circumstances dictate the need for a change in advisors, it can be emotionally difficult. It is important to remember that your greatest loyalty is to your family. You must work with qualified professionals who are proactively addressing your needs and wants. Do what is in the best interest of your family.
For more insight, listen to Jentner Wealth Management’s weekly podcast by clicking here. Or download Jentner’s white papers on The Four Cornerstones of Prudent Investing and The Active Versus Passive Investing Debate.