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How do you know when it’s time to review your relationship with your current financial advisor?

“Some relationships just don’t work out. That unfortunate truth applies to spouses, friends, business associates — and financial advisors.” There are many reasons that could prompt you to change advisors. If you’ve started thinking that a new advisor can better meet your needs, the process need not be difficult if you have the right team and resources in your pocket.

Here are 4 reasons that should prompt you to reevaluate your relationship…

1) Limited Tax Knowledge

  • Long-term tax planning is key to pursuing your financial goals into retirement, especially during the distribution phase. Having an advisor who understands tax implications and knows the tools and programs available to minimize tax is key. Click here to learn more about the tax implications of retirement planning.
  • Ultimately, your advisor should also be your tax accountant. “If a financial planner is telling you, ‘Talk to your CPA about taxes,’ that should raise a red flag.”

2) No Long-term Strategy

  • Your advisor should adjust their financial strategy to accommodate major life events on the horizon such as retirement. Some advisors get stuck in “accumulation phase” rather than preparing for the time when your investment savings replace a steady paycheck.
  • You need someone who can give you personalized advice to match your changing needs. Your goals 10-15 years ago will likely not be the same as those you have today.

3) Poor Communication

  • The quality and quantity of communication with your advisor is a critical aspect of any advisory relationship. Interaction should be regular, timely, and include an annual financial review. Trust and clear expectations are extremely important in any financial relationship.
  • An advisor should be able to explain what they are doing in clear terms you understand, listen to your changing needs, provide feedback, and adjust your plan as necessary.
  • You should hear from your advisor during times of economic uncertainty; a reliable advisor will offer reassurance when the stock market is volatile.
  • If you only hear from your advisor when they want to execute a buy or sell order on your portfolio, this may be a sign your advisor is only interested in the commissions they may make by trading on your account.

4) Confusing Fee Structure


Ready for a change? At Storen Financial, our team of experienced professionals work with you to make the advisory transition as smooth as possible. We coordinate with you to develop a comprehensive, long-term financial plan that implements customized tax-saving strategies to fit your unique situation.
Click here to learn more about our simple, step-by-step advisory relationship process.

Have questions? Or interested in a consultation? Click here to contact us now. Or click here to learn more about our Financial Planning and Investment services.


Want to learn more?

Here are more resources to help answer your questions…
Changing Financial Advisors: When You Know It’s Time and How to Make the Switch – Forbes
5 Signs It’s Time to Change Financial Advisors -NerdWallet


Blog by Greg Storen, MBA – President, Advisory Services Director

Learn more about Greg and the rest of the Storen Financial team here.