Should You Fire Your Financial Advisor?

Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for 5 Signs To Consider If You Should Fire Your Financial Advisor (And How To Fire Them). Summary: [156] – Should you fire your financial advisor? In this episode, Jeremy Keil goes over the 5 signs that maybe you should: when your advisor only does the bare minimum, when they don’t specialize in your specific needs, when they only communicate with one spouse in a couple, when you have an uneasy feeling about the advisor, and when they consistently fail to meet your financial goals.  He talks about how you can identify them, and how to leave your current financial advisor and find a new one. Jeremy also explains what a promissory note is and emphasizes the importance of communication and trust in the advisor-client relationship.  Jeremy discusses: 5 reasons that warrant firing your financial advisor How to fire your financial advisor What a promissory note is Why you should find a new advisor who you like working with before firing your current advisor Why you don’t always need to tell your advisor they’re fired when you fire them And more 5 Signs You Should Fire Your Financial Advisor<br />(And How To Fire Them) If Your Advisor Only Does The Bare Minimum One of the telltale signs that it might be time to part ways with your financial advisor is if they are only doing the bare minimum. Financial advisors should offer comprehensive guidance, including retirement planning, tax strategies, investment advice, and more. If all they provide are a couple of stock recommendations or mutual funds without addressing the broader financial picture, it’s a red flag.  Your financial future deserves more than a one-size-fits-all approach, and it might be time to consider a new advisor who can provide a more holistic and tailored approach to your financial goals. If You Don’t Fall Within Your Advisor’s Niche Another important aspect to consider is whether you align with your financial advisor’s niche. Financial advisors often specialize in certain client demographics or financial needs. If your advisor’s expertise doesn’t align with your specific situation, it can lead to suboptimal results.  For instance, if you’re focused on retirement planning and your advisor primarily serves younger clients or concentrates on different financial areas, it may be time to look for an advisor whose specialization matches your financial goals and needs more closely. If They Only Communicate With One Spouse In A Couple In a relationship or marriage where both partners are actively involved in financial decisions, your financial advisor needs to recognize and respect this dynamic. If your advisor communicates with only one spouse while excluding the other, it raises concerns.  A healthy advisory relationship should involve both partners equally, as financial decisions often impact both individuals. If your advisor disregards one spouse’s input or doesn’t make an effort to include both parties in discussions, it may be a sign to reconsider your advisor-client relationship.  A good advisor understands that