7 Warning Signals that it’s Time you Should Show Your Financial Advisor the Door
Quite a number of people have seen their monetary demise take place in the hands of their financial advisors. As a matter of fact, most people rarely do a credible check against a financial advisor, and blindly trust that their financial advisor’s instincts are right.
That being said, here are a few red flags that your financial advisor is not a credible option and that you should get rid of him or her right away.
First of all, you have to ensure that your financial advisor is credible and that he or she has been registered. As a matter of fact, you should understand that there are some ‘salesy’ people out there pushing for investment products and pyramid schemes that seem too good to be true. This should be the first warning that you should look out for.
For financial advisors who are completely honest and legit, their advice is usually client-focused as compared to being product focused.
Your financial advisor is showing you investment opportunities that do not match your financial risk
One of the things that you have to look out for is your financial advisor offering you investment opportunities that do not make any sense at all with your current financial standings.
This could include the risk tolerance being nowhere near your current goal. Hence, not only is this conflicting, it raises suspicions as to whether or not your financial advisor is being honest.
Your financial advisor shies away from any quarterly feedback
The whole progression of financial planning requires that regular reviews be conducted to show that progress is being made.
However, if your financial advisor happens to be the type that doesn’t show up to these kinds of meetings, then it would be wise that you find a suitable replacement for your advisor and fast.
Conflicting opinions with your advisor
Having a competent financial advisor is great, especially if he or she has your best interest at heart. You will rarely find yourself having a different opinion regarding certain steps and strategies that he or she plans to take. However, if you find yourself speculating over where your money is being directed to, then it’s high time you dropped your financial advisor.
Sealing all the facts when giving you advice
Have you been feeling lately that your financial advisor might be hiding some vital facts when it comes to reviewing certain aspects of the current investments that you have?
If that’s the case, then you’re intuition is probably right. In the event that they are hiding some content, then it would be wise to figure out what it is through the audit of another advisor, before dropping your previous advisor.
Your advisor doesn’t update you on major events in the investment sector
A great advisor is one who periodically updates you any great investment opportunities coming your way. Moreover, he or she should be quite proactive and responsive with you, and even go to the extent of fostering a personal relationship with you. If you find your financial advisor aloof, then there is no stronghold here.
No more trust
If by any chance your financial advisor fails to give you a detailed fees structure on how much money he or she is handling, then it’s safe to say that the relationship has come to its end and that there is no more trust between the two of you. This is where your relationship should come to an end.
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