The material presented here is for educational purposes only, and is not intended to be used as financial, investment, or legal advice.
5 Reasons to Change Financial Advisors
An advisor can be a professional, a trusted confidante, someone you turn to for advice or all of the above. You want your financial advisor to help you build a wealth management plan for the future. But if your current financial advisor does any of the following, you may not be getting the most out of your partnership.
Trust is the foundation of a good relationship between financial advisor and client. When you go to the doctor, you place your physical well-being in their hands. Similarly, when you consult a financial advisor, you are trusting that they will prioritize your financial health. Building a strong relationship with your financial advisor will help you not only feel at ease but also trust in the advice and suggestions they provide as you work to preserve your assets.
If you begin to doubt your physician, it’s smart to seek a second opinion. Just as you can switch your doctor at any time, you can also opt to seek out a new financial advisor. Here are five red flags that could indicate it’s time to switch advisors or firms:
You’re not getting attention because you don’t have millions to invest.
Does your financial advisor cancel appointments last-minute? Do they take a long time to return your calls? If you feel brushed aside while your advisor tends to more “urgent” needs (read: clients with bigger balances), it could be time to look elsewhere. Whether you are just getting started or have built up solid investments over years or decades, your advisor should listen to your suggestions and concerns. You should always feel comfortable contacting them to discuss your investments.
At Desert Financial Wealth Management, we believe that every member is entitled to the same high level of respect, service and appreciation. Your Raymond James financial advisor is here to help you with an investment strategy tailored for your specific needs, whether you have $50,000 or $5 million to invest.
Your advisor is too focused on short-term strategies.
Yes, it would be amazing to see the price of a stock in your portfolio grow exponentially overnight. However, the average 10-year return on stock investments is 9.2%, according to a Goldman Sachs review of the past 140 years.1 That’s why a solid long-term investment strategy is key to building your wealth for the future, especially if it’s important to leave a lasting legacy for your heirs. If your financial advisor is so focused on short-term strategies that they fail to look toward the future, you may be missing out on opportunities to ensure a more stable financial future for your family.
You’re getting generic advice and recommendations.
Wealth management is not one-size-fits-all. A strategy that works well for a thirtysomething entrepreneur with few family responsibilities and high liquid capital may not fit the needs of a retiree with sizeable assets and several family trusts in place. Each person’s needs and expectations are different, and your financial advisor should be helping you tailor your investment plan for your individual needs. If you feel like you’re getting cookie-cutter financial advisement, it’s probably time to move on and find an advisor who sees the big picture.
Our Raymond James financial advisors understand that the market is constantly changing, growing and evolving — and so are your needs. “Each situation is evaluated, and the guidance that is provided is tailored to try to meet [your] specific goals and objectives,” says Brenda Brown, Operations & Compliance Director at Desert Financial Wealth Management.
Your financial advisor isn’t responsive to changes in your situation or market volatility
Financial professionals may feel comfortable weathering storms in the market, but they should also understand that not everyone is at the same comfort level. If your investments take a dip or your situation changes and you want to reassess your investments, your financial advisor should be responsive. That means discussing the current situation and how your investments are affected, as well as listening to your concerns. If your advisor is nowhere to be found during tumultuous times or refuses to acknowledge changes in your personal or financial situation, that’s a warning sign.
You feel you’re being sold to vs. advised
Do you send your financial advisor to voicemail even though you’re available? Are you reluctant to talk or set up a meeting? Some financial advisors are so concerned about selling their clients on new investments that they fail to recognize the discomfort a client is feeling. No one likes being manipulated into purchasing a product or making an investment they don’t want. Ideally, you should trust your financial advisor to put your needs first, before their desire to sell you an additional product or service.
If you’re ready to make a change, Desert Financial Wealth Management can help. Our advisors have partnered with Raymond James Financial Services to provide a wide range of investment and wealth management services to help you stay on track to retirement and beyond. We’ll meet with you one-on-one to discuss your financial goals, current accounts and how to navigate the change from your current firm to one that will provide you with an exceptional experience.
Securities are not insured by credit union insurance, the NCUA or any other government agency, are not deposits or obligations of the credit union, are not guaranteed by the credit union, and are subject to risks, including the possible loss of principal. Desert Financial Credit Union, Desert Financial Wills and Trusts, Desert Financial Insurance and Desert Financial Wealth Management is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc.
Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.
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Desert Financial Credit Union, Desert Financial Wills and Trusts, Desert Financial Insurance and Desert Financial Wealth Management is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc.