When To Fire Your Adviser

Here are six signs that the relationship with your financial professional is not working.

- Eileen Ambrose

Holly and Gary Wolf’s investment accounts thrived under their financial adviser’s management. Yet after 20 years together, the couple fired him.

When the Wolfs, of Fleetwood, Pa., got closer to retirement, Holly worried that their nest egg might not last through retirement, and she often discussed her concerns with the adviser.

“He’d say, ‘Trust me, you’re fine,’ ” says Holly, 58. But she wanted the adviser to show her how their pot of money would hold up once they started drawing from it in retirement.

That’s when Holly decided to visit a coworker’s adviser to see if he operated differently. She found that not only would he be able to run the retirement projections she wanted, he also addressed other questions and concerns she had. Holly hired him.

Breaking up with a financial adviser can be difficult, particularly if you’ve spent years sharing not only your financial information but also your triumphs, failures, hopes and fears. But when you’re no longer getting what you need, it’s time to part ways. Here are reasons to end the relationship.

No chemistry. If you just don’t like the adviser, find one you do like. Otherwise, you might find yourself avoiding meetings and phone calls with the adviser or withholding information, which ultimately doesn’t help you or allow the adviser to do her job. Advisers want to work with clients they like, too. Find one who will agree to an initial meeting without charge to see if the two of you would be a good fit.

You can find advisers through www.cfp.net, www.napfa.org, www .garrettplanningnetwork.com and www.xyplanningnetwork.com.