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Need help firing a close friend/financial advisor

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  • #16
    You know what they call people who require you to pay them for their “friendship”?

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    • #17
      It’s harder because you’re talking about your parents money which can be tricky.

      When i fired my advisor I literally just said I want to manage my own money. They asked if I was sure and I said yes.

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      • #18
        Originally posted by VentAlarm View Post
        You know what they call people who require you to pay them for their “friendship”?
        Escorts?

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        • #19
          "It's not you, it's me..."

          ("Well, maybe it's you...")

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          • #20
            The big issue here in my eye is that you are MED SCHOOL. You have residency coming down the line and then practice decisions and learning how to be on your own when you start practice etc etc.

            I would NOT take on the burden of your parent's finance stuff while you are trying to navigate residency (esp with siblings - might be a bit different if you were an only child and your parents were "all this will be yours some day Simba")

            As gets repeated on this site regularly:your job in residency is learning how to practice and take good care of patients - full stop. The money will come later.

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            • #21
              I recently helped a friends fire his friend who was his advisor and he was SO WORRIED about it, it was keeping him up at night. He wrote a nice email that said he had taken an interest in his own finances and wanted to DIY. The friends reply was kind, professional and ended up being no problem at all. I truly believe this would be the response from most true friends and I hope you have the same experience.

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              • #22
                This concern/perceived awkwardness is why there is something like 93%+ retention rate for advisors in general. The onus is on the advisor to continue justifying you paying their fee and you don't owe anything to the advisor - it's a service you're paying for. I know advisors that have had to "fire" their clients or move them to someone else, and they struggle just as much with how to handle this, so it's human nature to dislike these conversations. You'll never regret being nice in the way you handle "firing" someone.

                I'd always try to take the high road and like Utetooth mentions, I think that's the best route of being appreciative and then saying you want to DIY.

                Best case, you should receive a kind/professional reply with the advisor understanding and they'll help you with the transition. Worst case, they put up a stink, and you can be glad you made the right decision and you simply remove the advisor from your accounts by calling the custodian (Schwab/TDA/Fidelity).
                Andrew Musbach, CFP® | Co-Founder & Financial Advisor at MD Wealth Management, LLC | Podcast Host - The Physician's Guide to Financial Wellness

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                • #23
                  If a friend fired you as a doctor, how would you take it? Exactly, shrug. Same thing no?

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                  • #24
                    Originally posted by burritos View Post
                    If a friend fired you as a doctor, how would you take it? Exactly, shrug. Same thing no?
                    Probably relieved. I try to avoid doctoring to people I know on a personal level but sometimes you get forced into the situation.

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                    • #25
                      Originally posted by Lordosis View Post

                      Probably relieved. I try to avoid doctoring to people I know on a personal level but sometimes you get forced into the situation.
                      Easy way to get out of it is to start being judgmental and start yelling at them with snark. My mother no longer milks the free medical advice line as much as she once did. Unfortunately this tactic doesn't actually stop painful patients from coming back.

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