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5 signs you might need to look for a new financial advisor

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  • 5 signs you might need to look for a new financial advisor

    Anecdotes from their former clients...

    1. He talks more than he listens Your advisor needs to learn a lot about your goals, dreams, concerns, and issues in order to make relevant recommendations. That could mean an hour or more of asking personal questions and giving you the space to answer. Beyond that, he should answer any questions you have, frankly and sincerely.

    2. She is frequently away at company events in a really nice location Lavish "educational" trips are a common perk for super salespeople. These events are great venues for honing up selling skills and reviewing the latest product offerings. There probably aren't many break-out groups discussing back-door Roth IRAs.

    3. In couples meetings, he rarely makes eye contact with the wife Common with old-school advisors who are not comfortable with the little lady being involved in financial decisions. If the spouse with the relationship passes away first, the survivor is left with an awkward relationship during a time of grief when she really needs a trusted counselor.

    4. She acts affronted when you question a recommendation or decision You should never put up with intimidation. It's your money, after all.

    5. You only hear from him when he's selling something; otherwise, you have to initiate all contact. How much you want to hear from your advisor is up to you, but he should reach out periodically just to ask how things are going (not to sell a great new product that Has Your Name On It). Of course, when you can't reach your advisor, you should get a call or email back within 24 hours.


    Any other reasons you have walked away from a financial advisor relationship?
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

  • #2
    When he evaluates your portfolio, recommends a switch from your total (tax deferred as well) portfolio to his firm's products, and when asked about the shrinkage because taxes will have to be paid on 401K and IRAs, shrugs it off rather than advising not to move those funds or some other 'solution'. But that was lucky for us- that made us question his advice so much we ended up not using him at all.

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    • #3




      When he evaluates your portfolio, recommends a switch from your total (tax deferred as well) portfolio to his firm’s products, and when asked about the shrinkage because taxes will have to be paid on 401K and IRAs, shrugs it off rather than advising not to move those funds or some other ‘solution’. But that was lucky for us- that made us question his advice so much we ended up not using him at all.
      Click to expand...


      And then there are the advisors who recommend buying a variable annuity inside your IRA...sounds like you dodged a bullet. Many others, not so financially savvy, would have gone with the "expert".
      Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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