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Question: I am frustrated with my financial advisor, and I feel like I’m always chasing and pestering him. When I interviewed him, he sold me on the attention and service that he would provide. But now, I feel like I’m just a number. Is it too much to ask for quarterly portfolio reviews? Is it too much to ask for him to reach out when he has an attractive investment come across his desk, or just check on me from time to time? I think the answer is that I need to find a more proactive adviser, but that’s what I thought when I signed up for with the current one. Is there a way that I can get more clarity on this in the interviewing process? I’d like to get it right next time, rather than the “time will tell” process.
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Answer: “Your query reminds me of an old joke, the punchline of which is, ‘I made those promises when you were a prospect, but now you are a customer,’” says John Robinson, a financial expert for personal finance site Credello. And experts say that what you want of this financial adviser (quarterly reviews and regular check ins) is very reasonable. “It’s not too much to ask for quarterly reviews. It’s not too much to ask for the adviser to reach out in case of an attractive investment or just check in from time to time,” says Ben Barzideh, ChFC and wealth adviser at Piershale Financial Group.
In this case, you generally have two options: 1) give this one a chance to improve, after expressly laying out your concerns, or 2) find a new adviser (you can get matched with a financial adviser who meets your needs here). Indeed, if you call the adviser and tell him or her exactly what you expect, and then assess in a couple months, could that be all that’s needed? It may be that his initial definition of attention and service was different than yours, and that explaining this to him could remedy it. Robinson says, “As a financial planner, I have found that clients are just as diverse as advisers. I have clients who wish to meet via Zoom every week while others would be bothered if I asked to meet more than once or twice a year.”
Your other option is to find a new adviser. Craig Borkovec, financial adviser at Miracle Mile Advisors, says you should call a meeting with your current adviser, express your lack of satisfaction and give a detailed explanation with the exact reasons you’ll no longer be working with them. “Secondarily, you should move on from this adviser and look to find another,” says Borkovec. (You can get matched with a financial adviser who meets your needs here.)
You may also want to consider a different kind of adviser who might be better suited to meet your needs, says Grace Yung, a certified financial planner at Midtown Financial Group: “Perhaps you should look into finding a certified financial planner who can give consulting on demand for an hourly fee,” says Yung. Something else to consider is that there are CFP practitioners who have tiered level services for their clients. “Platinum clients, for example, may receive X number of meetings annually versus other levels. The reason for the different tier levels of service is because usually clients with more complex situations or assets may require more work than someone who may have a simpler situation,” says Yung.
Should you get a new adviser, there is a lot you can glean from the interview process. “When interviewing a financial adviser, not only is it important to understand the capabilities and background of the adviser and firm, but also to discuss your expectations and what you’d like to gain from the relationship. Having a clear and actionable financial plan is a great first step to financial success, but sticking to that plan is where two-way communication becomes critical,” says Andrew Meyer, senior wealth adviser and managing director from MAI Capital. (This guide from MarketWatch Picks gives you 15 questions you should ask every financial adviser you might hire.) . Adds Barzideh, “Everyone needs to be on the same page from the beginning.”
There are a few very specific questions Robinson suggests asking during the interview process to help determine how responsive an advisor is and whether their service model fits your needs. Not only should an adviser provide perspective and guidance through market events, but as your life and goals change there needs to be a dialogue. “For more clarity during the interviewing process, I would ask a few important questions like, ‘How many clients do you typically work with? How often do you typically communicate with your clients? What can I do to get the most out of this relationship?’,” says Meyer. These questions can begin to help a dialogue dive deeper into the expectations that both you and an adviser might have.
Barzideh says the good news is that there are plenty of advisers to choose from and they all run their practices differently and provide different customer service experiences for their clients. “There are various style differences in communication and competencies. You should have no problem finding an adviser that will be able to provide the service and ongoing communication desired,” says Barzideh. (You can get matched with a financial adviser who meets your needs here.)
