At Investor Profile we typically get two types of client, those that have a financial adviser and now want to change, and those that have never had a financial adviser. Either way I am grateful for the help we can offer them. Those that have an adviser often know something is not right with their current service. Those that have never had an adviser are usually surprised at how differently things can be with the input of professional help.
However I want to talk about the clients that already have a financial adviser. People are often emotionally attached to an adviser. Maybe they have known them for a long time, or maybe they just like their adviser. Either way it can sometimes seem difficult to break away.
However, there are some common signs that we should all be wary of in any service provider that begin to lay the path for us to move away more easily.
For a financial adviser
in particular, my experience has been that the following are often reasons for a client wishing to move to a new adviser:
- The adviser is slow at responding to you.
- The adviser takes longer than you would want to deliver advice letters and reports.
- The adviser talks products and money more than lifestyle and financial planning.
- (The big one) The adviser charges more than you really feel comfortable paying.