A Guide to Switching Financial Advisors: When, Why, and How

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Partnering with a financial advisor that is excellent at coaching you on how to build and secure your wealth should be making a meaningful difference in your financial world. A well-qualified advisor with a skilled team should be adding value in all sorts of ways! Yes, the money management side is crucial and you should definitely keep an eye on the intelligence and performance of your investment philosophy.

However, there is so much more to great financial planning! At Tencap we are extremely active in our clients’ financial well-being – not just managing the investments, discussing budgets and debt. No, we are active in making sure they have intelligent insurance policies. We review our clients’ tax returns each year looking for legal yet strategic and intelligent ways to reduce their tax bill. We review their estate planning and make sure that is all prudently handled and completed. We are helpful with Medicare supplementing and social security planning and strategy. We focus on the planning and transitioning of your legacy to the next generation, wisely. 

Tencap also has a special focus on educating you and your family around financial markets, your true purpose for money, reviewing and teaching the basics about financial products like stocks and bonds, etc. Tencap is proud to offer a two day course to any of our clients and their friends and family that are interested in really leveling up their competence and knowledge of investing and their relationship with money.

If you are underwhelmed by the level of service your financial planner is offering, it may be time to interview another firm! Tencap offers a no-cost second opinion to anyone interested in learning about our deep bench of service offerings.

If you get to a place you think it may be worth switching financial advisors and working with a more comprehensive planner, here are 5 considerations: 

5 Signs You May Consider Changing Your Financial Advisor

It’s not uncommon to feel disconnected from your financial advisor. Watch out for the following signs to determine if it’s time for a change.

1. Limited offerings and poor customer service

Suppose your advisor only focuses on a narrow range of investment options without considering your diverse needs or fails to respond promptly to your inquiries. In that case, it may be best to switch advisors. Limited offerings and poor customer service can hinder your financial progress and leave you feeling neglected and frustrated

2. Misaligned investment strategies

Is your advisor suggesting highly volatile investments even though your current goal is more about asset preservation? Are you in basic investments with no real philosophy or academic approach to diversification? Have things changed in your personal life and you have been unable to build those changes into your financial plan?

It’s important to communicate your goals with your advisor. The best ones listen attentively to ensure your financial objectives are met and your life circumstances are being properly planned for. The obnoxious advisors take over the meeting and talk the whole time, sharing all of their stories and have little patience or time to really listen to you.

3. Opaque fee structures

Some financial advisors might not be upfront about their fees. If they cannot be transparent about how they’re compensated, or if you are paying too much for the level of service you are receiving, then switching advisors may be intelligent.

Take it as a bad sign if they only promote mutual funds or annuities that pay them or suggest the same investments to all clients, as it could mean they’re more focused on their best interest, and not yours. Ideally, you should have your advisor’s fee structure in writing to ensure transparency.

4. Clashing personalities

You don’t necessarily have to be friends with your financial advisor, but you should at least get along so they can guide you properly. If you struggle to connect with them or feel uneasy discussing your financial matters, it might be worth switching to someone who better matches your personality.

Recently we had someone phone us that was just flat tired of their advisor weaving their political view into every conversation. It got to the point that this person dreaded going to meetings.

You should never dread meeting with your advisor, if it gets to that place, it’s probably time to interview another group.

5. Not acting according to the fiduciary standard

Financial advisors bound under the fiduciary standard are legally obligated to prioritize your needs over theirs and offer impartial advice. If you think they’re taking advantage of you, it’s probably time to let them go. Choosing a fiduciary advisor can provide peace of mind and confidence in your financial decisions.

How to Make a Smooth Transition When Switching Financial Advisors 

Don’t be afraid to look for a financial advisor who can understand and guide you better. Take the following steps when making the switch.

Evaluate your contract and notify your current advisor

Review your contract terms, including any clauses regarding termination or transfer fees. Sometimes, you may need to send a signed letter notifying your current advisor about your decision to switch. You may also have to pay closing fees if your contract has a bond.

Handle the paperwork

Address any termination fees or tax implications associated with switching advisors, ensuring all necessary paperwork is complete and accurate. Any excellent firm will be able to talk you through this process and help you complete each of these steps seamlessly and smoothly.

Transfer necessary information and documents

Your new advisor needs as much information as possible to help you effectively. Begin by transferring all relevant financial documents from your old advisor to your new one to facilitate excellent and continuous financial planning.

Set clear expectations with your new advisor

Communicate your financial objectives, expectations, and special concerns or preferences to your new advisor to establish a solid foundation for your professional relationship.

Invest in the time to hire the right advisor 

The right advisor is vital for your financial security and growth. They guide you in navigating investment opportunities, implementing effective money-saving strategies,  make intelligent financial decisions and keep you disciplined as an investor. Ultimately, we are highly interested and committed to coaching each client to a place where they are financially independent. We want each client to examine every area of their finances and feel confident we, together, have managed each category intelligently and we can assert that each area of your financial world is optimal. 

We adhere to the fiduciary standard, ensuring that your needs are always first. Building each financial plan with integrity is a huge part of what we do! Learn more about why our financial advisory services are worth the fee in this article.

If you want to participate in this level of financial planning, this level of fiscal responsibility, take the time to compare and select an advisor that offers the level of service you really need. After-all, high-net-worth individuals/families/businesses are generally full of one thing…complexity.

Tencap is proud to lift others to freedom and power through extraordinary financial planning. Our undeviating focus of creating financial independence is unmatched. Tencap Wealth Coaching has the capacity and talent to lead you through each category of academic and intelligent financial planning.

Our team has a wealth of experience in catering to the financial needs of high-net-worth individuals. We have a profound appreciation for your achievements. Allow our team to show you what excellence and responsibility look like in the financial planning space!

Contact us for a no-cost consultation, today!

Photo of Joe Griffin
Joe Griffin
CEO Tencap Wealth Coaching | + posts

Joe has been building and managing financial planning firms for the past 13 years. He loves the financial planning space and is very proud of the success and growth that has come from his proprietary marketing and leadership. Joe spent years being involved with the bright minds of the investment committee at Utah’s 529 college savings plan – a plan managing over 20 billion. Joe only works with firms that are stated fiduciaries on a client relationship. Joe is committed to leading a financial planning firm with ethics and integrity.  The money management philosophy that Tencap subscribes to is built on strong academics and is supported by a highly impressive academic board. We can't wait to coach you on the excellence that Tencap stands for.

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