Financial Forecast

How to “Break Up” with Your Financial Professional And Find an Advisor Who Is A Better Fit

By Grace S. Yung, CFP Midtown Financial Group, LLC

Whether they are business or personal, relationships don’t always work out. When needs aren’t being met, or it is simply time for a change, just like patients may switch to another doctor, investors may change to another financial advisor. Ending a relationship can sometimes be difficult, though. So, if you’re considering a change in your investment or retirement planning, what is the best way to go about “breaking up” with your current advisor

and moving to another who may be a better fit? When Should You Consider Changing Financial Advisors? There are several situations that might cause you to start looking for a new financial advisor. These will oftentimes include: − Your current advisor is nearing retirement, moving out of the area, or going to a different firm that you don’t want to do business with − You have more of a “transactional” relationship with your current advisor (such as just buying and selling stocks and mutual funds), but you now need more comprehensive / sophisticated planning − The current advisor isn’t staying up-to-date with changes in the industry – including financial laws and regulations, as well as new strategies that could enhance your portfolio or future retirement income generation − The relationship is just not a good fit Steps to Take When Splitting with Your Current Financial Professional If you’ve had a bad experience with your current financial advisor and/or they have been involved in legal, ethical, or disciplinary actions, then it may go without saying that it’s time to move your account(s). But if you have an “okay” relationship, there are some important steps you can take to make the overall process easier for you and them, such as: − Letting the advisor know why you are moving your business away from them − Having a written termination agreement; sometimes a transfer form will suffice − Know what exit fees may be charged by your current advisory firm − Obtaining – or gaining access

to – copies of your account and financial records − Revoking any trading authority you have with your current advisor or financial firm

How to find a New Financial Advisor that is the Right Fit? It is also essential that you make a wise choice before committing to a new financial processional. With that in mind, consider the following: − How long they’ve been working in the financial services industry − What area they specialize in (such as retirement income planning, wealth management, etc.) − Whether the advisor is a

CERTIFIED FINANCIAL

PLANNERTM or fiduciary − What other professional licenses and/or designations they have earned − Whether they have had any disciplinary actions taken against them

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