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Today’s investments can impact the lifestyle and livelihood investors experience down the road. It wouldn’t be inaccurate to suggest that financial planners hold their client’s futures in their hands. Investors should take their relationship with their financial planner as seriously as they take their money. Like any relationship, sometimes it works, others it doesn’t, and sometimes, what initially was a match made in heaven does not stand the test of time. If that time comes, investors need to recognize it and do the hard thing—break up with their financial planner and play the field.


Establishing a relationship with a financial planner takes time and energy. If investments are underperforming, clients may be tempted to wait for things to improve. Knowing when it’s time to move on and explore other options can be difficult, but more and more, investors are doing it. Consumer insights firm J.D. Power conducted a study that found a third of Millennial investors with more than $1 million in assets plan to switch financial advisors, so today’s financial planners cannot take their client relationships for granted.

There are many reasons investors call it quits. Some include poor asset performance and the desire for a broader range of products and services. Some financial planners lack connection and engagement with their clients, especially following the COVID-19 pandemic. Identifying other common causes of dissatisfaction can help investors decide if their relationship is healthy and productive. Here are a few:

  • Poor communication and inattention—An attentive planner listens to clients’ goals and concerns and answers their questions. They schedule regular touch-bases, make themselves accessible, and respond to correspondence.
  • Stale advice—Effective advisors are experts in their institution’s financial products. They are acutely aware of market performance and individual stocks within it. They are knowledgeable about other financial products, programs, and trends. They make fresh suggestions based on current market information and activity.
  • Weak digital presence—Financial institutions and advisors must meet today’s digital requirements with an interactive website and mobile presence. Clients from younger generations want to access information anytime and anywhere. They also enjoy the convenient interaction and capabilities of web and mobile apps.
  • Changing needs— Smart planners recognize when they are out of their realm. They align themselves with a range of skilled advisors and refer their clients to other affiliates that may better serve them. As portfolios become more complex, the need for a second opinion or someone with more expertise in specific areas increases.
  • Lack of trust and transparency—Trustworthy advisors are open and honest about making moves to client portfolios. They do not pressure their clients to invest more or push products that serve their interests over their investors’. They are transparent about their fees. They offer a copy of their Uniform Application for Investment Advisor Registration (ADV), which discloses their commission arrangements and conflicts.
  • Evolving expectations—Agile planners adapt to changing client demands. A report from Accenture, a global professional services company, revealed that today’s investors expect a comprehensive and personalized approach to wealth management. The findings were based on a survey of 1,000 investors from North America, and the participants wanted financial planners to offer insurance and banking services in addition to standard portfolio management. Not all advisors are able to expand their scope of services, but some can and do take a more holistic approach to financial planning.


Whatever the reason, investors should give their advisors honest feedback and communicate their concerns to provide the opportunity to salvage the relationship. If there are irreconcilable differences, it’s time to move on. If you are unhappy in your relationship with your current advisor, SHP Financial can help. Sign up for a complimentary review here and see our post, “How to Break Up With Your Financial Advisor,” to learn more about switching from your current planner to a new one.



The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by tMedia, LLC, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. tMedia, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.

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