While ending a financial partnership can make sense for many reasons, some things, like market fluctuations, don’t necessarily warrant an immediate dismissal. So how do you know if it’s actually time to fire your adviser? “Most people don’t fire their financial adviser when they should. They wait until frustration turns into distrust and by then the damage is already done,” says Nicole Carlon, a certified financial planner at WiseOak Wealth. (You can use this free tool to get matched with fiduciary advisers, from our ad partner SmartAsset, as well as sites like CFP Board and NAPFA.)

Your relationship with an adviser is exactly that – a relationship: “Remember from your dating days and even after, not every relationship works long term. No matter how hard one or both parties try, sometimes you need to move on,” says John Stoj, financial adviser and founder of Verbatim Financial.

Perhaps the most important thing to keep in mind is that firing an adviser shouldn’t be emotional, it should be intentional, says Carlon. “If there’s a lack of clarity, coordination or forward progress, it’s worth reassessing the relationship,” says Carlon. 

Ask the right questions

To evaluate whether to stick with your current adviser, Jason Dall’Acqua, CFP and founder of Crest Wealth Advisors says you should ask yourself these questions:

“Am I receiving the services that I need at this stage of my life? Are they responsive and available when I need to meet with them? Have they been adding value to my financial picture? Have they made my life easier by not having to manage everything alone? Do I trust this person to provide me with advice that is in my best interest? Has their performance been reasonable based on my asset allocation and is it meeting my long-term financial goals,” says Dall’Acqua.

Pros say you should consider these key aspects when weighing whether or not to fire your financial adviser:

The fees are too high for the service you are getting

Cheaper isn’t always better. “You often pay for what you get,” says Dall’Acqua. “You should be sure you’re getting the service, expertise and guidance you need and would expect for the fees you’re paying. A premium fee should come with more comprehensive and personalized guidance as well as expertise in an area that is relevant to you. Advisers may have the same fee but their level of service and areas they help plan for can be vastly different, so be sure to do your research.”

Often people focus on fees, but in the wrong way. “Fees should reflect the level of service, coordination and guidance you’re receiving, not just investment returns,” says Carlon.

It might be helpful to look for a professional that separates planning from investment management fees, says Anthony Termini at markets.fyi, a trading analytics and global market data site. “There is value in advice even if you don’t take it. Avoid planners that wrap everything together in an all-inclusive fee. It’s easy to hide things like expensive commissions into a wrap fee,” says Termini.

For reference, Financial advisers charge under a variety of fee structures. Some charge under an assets under management model. “ A small portfolio of $1 million or less should not pay more than 1% annually, inclusive of transaction costs and a large portfolio shouldn’t pay more than half that amount. Portfolios in the middle —$5 million to $100 million — should expect a declining scale based on total assets. Avoid bracketed fee structures that have you paying a blended rate based on separate tiers, the way federal income taxes are set up,” says Termini. If you’re paying 1% and all you’re getting is investment management advice, that’s too high, pros say. 

Finally, hourly advisers often charge between $200 and $500 per hour while project-based advisers commonly range from $1,500 to $7,500 depending on the complexity of the project. (You can use this free tool to get matched with fiduciary advisers, from our ad partner SmartAsset, as well as sites like CFP Board and NAPFA.)

Their performance is not up to snuff

“Performance gets a lot of attention but it’s often misunderstood. “It’s not about beating a benchmark in a single year. It’s about whether your portfolio is aligned with your goals and whether you understand the strategy behind it,” says Carlon.

Likewise, Termini says absolute performance is a myth. “Don’t fall into the performance trap. The rate of return you should expect is the one that keeps you on track. Ignore slick sales pitches that focus on an adviser’s superior track record. A good adviser will help you properly structure your portfolio’s asset allocation which will determine nearly 90% of your long-term return, to fit your specific long-term consumption goals,” says Termini.

Using an appropriate benchmark is important when evaluating your adviser’s performance. “It wouldn’t be reasonable to compare the performance of a 60% stock, 40% bond portfolio to that of the S&P 500. Evaluate how your portfolio is doing relative to a comparable benchmark, but also whether they are managing investments tax efficiently, rebalancing as needed through different environments and always looking for opportunities to make improvements,” says Dall’Acqua.

What’s more, performance should be assessed over an entire market cycle and not over the short-term, says E.J. Simonsen, business finance adviser and founder at EIDLExit, an SBA loan consulting, business formation and closures firm. “Compare results against an appropriate benchmark and the acceptable level of risk you agreed upon. Consider the consistency of advice, potential business conflicts of interest and whether you understand your own plan,” says Simonsen.

Communication isn’t clear and consistent

Where Carlon sees relationships break down most often is communication. “Clients don’t need constant updates, but they do need clarity and consistency,” says Carlon. If the only time you hear from your adviser is when they have a great idea to pitch to you or are only calling to wish you a happy birthday, it’s time to move on, says Elias Friedman, senior wealth adviser at Kadima Wealth. 

Responsiveness is also important. “We are in the anxiety reduction business. If responsiveness is slow, this only adds to a client’s anxiety. The last thing we want is a client staring at the ceiling late at night worried about their investments,” says Friedman.

For his part, Termini says communication and responsiveness are probably the most important deliverables of a financial planner. Simply put, “If you’re not getting the attention you deserve or the explanations you expect or answers to your questions in a timely manner, then look for another adviser,” says Termini.

Remember that you’re paying for assistance and guidance. “[Your adviser] should be available when you need them and should not take weeks to follow up or be available for a meeting. They should know you personally so that their recommendations are tailored to your specific needs. Being responsive is important but your adviser should also be proactive in reaching out to you as needed, whether it’s to update you on market and economic changes, law changes or new opportunities that arise. If you do not hear from your adviser during periods of extreme market volatility or if there is a law change that impacts your planning, you should reconsider whether they are really looking out for your best interest,” says Dall’Acqua.

The best relationships are built on collaborative communication, says wealth adviser William Hope at Redwood Financial Network. “Clearly defining early on in a relationship what is expected from each other [helps make sure] it’s a good fit. Good advisers will sit and listen and address your concerns,” says Hope.

You wouldn’t recommend them to a friend

Hope says if he were ever in the scenario where he was considering leaving a professional relationship, “The first question I’d ask myself is “Knowing what I know now, would I refer someone to work with them? If that answer is yes, then why would I leave? It’s perfectly normal to question things and that’s why communication is key. If that communication has faltered, be sure to bring it up to your current adviser so it can be addressed,” says Hope.

You should be honest with yourself before ditching your adviser: “Look at yourself in the mirror and ask if you caused the problem. Not saving enough or early enough or not returning an adviser’s calls or emails is not an excuse for not reaching your financial goals in life,” says Friedman.

If you have an adviser who doesn’t meet the standards described above, don’t let your personal relationship with the adviser cloud your judgment when making the call to fire them. “It’s okay to like your adviser but not if they’re not keeping you on track to meet your future consumption goals,” says Termini.

The adviser no longer serves your needs

As your life changes, you may need a different kind of adviser with a different specialty. “Maybe you’ve moved in different directions. One of my clients decided to leave me because I don’t specialize in real estate,” says Stoj. 

So it’s important to consider whether your adviser – even if she was great for you in the past – is right now, or whether someone else might be better. (You can use this free tool to get matched with fiduciary advisers, from our ad partner SmartAsset, as well as sites like CFP Board and NAPFA.)