{"id":629232,"date":"2026-04-26T05:39:09","date_gmt":"2026-04-26T05:39:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/629232\/"},"modified":"2026-04-26T05:39:09","modified_gmt":"2026-04-26T05:39:09","slug":"by-then-the-damage-is-already-done-5-signs-you-might-miss-that-its-time-to-fire-your-financial-adviser","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/629232\/","title":{"rendered":"\u2018By then, the damage is already done.\u2019 5 signs you might miss that it\u2019s time to fire your financial adviser"},"content":{"rendered":"

While ending a financial partnership can make sense for many reasons, some things, like market fluctuations, don\u2019t necessarily warrant an immediate dismissal. So how do you know if it\u2019s actually time to fire your adviser? \u201cMost people don\u2019t fire their financial adviser when they should. They wait until frustration turns into distrust and by then the damage is already done,\u201d says Nicole Carlon, a certified financial planner at WiseOak Wealth. (You can use this free tool to get matched with fiduciary advisers<\/a>, from our ad partner SmartAsset, as well as sites like CFP Board and NAPFA.)<\/p>\n

Your relationship with an adviser is exactly that \u2013 a relationship: \u201cRemember 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,\u201d says John Stoj, financial adviser and founder of Verbatim Financial. <\/p>\n

Perhaps the most important thing to keep in mind is that firing an adviser shouldn\u2019t be emotional, it should be intentional, says Carlon. \u201cIf there\u2019s a lack of clarity, coordination or forward progress, it\u2019s worth reassessing the relationship,\u201d says Carlon.\u00a0<\/p>\n

Ask the right questions<\/p>\n

To evaluate whether to stick with your current adviser, Jason Dall\u2019Acqua, CFP and founder of Crest Wealth Advisors says you should ask yourself these questions: <\/p>\n

\u201cAm I receiving the services that I need at this stage of my life?\u00a0Are they responsive and available when I need to meet with them?\u00a0Have they been adding value to my financial picture?\u00a0Have they made my life easier by not having to manage everything alone?\u00a0Do I trust this person to provide me with advice that is in my best interest?\u00a0Has their performance been reasonable based on my asset allocation and is it meeting my long-term financial goals,\u201d says Dall\u2019Acqua.<\/p>\n

Pros say you should consider these key aspects when weighing whether or not to fire your financial adviser:<\/p>\n

The fees are too high for the service you are getting<\/p>\n

Cheaper isn\u2019t always better. \u201cYou often pay for what you get,\u201d says Dall\u2019Acqua. \u201cYou should be sure you\u2019re getting the service, expertise and guidance you need and would expect for the fees you\u2019re 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.\u201d<\/p>\n

Often people focus on fees, but in the wrong way. \u201cFees should reflect the level of service, coordination and guidance you\u2019re receiving, not just investment returns,\u201d says Carlon.<\/p>\n

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. \u201cThere is value in advice even if you don\u2019t take it. Avoid planners that wrap everything together in an all-inclusive fee. It\u2019s easy to hide things like expensive commissions into a wrap fee,\u201d says Termini.<\/p>\n

For reference, Financial advisers charge under a variety of fee structures. Some charge under an assets under management model. \u201c A small portfolio of $1 million or less should not pay more than 1% annually, inclusive of transaction costs and a large portfolio shouldn\u2019t pay more than half that amount. Portfolios in the middle \u2014$5 million to $100 million \u2014 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,\u201d says Termini. If you\u2019re paying 1% and all you\u2019re getting is investment management advice, that\u2019s too high, pros say.\u00a0<\/p>\n

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<\/a>, from our ad partner SmartAsset, as well as sites like CFP Board and NAPFA.)<\/p>\n

Their performance is not up to snuff<\/p>\n

\u201cPerformance gets a lot of attention but it\u2019s often misunderstood. \u201cIt\u2019s not about beating a benchmark in a single year. It\u2019s about whether your portfolio is aligned with your goals and whether you understand the strategy behind it,\u201d says Carlon.<\/p>\n

Likewise, Termini says absolute performance is a myth. \u201cDon\u2019t 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\u2019s superior track record. A good adviser will help you properly structure your portfolio\u2019s asset allocation which will determine nearly 90% of your long-term return, to fit your specific long-term consumption goals,\u201d says Termini.<\/p>\n

Using an appropriate benchmark is important when evaluating your adviser\u2019s performance. \u201cIt wouldn\u2019t 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,\u201d says Dall\u2019Acqua.<\/p>\n

What\u2019s 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. \u201cCompare 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,\u201d says Simonsen.<\/p>\n

Communication isn\u2019t clear and consistent<\/p>\n

Where Carlon sees relationships break down most often is communication. \u201cClients don\u2019t need constant updates, but they do need clarity and consistency,\u201d 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\u2019s time to move on, says Elias Friedman, senior wealth adviser at Kadima Wealth.\u00a0<\/p>\n

Responsiveness is also important. \u201cWe are in the anxiety reduction business. If responsiveness is slow, this only adds to a client\u2019s anxiety. The last thing we want is a client staring at the ceiling late at night worried about their investments,\u201d says Friedman.<\/p>\n

For his part, Termini says communication and responsiveness are probably the most important deliverables of a financial planner. Simply put, \u201cIf you\u2019re 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,\u201d says Termini.<\/p>\n

Remember that you\u2019re paying for assistance and guidance. \u201c[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\u2019s 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,\u201d says Dall\u2019Acqua.<\/p>\n

The best relationships are built on collaborative communication, says wealth adviser William Hope at Redwood Financial Network. \u201cClearly defining early on in a relationship what is expected from each other [helps make sure] it\u2019s a good fit. Good advisers will sit and listen and address your concerns,\u201d says Hope.<\/p>\n

You wouldn\u2019t recommend them to a friend<\/p>\n

Hope says if he were ever in the scenario where he was considering leaving a professional relationship, \u201cThe first question I\u2019d ask myself is \u201cKnowing what I know now, would I refer someone to work with them? If that answer is yes, then why would I leave? It\u2019s perfectly normal to question things and that\u2019s why communication is key. If that communication has faltered, be sure to bring it up to your current adviser so it can be addressed,\u201d says Hope.<\/p>\n

You should be honest with yourself before ditching your adviser: \u201cLook at yourself in the mirror and ask if you caused the problem. Not saving enough or early enough or not returning an adviser\u2019s calls or emails is not an excuse for not reaching your financial goals in life,\u201d says Friedman.<\/p>\n

If you have an adviser who doesn\u2019t meet the standards described above, don\u2019t let your personal relationship with the adviser cloud your judgment when making the call to fire them. \u201cIt\u2019s okay to like your adviser but not if they\u2019re not keeping you on track to meet your future consumption goals,\u201d says Termini.<\/p>\n

The adviser no longer serves your needs<\/p>\n

As your life changes, you may need a different kind of adviser with a different specialty. \u201cMaybe you\u2019ve moved in different directions. One of my clients decided to leave me because I don\u2019t specialize in real estate,\u201d says Stoj.\u00a0<\/p>\n

So it\u2019s important to consider whether your adviser \u2013 even if she was great for you in the past \u2013 is right now, or whether someone else might be better. (You can use this free tool to get matched with fiduciary advisers<\/a>, from our ad partner SmartAsset, as well as sites like CFP Board and NAPFA.)<\/p>\n","protected":false},"excerpt":{"rendered":"While ending a financial partnership can make sense for many reasons, some things, like market fluctuations, don\u2019t necessarily…\n","protected":false},"author":2,"featured_media":629233,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[42493,189759,45,49,48,9310,133,1829,160356,131,132,177],"class_list":{"0":"post-629232","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-accounting","9":"tag-accounting-consulting","10":"tag-business","11":"tag-ca","12":"tag-canada","13":"tag-consulting","14":"tag-finance","15":"tag-investing","16":"tag-investing-securities","17":"tag-personal-finance","18":"tag-personalfinance","19":"tag-securities"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/629232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=629232"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/629232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/629233"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=629232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=629232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=629232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}