‘Is this normal?’ My new adviser made me sell stocks, saying her company didn’t work with them. I secretly kept some on the side — and they made money. Now what?

Question: “My financial adviser does an average job in my opinion, but she says that her company only handles certain stocks and mutual funds. When I moved my self-managed account to her, she had me sell some stocks that were actually doing very well, because her company didn’t work with or track those particular stocks.

For the most part, I took her advice, but I also held on to a few and I am glad I did. Now, when I ask her about buying a stock or fund she will say, ‘We don’t handle that stock.’ If I insist that I want to buy it, she will acquiesce, but disapprovingly. I get the feeling that she is thinking, ‘OK, but you are responsible for it and I am not going to keep an eye on it for you.’ Is this normal? Should I look for a new adviser who is more willing to work with a wider spectrum of products?”

Answer: This type of behavior from an adviser isn’t atypical, and pros say it’s often more common at large brokerages. Should you want more flexibility — and to work with a fiduciary — you may want to hunt for a new adviser somewhere like CFP Board, NAPFA or using this free tool that matches you to fiduciary advisers from our ad partner SmartAsset.

Often “the larger the firm, the more potential for greater restrictions on the adviser. When a wealth management firm oversees thousands of advisers, you could imagine the potential for violations within the SEC or FINRA,” says Jake Falcon at Falcon Wealth Advisors. As a result, these firms may restrict the types of investments their brokers are allowed to recommend.

Indeed, it seems you are likely working with a large brokerage, says certified financial planner Cayden McLaughlin at WealthAdvisor365. “Your investment adviser, no matter what title, seniority or credential, will [likely] never step outside the guardrails set by their firm,” says McLaughlin.

Have an issue with your financial planner or looking for a new one? Email questions or concerns to picks@marketwatch.com.

But whatever the firm, “there are myriad reasons an adviser stays away from being responsible for securities outside their focus area. Some standard reasons [include] company compliance limitations as they cannot review all securities while being on the hook for any part of Murphy’s Law, complex tax rules and liquidity concerns,” says chartered financial analyst Jason Escamilla at ImpactAdvisor. “There are also operational complexities. Vanguard is well known for being low-cost, but that also means they do not help offset trading costs for some custodians, whereas other fund companies do.” For the extra transaction costs alone, Escamilla says that can be reason enough for an adviser to dissuade a family from securities.

Each firm tends to have its niche areas of expertise. “Advisers will naturally believe they can add more value in their niche versus an index fund or broad ETF,” says chartered alternative investment analyst Fergus Hodgson at EconAmericas. “Making recommendations beyond those niche areas might seem more like a random investment than a calculated risk. Advisers tend to be risk-averse people, often more than their clients, that leaves the advisers sticking with and recommending what they know,”

Should you get a new financial adviser? 

“If a client feels limited by an adviser’s internal approved list, I would encourage them to seek a second opinion,” says Falcon. 

If there’s a values mismatch with an adviser, Hodgson says you should consider switching as soon as possible. “Staying longer can entrench an unhealthy or at least suboptimal relationship. Someone’s finances and allocations are deeply personal and an expression of more than a desire for nominal returns,” says Hodgson.

Look for an adviser who isn’t restricted or beholden to certain approved lists. “Seek out an adviser who acts as a fiduciary and has extensive experience investing in your preferred securities. There are also credentials such as the chartered financial analyst designation that can help validate a certain level of competency,” says Falcon.

Additionally, those with the CFP designation are considered the gold standard in financial planning. CFPs complete extensive education requirements, pass exams, perform thousands of hours of work-related experience and uphold a fiduciary duty. 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.

If a client wants to be involved in the investment selection process and ultimately calls the shots, Falcon says they probably shouldn’t pay an adviser for their advice. “The money would be better spent subscribing to reputable research outlets such as Bloomberg,” says Falcon.

Have an issue with your financial planner or looking for a new one? Email questions or concerns to picks@marketwatch.com.

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