“Finding the right adviser is like finding the right doctor – the relationship should make you feel safe, understood and supported,” said Valerie Kok, a partner with St James’sPlace.
This means if you’re not comfortable with your current adviser, it’s perfectly fine to find another. Here are the red flags to look out for:
Having a poor attitude: Instead of listening to your needs, they criticise, condemn or complain about your decisions. According to Lisa Eng, a senior consultant at Financial Alliance, if your adviser speaks condescendingly about your past choices or criticises other professionals, they are failing the most basic test of human relations. “You need an ally, not a judge,” she said.
Being ill-prepared or prone to ghosting: If they show up at meetings without reviewing your file or continually postpone scheduled reviews, they are showing a distinct lack of sincere interest in your financial well-being, said Eng.
Pressuring you to make decisions: When your adviser pressures you to sign paperwork immediately, discourages you from seeking a second opinion or even pushes investments that generate high commissions for them but confuse you, it’s time to politely bid them farewell.
It’s important to remember that your financial life is about your goals, not about your adviser’s sales quotas, said Eng.
Ultimately, like any relationship, your relationship with your adviser must be built on trust and needs to be constantly nourished. “When the trust is eroded, it is time to move on,” Eng added.