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The Best Part of Breaking Up with Your Financial Advisor

You may think that breaking up with your financial advisor is a crazy idea, but believe me it’s not as off-kilter as you think. Especially, if you’re like many people who hire a financial advisor then never revisit the decision you made until it’s time to retire. Or maybe you inherited your financial advisor due to a death or other life situation and have just left the investments in their care. Inertia is one of the most difficult forces to overcome.

 While your financial advisor may have had your best interest in mind when you first hired them, they may not actively monitor your account to keep pace with the economy and with investment vehicles that may serve you better as your life and circumstances change. If you inherited the advisor, you may find that the person you inherited them from had not looked into their investments in some time.

 In many instances financial advisors get their clients set up in particular investments and turn their attention to attracting new clients. More often than not, a majority of financial advisors are salespeople for products that generate commissions for themselves but less often generate the promised returns for their clients. It is no wonder that financial advisors have to live with a bad reputation. A good financial advisor, on the other hand, is absolutely priceless.

Interviewing financial advisors does take time. However, finding that one gem who is going to be involved in making certain your money is working for you with all the leverage possible will be worth every moment required to seek them out. And in the long run will make breaking up with your current financial advisor a liberating, not to mention enriching experience.

A little bit of research into the types of fees you are paying will give you a clue to your advisors motives. Perhaps your tolerance for risk has changed. Maybe you were willing to pay certain fees when you established your account than you are today. Maybe you simply want ongoing communication regarding your account as opposed to a monthly statement.

Investment objectives can change continuously. At least they should. Every stage of life has a new set of circumstances that should be taken into consideration. A good financial advisor will initiate a conversation when it’s time to think about them.

There is an old school of financial advisors and a new school. The old school is on its way out. The new school of financial advisors is like a breath of fresh air. The old school way was a person of authority telling investors what to do with their money. There was no questioning involved. After all, they were akin to a doctor, educated about things the average person knew nothing about.

Today’s financial advisors are inclusive as opposed to exclusive.  We welcome questions and the opportunity to educate our clients. We are certainly not anti-profit, however, we also refuse to be salespeople and instead want to be consultants to our clients. Above all, authenticity is a quality to look for in a new financial adviser as are openness and questioning uniformity. No two investors are alike. Your investments should be as unique as you are. And that means it could be time walk away from your old financial adviser.

Jaime Westenbarger


Forest Hills Financial Inc.






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Guest Saturday, 20 April 2019