7 Signs Your Financial Adviser Is A Flake

September 19, 2013
by Michelle Perry Higgins

Start Shopping for Long-Term-Care Insurance at 45What are key warning signs that should make you consider switching financial advisers?

Having a trusted financial adviser and someone that is always working in your best interest is imperative. They can make or break your financial planning and investment experience. Here are just a few red flags that it might be time to leave your adviser:

1.  It takes several days or weeks for them to call you back. Or worse, they never follow up on a request you made.

2.  They switch firms every couple of years which may indicate that they lack stability.

3.  Every time you see them they continually push products on you. That is a salesperson, not a financial adviser.

4.  Financial planning is low priority for them and they fail to discuss your situation in detail: Debt, cash flow, retirement, insurance, estate and tax planning. Having a comprehensive financial plan is a necessity with a good adviser.

5.  They fail to send a quarterly portfolio performance statement that also shows exactly how they are paid. Caveat emptor.

6.  They appear to be an emotional adviser that is constantly changes their investment strategy.

7.  They have no consistent client review cycle.