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What Holds You Back From Breaking Up With A Financial Advisor?

Today’s Prep:

Breaking up is hard, but sometimes you stay in a relationship too long for the wrong reasons. Is your relationship with your financial advisor working as it should? Or are you using some of these common excuses to stay with the wrong advisor?

(Click the featured times below to jump forward in the episode)


Equipping Points:

Have you ever felt it was time to break up with your financial advisor but stick around anyway? There are a lot of reasons why people stay with an advisor, even when they don’t feel like it’s a good fit. On today’s episode of the Retirement Ready podcast, we talk about what those reasons are and why they aren’t a good excuse to stay with someone who isn’t helping you meet your goals.

You may think, “My advisor seems nice, so I feel bad switching to someone else.” But you have to remember, you need someone that is looking out for your best interests. Because ultimately, this is about your money and your future.

After meeting with your advisor, if you feel confused and unsure of what’s happening with your money, that’s not a place you want to make financial decisions in. You want to have both confidence and trust in an advisor. Starting with education is an important part of Eric’s process and should be one that you focus on with your advisor as well.

Also keep in mind: your advisor may have limitations if they are working for a company and not for you. If they are selling certain products that are limited to one company, then your best interests are not what is being prioritized.

If you’re working with a financial advisor, service is what you’re paying for. Regardless of what brought you in initially, if you aren’t getting the service and strategy you need, it’s time to find the right advisor.

Listen to the full episode or click on the timestamps below to hear more of the common excuses.

[1:40] – My portfolio hasn’t done well, but my advisor seems nice.

[3:49] – I know them through…a family friend, college, a neighbor, my parents.

[4:24] – I feel confused after meeting with my advisor.

[7:49] – I get a birthday card, but don’t get good communication otherwise.


Related Resources:

How To Handle Financial Pain Points in Retirement

How To Ask Better Financial Questions


Today’s Takeaway:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

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