Financial advice should be collaborative, non-judgmental, compassionate, smart and holistic. In order to deliver this type of quality advice, we believe a financial advisor is doing the best job possible for their clients when they are: Asking questions about a client’s whole picture before recommending solutions.

Does a financial advisor have access to my money?

Most advisors don’t have custody of your money and that’s a good thing. But some do. If your advisor has custody – she has access to your money. According to the SEC (the government agency that audits investment advisors) 1 in 3 of the firms they audited had exceptions when it came to the way they hold your money.

Can you sue a financial advisor for bad advice?

In theory, if you have lost money because your broker (or any financial institution) gave you bad advice, mismanaged your investments, misled you in any way or did various other unlawful and ethical things, you can sue for damages. No matter how good the case, the road to financial damages is a rocky one.

How often should I hear from my financial advisor?

You should meet with your advisor at least once a year to reassess basics like budget, taxes and investment performance. This is the time to discuss whether you feel you are on the right track, and if there is something you could be doing better to increase your net worth in the coming 12 months.

What is a good return for a financial advisor?

Industry studies estimate that professional financial advice can add between 1.5% and 4% to portfolio returns over the long term, depending on the time period and how returns are calculated.

Is it OK to fire your financial advisor?

Ending a relationship, no matter what kind, is never easy. It can be uncomfortable and often, something people seek to avoid altogether. Once you have made the decision to you fire your financial advisor, it’s best to just “pull off the band-aid” so to speak.

Do you have to email your financial advisor?

The reason being is that this information is required when filling out income taxes. This is the toughest part. There are many ways to deliver the news, you can write a personal note to them, email them, or call them. Whatever you feel most comfortable doing. No matter what method you choose, remember to specify an end date.

What happens when I leave my financial advisor?

When you leave your old financial advisor, they’ll have to transfer your financial records to your new one. So before you pull the plug on any relationships, make sure you’ve got a new advisor all set up. On that note, really review your new advisor. You’re leaving your old one for a good reason.

What should I get from my new financial advisor?

Get a copy of your transaction history. While you definitely want your new advisor to be all caught up on your financial history, you should be as well. Keeping accurate financial records is a key part of financial health. It’s also up to you to track and mediate the transfer of files between your advisors.