60% of Americans say trust matters most in a financial advisor — here are the red flags you’re missing Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
With every relationship, there comes a time for you to decide whether it’s really working — and it’s no different when it comes to the partnership you have with your financial advisor
You might assume that portfolio performance ranks first among reasons clients choose to stay with their advisors, but not so, findings show. According to research from Morningstar, the top three reasons are discomfort in handling financial issues, quality of financial advice received and behavioral coaching provided — with return performance ranking fourth (1). Top Picks That’s not to say, however, that performance shouldn’t factor into your decision.
But experts say it’s not the only thing you should consider. Here are signs it might be time for a new financial advisor — plus the question you should ask yourself first. You don’t feel you’re getting your money’s worth It’s important that you feel the service you get matches the fee you pay for it.