In this episode James discusses signs that may indicate it’s time to move on from a current financial advisor and discusses the professional and respectful ways to handle this transition.
James explains three core aspects to consider when contemplating the change:

Deciding to Leave:
The first step involves recognizing signs that it may be time to move on.

Telling Your Advisor:
James provides two scripts for notifying your financial advisor about your decision.

Handling Logistics:
After the decision to switch advisors is made, there are several logistical considerations.

James highlights that making the decision to switch advisors can be emotionally challenging, but ultimately, it’s a crucial step in securing your financial future.

Questions Answered:
How do you decide if it’s time to leave your financial advisor?
What’s the best way to tell them that you’re leaving?
How do you handle the logistics?

Show notes links:
When Should You Work with a Financial Advisor?

Script: Break up with your Financial Advisor

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⏱Timestamps:⏱
0:00 Intro
1:18 How to decide
7:00 How to tell them
8:10 Script 1
9:09 Script 2
11:03 Script 3
15:28 The logistics
17:54 Outro

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How to Break Up with Your Financial Advisor

When it comes to managing your finances, having a good relationship with your financial advisor is crucial. However, there may come a time when you realize that it’s time to part ways. Whether it’s due to underperformance, lack of communication, or simply finding someone better suited to your needs, breaking up with your financial advisor can be a tricky process. Here are some steps to help you navigate the path to financial independence.

1. Reflect on your reasons: Before initiating the breakup, take some time to reflect on the reasons behind your decision. Were you dissatisfied with the returns on your investments? Did your advisor fail to meet your expectations? Analyze what went wrong and determine what you are seeking in a new financial advisor.

2. Research potential advisors: Once you’ve decided to move on, start researching potential advisors who align with your financial goals and values. Seek recommendations from friends, family, or colleagues, or explore online platforms that provide ratings and reviews of financial advisors. It’s essential to find an advisor who understands your unique circumstances and has a proven track record of success.

3. Schedule an appointment with your current advisor: Before officially ending the professional relationship, it’s courteous to schedule an appointment or phone call with your current financial advisor. This will provide an opportunity to express your concerns or reasons for departure. Be honest, but constructive, about why you are seeking a new advisor. This feedback might help your current advisor improve their services for future clients.

4. Be prepared for a counteroffer: In some cases, financial advisors may try to persuade you to stay by offering improved services or making adjustments to their approach. While it can be tempting to reconsider, remember to evaluate these counteroffers objectively, considering whether they genuinely address your concerns. Don’t be swayed solely by promises; focus on the facts and your long-term financial goals.

5. Organize your financial documents: Properly organizing your financial documents is crucial during the transition from one advisor to another. Request copies of all relevant statements, investment account details, and any other important financial records. Being well-prepared will make it easier to provide the necessary information to your new advisor.

6. Inform relevant parties: Once you’ve made your decision and found a new advisor, it’s time to inform all relevant parties. Notify your current advisor in writing, stating your intentions and including any specific dates for discontinuation of their services. Additionally, inform your bank, brokerage, or any other party involved in handling your finances about the change.

7. Smooth transition to your new advisor: To ensure a seamless transition to your new advisor, schedule a meeting or call with them to discuss your financial goals, risk tolerance, and investment strategy. Provide them with all the necessary documents and be prepared to answer any questions they may have. Establish clear lines of communication and set expectations from the beginning.

Breaking up with your financial advisor can be a tough decision to make, but it’s essential to prioritize your financial well-being. By taking these steps, you will be on your way to finding an advisor who can better meet your needs and help you achieve your financial goals.