When It May Be Time To Look For A New Financial Planner

I recently spoke to a prospective client who had been working with a financial planner for years but decided to start looking for a new planner when a business sale proposal came into the picture and his current planner chose not to prioritize the investor’s pleas for planning assistance. Because the investor needed personalized and prompt attention, his advisor’s practice was no longer a fit. This is when it may be time to look for a new financial planner.

One Trick Pony

I often find that people are not, in fact, working with a holistic financial planner when they feel their needs are not being met. They may be instead working with strictly an investment account manager or an insurance-only agent who is not licensed or able to address all an investor’s planning needs. If you feel like you have questions or more needs to address, it may be time to seek outside support.

Service Issues

Another reason I frequently see people dissatisfied with their current planner is a lack of sufficient service. Service issues can include things like:

• Not responding to questions.
• Not processing forms in a timely manner.
• Missing trade and distribution deadlines.
• Not following through on something they say they will do.

This can be due to several factors, including:

• Capacity and staffing issues.
• Transitions into retirement.
• Changes in their business priorities.

Regardless, if you don’t feel like you are getting the service you need, it may be time to consider transitioning.

Need For Sophistication

Certain financial planners can have designations that are particularly supportive to clients in their particular circumstance. Here are some situations that require additional sophistication when it comes to planning:

• Financial planning for individuals with assets projected to be worth over $15M in death
• Special needs planning for children and other dependents
• Transactions of non-public stock or debt
• Business sales that could meet the Qualified Small Business Stock requirements
• Trust planning
• Pension planning

If you are facing one of these planning situations, it is essential to ensure your financial professional is equipped to deliver the best outcomes for you.

Scheduling Problems

A financial advisor or planner early in their career may easily agree to late-night, early-morning, and even weekend meetings. Typically, as their practice matures and their client base grows, they will be less inclined to push scheduling boundaries and more likely to prefer work-life-balance and clients who prefer to meet during ordinary business hours. If you are someone who needs to meet outside of business hours and have trouble fitting in the schedule, consider finding a professional whose availability can easily accommodate yours.

Relationship Changes

Your relationship with your financial planner is a relationship like any other. You can have disagreements and frustrations and eventually become incompatible over time. Commonly, I see financial planners fire clients or request they transition elsewhere if the relationship turns disrespectful or a rift appears. I also see disagreements between an investor and a financial advisor result in the investor leaving.

Life Transitions

Many financial planners have certain areas of focus where they shine. When you go through a life transition, it’s possible that the transition requires a different skillset and set of tools. Here are some examples:

• Changing jobs
• Getting married
• Having children
• Getting divorced
• Inheriting assets
• Purchasing a property or business
• Selling a property or business
• Illness
• Retiring

While many holistic financial planners should be able to see you through all these transitions, you may want to consider seeking someone new if you don’t feel like your current planner has the bandwidth or the knowledge and experience to deal with your situation.

How To Seek A New Planner

Most commonly, people end up with a new financial planner because of their network. You may have a friend, family member, or neighbor who highly recommends their planner. If your needs are like those around you, this can be a good solution. However, if your needs are unique, you may want to seek a referral from a qualified trusted professional like an accountant or estate planning attorney or interview financial planners in your area on your own.

Conclusion

When your financial needs evolve or remain unmet, it may be time to reassess your relationship with your financial planner. Whether due to inadequate service, lack of knowledge and experience, or scheduling conflicts, transitioning to a planner who aligns better with your needs can provide the personalized and sophisticated support necessary for achieving your financial goals.

This informational and educational article does not offer or constitute, and should not be relied upon as, tax or financial advice. Your unique needs, goals and circumstances require the individualized attention of your own tax and financial professionals whose advice and services will prevail over any information provided in this flyer. Equitable Advisors, LLC and its associates and affiliates do not provide tax or legal advice or services.

Securities offered through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN) and offers annuity and insurance products through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC). Financial Professionals may transact business and/or respond to inquiries only in state(s) in which they are properly qualified. Any compensation that Ms. Jones may receive for the publication of this article is earned separate from, and entirely outside of her capacities with, Equitable Advisors, LLC and Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC). AGE- 8191281.1 (7/25)(exp. 7/29)