Fees are too high? Don’t hear from him/her enough? You’re ‘small potatoes’ to h/h? Not sure he/she knows enough? You do all the work and h/s gets all the money. H/S is more reactive than proactive. Not sure what all you’re getting from h/h. It’s okay to let go. But first, tell me . . .
Are you a 20%-er or an 80%-er?
Are you among his/her top 20% most important clients or are you somewhere in the other 80%?
If you’re in the top 20% . . .
You and the other 20%-ers are providing 80% of h/h income.
You deserve Gold Glove treatment, but YOU decide what GG looks like for you.
Does h/s know what GG looks like for you? Maybe you need to have that conversation.
Does h/s work with your other advisors (tax pro, insurance guy, attorney(s))?
Does h/s handle your insurance and annuities too?
[Recent surveys show that people with annuities
are actually HAPPIER and they LIVE LONGER!]
If your advisor doesn’t play well with others (i.e., your other advisors) or is 100% fee-only, then you are missing out on service and products that you should be getting. If you are thinking of firing your advisor, you need to decide if it’s really h/h, or you, that has shortcomings. Then make sure all of the above are to your satisfaction with h/h or the next advisor. 20%-ers rarely feel the desire to fire advisors, in part, because they normally receive Gold Glove service. But you don’t know what you may be missing unless you look around now and then.
If you’re an 80%-er . . .
You can and should still be loved and respected.
You may be more expendable and burdensome than profitable for h/h.
Your advisors should ALL know a LOT about investment, legal, insurance and tax issues.
They do not have to be experts at all those, but well-versed enough that they can discuss them.
Test them, ask questions, even if random, make up the reason, say you read something about “xx”.
When you are an 80%-er, the old “squeaky wheel getting the grease” is a fine truth to follow.
If you feel like you are treated like cattle, and nothing is tailored just for you, you need to decide if that’s okay with you (perhaps you’re actually happiest
being a very average, low-maintenance client).
But if you still want to move on, look for someone who is offering more than what you get now.
I believe: You don’t need to be a 20%-er to deserve a CFP. Fee-only is NOT better than fee-and-commission. And think about what’s in it for both parties. The more business/assets/questions/listening you give an advisor, the more interest you should receive in return. Let me know how it goes.
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