Valenti Hanley PLLC

4 signs that you need to walk away from a financial advisor

Trying to find a good financial advisor is a difficult task. Many people narrow down their search by deciding to work with someone only after receiving a recommended from a trusted friend or family member. Listening to this advice is a good start but you should also pay attention to how the advisor interacts with you.

No matter who referred the person to you, it is imperative that you watch for signs that you might not be working with the person who is best for your situation. Here are a few signs to watch for:

  • The financial advisor talks down to you or ignores your spouse: You, and your spouse (if you have one), are an important part of the team handling your investments. If the person doesn't respect one or both of you, they probably aren't a good fit for you.
  • Your phone calls or emails aren't returned in a timely manner: Even if you are contacting them often, they should still reply to you. If you notice that you are waiting an unreasonable amount of time or simply aren't getting a reply at all, the advisor likely isn't someone with whom you should entrust your financial future.
  • You notice they are concerned solely with their own gain: Financial advisors do have to make a living, but that should be done by making sure you are working toward your financial goals. One sign that a person is out for their own interests is that they are being overly pushy about specific products or are suggesting things that just don't fall in line with your portfolio or style.
  • The advisor doesn't speak up: While it is true that it is your money, the advisor is the professional. They should say something if they think that you aren't making the best decisions for your money. You do have the right to refuse to follow the advice but all available options should be presented so that you have as much information as possible.

If you are having to deal with an unethical financial advisor, you might need to take swift and serious action. Taking a legal stand against the situation might be in order.

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