Is it too much to ask a financial advisor to review his portfolio 4 times a year?


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Question: I’m frustrated with my financial advisor and feel like I’m always chasing and harassing him. When I interviewed him he sold me on the attention and service he would provide. But now I feel like I’m just a number. Is it too much to ask for quarterly portfolio reviews? Is it too much to ask him to reach out when he has a worthwhile investment on his desk, or just check on me once in a while? I think the answer is I need to find a more proactive advisor, but that’s what I thought when I signed up with the current one. Is there a way to get more clarity on this during the interview process? I’d like to do it right next time, rather than the “time will tell” process.

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Responnse: “Your query reminds me of an old joke, with the tagline: ‘I made these promises when you were a prospect, but now you’re a customer,'” says John Robinson, financial expert for personal finance site Credello. experts say that what you expect from this financial adviser (quarterly reviews and regular audits) is very reasonable.” It’s not too much to ask for quarterly reviews. It’s not too much to ask the adviser to reach out in case interesting investment or just to check in from time to time,” says Ben Barzideh, ChFC and Wealth Advisor at Piershale Financial Group.

In this case, you usually have two options: 1) give it a chance to improve, after expressing your concerns, or 2) find a new adviser (you can be connected with a financial advisor who meets your needs here). Indeed, if you call the advisor and tell them exactly what you expect, then assess in a few months, could that be all you need? It may be that his initial definition of care and service is different from yours, and explaining it to him can remedy that. Robinson says, “As a financial planner, I’ve found that clients are just as diverse as advisors. I have clients who want to meet via Zoom every week while others would be embarrassed if I asked to meet more than once or twice a year.

Your other option is to find a new advisor. Craig Borkovec, financial advisor at Miracle Mile Advisors, says you should call a meeting with your current advisor, express your dissatisfaction and give a detailed explanation with the exact reasons why you will no longer be working with them. “Secondarily, you should leave that adviser and look for another one,” says Borkovec. (You can be connected with a financial adviser who meets your needs here.)

You may also want to consider another type of advisor that might better suit your needs, says Grace Yung, Certified Financial Planner at Midtown Financial Group: “Perhaps you should look into finding a Certified Financial Planner who can advise you. upon request for an hourly rate,” says Yung. Another thing to consider is that there are CFP practitioners who have tiered services for their clients. “Platinum customers, for example, can receive X number of meetings per year compared to other tiers. The reason for the different levels of service is that, generally, customers with more complex situations or assets may require more work than someone who may have a simpler situation,” Yung explains.

If you’re choosing a new advisor, you can learn a lot from the interview process. “When interviewing a financial advisor, it is not only important to understand the capabilities and background of the advisor and the firm, but also to discuss your expectations and what you would like to get out of the relationship. Having a clear and achievable financial plan is a great first step to financial success, but sticking to it is where two-way communication becomes key,” says Andrew Meyer, Senior Wealth Management Advisor and Managing Director of MAY Capital. (This guide from MarketWatch Picks gives you 15 questions you should ask every financial advisor you might hire.) Barzideh adds: “Everyone has to be on the same page from the start.

There are a few very specific questions Robinson suggests asking during the interview process to help determine an advisor’s responsiveness and whether their service model fits your needs. Not only should an advisor provide perspective and advice on market events, but as your life and goals change, there needs to be dialogue. “For clarity during the interview process, I would ask a few important questions such as, ‘How many clients do you typically work with?’ How often do you typically communicate with your clients? What can I do to get the most out of this relationship? says Meyer. These questions can begin to help a dialogue that digs deeper into the expectations you and an advisor might have.

Barzideh says the good news is that there are plenty of advisors to choose from and they all run their practices differently and provide different customer service experiences to their clients. “There are various style differences in communication and skills. You should have no problem finding an advisor who will be able to provide the service and ongoing communication you want,” says Barzideh. (You can be connected with a financial adviser who meets your needs here.)


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