What a Good Financial Advisory Relationship Actually Looks Like
Your relationship with your financial advisor should feel like a partnership—one built on trust, clear communication, and shared goals. Just like you review your investment portfolio, it makes sense to occasionally evaluate whether your advisory relationship still fits.
Here are the signs it might be time for a conversation—or a second opinion.
Communication Red Flags
- Your advisor isn't returning calls or emails promptly. Consistent delays leave you disconnected from your own financial plan.
- You don't understand what's happening with your money. A good advisor explains investments and strategies in terms that actually make sense to you.
- You feel pressured or rushed into decisions. Your financial future deserves thoughtful consideration, not high-pressure sales tactics.
Service and Performance Concerns
- Your needs have changed, but your strategy hasn't. Life events like marriage, new children, job changes, or retirement should trigger plan adjustments.
- You're not getting the service you expected. Infrequent check-ins, generic advice, or feeling like just another account number.
- You're being sold products that don't fit your situation. If you're consistently pushed toward complex or high-fee products without clear explanations of why they're right for you, that's a red flag.
When a Second Opinion Makes Sense
Sometimes you don't need to make a change—you just need peace of mind. Consider a second opinion when:
- You're facing a major financial decision and want additional perspective
- Your current advisor recommends a significant strategy shift
- You're curious about different approaches or investment philosophies
- Life changes have you questioning your current direction
What Good Advisory Relationships Look Like
The right relationship includes:
- Regular, proactive communication about your portfolio and plan
- Clear explanations of strategies and investment choices
- Responsiveness to your questions and concerns
- Transparency about fees, risks, and conflicts of interest
- Personalized advice that reflects your unique situation
- True fiduciary commitment—your advisor is legally bound to put your interests first, not their own
Understanding the Fiduciary Standard
Not all financial professionals operate under the same standards. Some work under a "suitability" standard, meaning they only need to recommend products that are suitable for you—even if better, lower-cost options exist. Others work as fiduciaries, legally required to put your interests first.
The Bottom Line
If you're happy with your advisor, that's wonderful—a good relationship is valuable. But if something feels off, trust that instinct. Whether that means an honest conversation with your current advisor or seeking a second opinion, taking action is better than staying in a relationship that isn't serving you.
The financial advisory relationship should evolve with you. Regular check-ins help ensure you're getting the guidance you need to reach your goals. Seeking clarity about your financial future is always a smart move.
