Seeking a Change in Financial Advisor Might Be Necessary
When it comes to managing your finances, finding a financial planner who aligns with your needs is crucial. If you feel that you're not getting the service you need, it might be time to consider transitioning to a new financial planner.
A financial planner who aligns better with your needs can provide the personalized and sophisticated support necessary for achieving your financial goals. For instance, an investor might need personalized and prompt attention, which a current planner's practice could no longer provide, especially as the planner's practice matures and client base grows.
Network referrals can be a good solution for finding a financial planner if your needs are similar to those around you. However, for unique needs, seeking a referral from a qualified trusted professional like an accountant or estate planning attorney, or interviewing financial planners in your area, may be more suitable.
In complex financial situations, a holistic financial planner who specializes in complex financial situations and can address all planning needs is essential. Such a planner will have a comprehensive understanding of investments, taxes, retirement, estate planning, insurance, debt management, and more.
Finding a Holistic Financial Planner
Here are some steps to find a holistic financial planner who specializes in complex financial situations:
- Look for Certified Financial Planners (CFP®): CFP professionals provide comprehensive financial planning. They follow fiduciary standards, ensuring unbiased advice tailored to your goals and complex financial situations.
- Seek firms or advisors offering holistic financial planning services: Such professionals blend strategic planning, investment management, and wealth coaching to address your full financial picture. They customize plans to align with your values and evolving needs.
- Find advisors experienced in complex scenarios: Look for planners who explicitly state expertise in navigating challenging financial events, such as executive exits, loss of loved ones, or preserving family legacies.
- Evaluate the planning process and ongoing engagement: Choose planners who offer a structured, ongoing process to review and adjust your plan regularly, ensuring responsiveness to life changes and market dynamics.
- Consult reputable firms with a collaborative, multidisciplinary team approach: Some wealth management firms integrate multiple experts to provide deeper, integrated planning suited for high-net-worth or intricate financial profiles.
Examples of firms that focus on holistic financial planning include Holistic Financial Partners and Davies Wealth Management. Both firms emphasize long-term partnership and personalized, multi-faceted financial strategies.
Reasons for Transitioning
Service issues, such as not responding to questions, not processing forms in a timely manner, missing trade and distribution deadlines, and not following through on promises, can be reasons for dissatisfaction with a current financial planner. Disagreements and frustrations with a financial planner can lead to incompatibility and potential termination of the relationship.
Life transitions, such as changing jobs, getting married, having children, getting divorced, inheriting assets, purchasing a property or business, selling a property or business, illness, retirement, and other significant life events, may require a different skillset and set of tools, potentially necessitating a change in planner.
For instance, a prospective client might have previously worked with a financial planner for years but decided to look for a new one due to lack of priority in business sale planning assistance. Service issues can also be due to capacity and staffing issues, transitions into retirement, or changes in the planner's business priorities.
In summary, finding a holistic financial planner who specializes in complexity requires research and careful consideration. By following the steps outlined above, you can find a financial planner who can provide the full-spectrum guidance you require to navigate your complex financial situations.
- In complex and unique financial situations, it might be beneficial to transition to change advisors who specialize in complex financial situations, such as certified financial planners (CFP®), to ensure comprehensive and personalized planning that addresses investments, taxes, retirement, estate planning, and more.
- If current financial planners are not providing the prompt attention and specialized service needed for managing investments, earning a professional referral from network resources or qualifying experts like accountants or estate planning attorneys, could potentially lead to finding a new financial planner better suited to achieve your personal financial goals.
