Liz Pulliam Weston gives us seven reasons to fire your financial advisor. If you hear these phrases or witness these attitudes, the MSN Money Queen’s advice to dump your advisor and find someone new.
1. Who cares what you think?
2. Don’t worry your little head.
3. It’s not my fault… and if it is, too bad.
4. … (Nothing)
5. I don’t have to follow the rules.
6. We don’t need no stinkin’ credentials.
7. Oh, no. Not you again.
These are good tips, but some are hard to determine ahead of time. The better question should be how to avoid getting into a situation that involves an advisor who would say such things and act in that manner. (Prevention is always preferrable to treatment after the fact.)
Here are some quick thoughts: Go with a fee-only financial planner, get recommendations from people you know, and get in touch with the prospective advisor’s clients to find out whether they are satisfied.
Once you do find an advisor, treat your money like you’re a good parent of a high school child: stay involved.
Updated February 6, 2012 and originally published August 1, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.