Loyalty is a virtue. Misplaced loyalty is expensive.
Most people spend more time researching a vacation than the person managing their life savings. Inertia feels comfortable. It costs a fortune. Here is the list. Ten signs it is time to make a change.
You should never have to hunt for what you pay. No fee schedule on the website. Nothing in the app. If you have to dig for the price, ask why. Transparency is not a bonus feature. It is the baseline.
One percent per year. And the trading? Outsourced. The investment management? Outsourced. You are paying full price for a pass through. Or worse: he sells products from a fund company he is economically attached to. Worse still: that annuity or insurance product he will not stop pushing, like a sleazy salesman working a quota. That is not advice. That is distribution with a conflict of interest baked in. Know what you pay for. Know who does the work.
Performance without a benchmark is a story, not a report. No benchmark in your reports? You are flying blind. A benchmark that is not apples to apples, built the CFA Institute way to match what you actually own? Theater.
One call a quarter. Hoping you do not pick up. Same recycled agenda every meeting. Backwards looking numbers about days already gone. Nothing about your goals. Nothing about the future you are building. And when you finally sit down, you cannot say what you are really thinking and feeling about your wealth. So you seek wisdom somewhere else. Your advisor should be your first call. Not your last resort. If that is not what you have, the relationship already failed.
One advisor. An assistant or two. That model is antiquated. Your family deserves a powerhouse firm. Depth at every position. Planning. Investments. Service. Specialists who go deep where a generalist cannot. When your wealth outgrows the practice, move.
Watch how your advisor lives. Beyond his means. Preaching discipline he does not practice. Investing his own money differently than he invests yours. That is not a quirk. That is hypocrisy. And it is a warning.
Your goals will outlive his business. If he grips the practice so tightly he cannot share his relational capital and his clients with other professionals, he has put his insecurity ahead of your security. Ask one question: who takes the call when he cannot? No good answer? There is your answer.
Politics and religion matter. Family, faith, and purpose matter. You want a firm that shares and celebrates what you and your family care about most. Common ground is not a nice to have. It is the foundation of trust. And trust is the whole relationship.
Friendship is great. But every minute on the course is a minute not spent working hard on your wealth. Too many advisors cruise in 20 hour week lifestyle business mode. You are not paying for a playing partner. You are paying for work.
An advisor who ignores AI is choosing to know less and work slower. Planning suffers. Research suffers. Even the case notes behind the scenes are probably sloppy. Strong firms use every tool available to bring better thinking to your wealth. If your advisor will not, someone else's advisor will.
The best time to prepare for a bear market is when there is not one. If your advisor is not using these good times to build defenses for the bad, there is no plan. Just hope. And the bad is coming: the next bear market paired with a real economic recession. That combination punishes the unprepared. We wrote a full piece on how we prepare while the sun is still shining: Now Is the Time to Prepare for the Next Bear Market.
Three or more hit home? You do not need to fire anyone today. You need a second opinion. Get one.
At Gatewood Wealth Solutions, wealth serves a greater purpose. Wealth with Purpose is not a tagline. It is how we work.
Important Disclosures:
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Gatewood Wealth Solutions and LPL Financial do not provide legal or tax advice or services.
All investing involves risk including loss of principal. No strategy assures success or protects against loss.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.