The theme this week on the Retirement Quick Tips Podcast is: How to fire your financial advisor.

Today, I’m talking about why clients leave their advisor

• Bear market: Spotlight on high fees, poor communication, or bad performance
• Biggest problem I see is neglect of the relationship by the advisor. Lazy and complacent after they reach a point of success. Story of working in a large office with a lot of experienced advisors

• 1 reason - poor communication. They’re not proactive or responsive if you reach out. Client who has $2 million with another advisor, but he’s heard from them maybe 3 times in the last 10 years. I remind him that based on the assets invested there, they’ve made probably $100,000 in fees over that time. You’d think that they could at least take the time to reach out once in a while.

• Could be more subtle than that - they ignore your spouse in meetings. You seem even more confused after talking to them and they don’t articulate the why behind their recommendations well. They consistently over-promise and under-deliver and they’re not meeting your expectations.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance