The theme this week on the Retirement Quick Tips Podcast is: How To Fire Your Financial Advisor

Today, I’m continuing with the nuts and bolts of the actual account transfer process to help you know what to expect, and to help you see it’s not as much of a headache as you might think. That’s mostly because the new advisor or brokerage firm you’re working with is going to do most of the work for you.

• Paperwork you’ll sign
• 2 step process -
• Notifying your advisor is optional - your advisor can handle this for you if it’s too uncomfortable.

• Why it’s a good idea - worked with them for a long time. If the advisor is rude or tries to intimidate you to stay, that’s rare, but you can take that as verification that you’ve made the right decision in leaving. Most good advisors will appreciate honest feedback in what went wrong. All advisors lose clients. The best advisors only have 1-2% of their clients leave in a given year, but it does still happen. I always ask when someone leaves and I appreciate knowing what went wrong so I can identify any patterns and make sure it doesn’t happen again.

• ACAT is all back-office (advisors are not involved. Timeline is usually a couple weeks and everything stays invested with in-kind, so you’re not out of the market for several weeks.

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