I am not happy with my financial advisor. Should I switch to another?

Of late, I am unhappy with the services of my financial advisor. But I have been with him for quite a long period. Is it advisable to switch to a different advisor?
- Anonymous

Yes, absolutely! Whenever you are paying for a service and if you are unhappy with it, get rid of the service provider. We do this with all kinds of service providers. Even if this person also happens to become a friend over a period of time, it doesn't mean you can't hold him accountable. Ask him those questions that are making you uncomfortable. Be blunt about it. And if you don't get a satisfying answer, stop dealing with him and then look for a new one.

I find that many advisers do things with good intentions but many times, something goes wrong and they feel embarrassed because of which, they become evasive. So, I feel being open about this discussion may not be a bad idea. He may not be a bad advisor; just that he has become evasive after a recommendation that has turned bad. So, try and get him unfold. And if you are dissatisfied even after that, then search for a new one.

At the same time, just list down what all you are expecting from the adviser. Are you just looking for good advice and recommendations or are you also looking for transaction enablement? The very first step to validate or due diligence is that check what all questions your adviser asks. He cannot give you good advice unless he understands how you think, what your past experiences have been and what your goals and needs are. So, if he is not asking these questions, I don't think he is a good adviser.

This article was originally published on July 20, 2020.