As a financial planner with years of experience, Gary Scheer acknowledges that there are several reasons that individuals to take control of their finances consult a professional. In the ever-evolving landscape of the ongoing COVID-19 health crisis, Gary Scheer also realizes that there are plenty of reasons that people already consulting an advisor may decide that they are unhappy with the services provided to them. After all, just as the virus has impacted industry and our economy, it can influence our individual finances, decisions, and comfortability with our ongoing working relationships.
One reason that someone may decide that a financial planner is not a good fit for them is a lack of adaptability in their advice. This is typically emphasized when an individual’s financial situation has changed, but the advice that you are getting from your financial planner has not. Gary Scheer notes that there are many changes that could impact your financial reality enough to necessitate a shift in goals and strategy. For example, getting a sizeable inheritance, a divorce, or a costly medical diagnosis are all reasons that someone may need to reevaluate and update their plan. If your financial advisor has limited experience advising people that fit your profile, it may be a good idea to consult a professional that best fits your new needs.
Gary Scheer notes that some of the reasons one may want to switch financial planners are simple, yet equally crucial in reasoning. For example, many decide to change advisors because they are generally unhappy with the way that they do business. Gary Scheer knows that this can happen for several different reasons. An advisor may exhibit poor communication that makes the individual receiving advice feel uneasy. A lack of transparency is a similarly common reason for a person deciding that they are not satisfied with a financial planner. As a person receiving consultation, you want to feel as though your thoughts and feelings are valued and taken into consideration by your financial planner. Even if a planner gives advice that does not align with what you believe is the best course of action, a professional that is truly valuable will be able to explain the reasoning for their advice in a way that does not leave you feeling uneasy with your final decisions.
Perhaps the most crucial function of a financial planner is assisting with our financial goals both in the context of short and long term. With this comes the understanding that investments or decisions may, occasionally, miss their mark and not benefit in the exact way that we believe they will. If investments and strategies missing their mark becomes a pattern with a specific financial planner, however, it may be a good time to evaluate whether they are a good fit for you. Gary Scheer believes that a true financial planning expert will show their worth and, while not hitting financial goals may not fall squarely on the shoulders of an advisor if events occur outside of both of your control, this is should not be an excuse in the long term. If you find that you are not well on your way to attaining your financial goals after an agreed upon amount of time, you may be better off starting from scratch with an advisor that can create strategies more in line with your needs as a client.