WARNING SIGNALS OF A BAD ADVISOR

Although naturally, a financial advisor's main role is to offer you the best strategies and options in handling your investments and funds, there are some cases that these people may not recommend the most suitable move for their own benefit. Here are some signs you need to

say goodbye to your current consultant.

Neglecting your partner Although these may apply to both genders of client and advisor, it is usually the male professionals ignoring their customer's wife. There are several reports of widows shifting advisors who only assisted them during their married years. If this is the case, it is probably wise to walk away, as you and your spouse should both be receiving equal service.

Demeaning you It is absolutely unacceptable to be thought of as stupid by someone you paid for to get help. Although some clients are not that sophisticated about their financial state, it is the duty of every consultant to explain every suggestion or move that will make sense to him or her.

Prioritizing their own interests This is the most common conflicts between and advisor and a client especially when it comes to a payment fee based on commissions from the sale of products. Ask yourself if their recommendations more beneficial for them than it is for you, and understand how they are compensated.

Being too busy While it is normal for these people to have a lot of task, not including you in their priorities enough to even take your calls on time is certainly inappropriate. Usually clients make reasonable requests, hence they always deserve a prompt and comprehensible response.

Insisting on a no third-party system Beware if your advisor suggests there is no need for your account to have a custodian such as a bank or brokerage firm since these will always be handy for you given that they provide you with statements independent of your consultant and offer online access to your accounts for heightened fraud protection.

Dishonesty A good advisor will tell you his side, and even things you don’t want to here for your best interests instead of simply agreeing with all your plans as long as he gets his pay. Since you are in a two-way relationship, communication is crucial for things to go smoothly.