Are you frequently worried about the performance of your portfolio or the fees your CA financial advisor charges? Do you have trouble getting in touch with your advisor when you have a question or problem? If so, you might need to look for someone new. Good advisors always communicate effectively with their clients, charge fair fees, and tailor the portfolio to the individual.
4 Signs It's Time to Get a New CA Financial Advisor
1. You Are Worried About Losing Your Assets
Your financial situation shouldn't feel scary. If you constantly find yourself checking stock prices or worrying that your assets will drop in value, you've taken on too much risk. This is dangerous because it could prompt you to panic sell during a bear market, which ruins your chances of good returns.
If your Fresno financial advisor is pushing you into risky investments you're not comfortable with, it's time to make a change. A good advisor will help you to put together a portfolio that fits your individual risk profile so you feel confident that you'll have enough money no matter what happens to the markets.
2. You Are Worried About Your Assets' Performance
Too much risk is bad, but too little risk is almost as damaging for a portfolio. If you're not seeing the kind of performance you'd hoped for, take a closer look at what your money is invested in. Your advisor might have chosen the wrong kinds of assets that don't deliver the returns you need.
Speak to your Fresno financial consultant about this issue, and see how they respond. If they're not willing to help you improve your performance or they insist that they are right, you might need to find someone else.
3. You Have Trouble Communicating with the Advisor
Good wealth management is all about continuously monitoring your finances and making adjustments when necessary. An advisor who doesn't check in with you every few months won't know about changes in your life, which will affect your portfolio. For example, you might need to increase your IRA contributions, think about long-term care solutions, or take out an extra insurance policy after you get divorced or if you develop a medical condition.
It's also worth considering whether you feel comfortable talking to your advisor. Do they answer all your questions in a way you can easily understand? Do they always make time for you when you have a problem? If not, you'll need to look for a new advisor.
4. Your Fees Are Very High
Investments almost always come with management fees, but these shouldn't eat up a large portion of your returns. Check that your advisor is choosing low-cost platforms and funds that deliver great returns without charging you more than 1% per year.
Also, find out how much you're paying your advisor. If they take a percentage of your portfolio, make sure this isn't excessive and that you are getting enough value in return.
The best advisors help you create a portfolio that suits your risk score, communicate with you regularly, and charge you a fair amount. Send us a message at Soutas Financial & Insurance Solutions to find out more about our services. We can help you plan for retirement and optimize your tax strategy.
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