8 Signs It May Be Time to Change Financial Advisors

Quick Answer: It may be time to consider a new financial advisor if you rarely hear from them, your plan hasn't been reviewed in over a year, you don't clearly understand what you're paying, or the advice no longer fits your goals. Before switching, talk directly with your current advisor. If the concerns remain, compare advisors carefully and understand any taxes or fees involved in moving accounts.

Working with a financial advisor should feel like a partnership. Over time, though, relationships can drift. Calls become less frequent, reviews get pushed back, and life changes happen without anyone updating the plan. Many people aren't sure whether they're expecting too much or whether it's reasonable to look elsewhere.

Our firm believes you deserve clarity on this question either way. Below, we walk through common signs that an advisory relationship may no longer be serving you well, what to do before making a change, and what to consider if you decide to move forward.

How Often Should You Hear From Your Financial Advisor?

There's no single industry rule, but most people should expect at least an annual review of their financial plan. Many advisors meet with clients more often, such as semiannually or quarterly. You should also be able to reach your advisor when something important changes, like a retirement date, an inheritance, a job change, or a health event.

If a year or more has passed without a meaningful conversation about your plan, that's worth paying attention to. It doesn't automatically mean you need a new advisor. It does mean it's time to ask some questions.

8 Signs It May Be Time to Change Financial Advisors

1. Communication Has Gone Quiet

The most common concern we hear is simple: "I haven't heard from my advisor in a long time." Occasional market commentary or a generic newsletter isn't the same as personal contact. If your advisor hasn't reached out to discuss your situation in a year or two, and your calls or emails go unanswered for days, the relationship may not be getting the attention it needs.

2. Your Plan Hasn't Been Reviewed or Updated

A financial plan isn't a one-time document. It should evolve as your income, family, health, and goals change. If you've gone through a major life event, such as marriage, divorce, a new grandchild, retirement, or the loss of a loved one, and your plan hasn't been revisited, that's a gap worth addressing.

3. You Don't Clearly Understand What You're Paying

You should be able to explain, in plain terms, how your advisor is compensated and roughly what you pay each year. Fees may include advisory fees, fund expenses, commissions, or product-related costs. If you're unsure, or if you've asked and haven't received a clear answer, that lack of transparency is a meaningful warning sign.

4. The Advice Doesn't Reflect Your Goals

Good advice starts with understanding what matters to you. If recommendations feel generic or product-focused, or seem disconnected from what you've said you want, it may be a sign that your advisor isn't fully engaged with your personal situation.

5. Your Needs Have Outgrown Their Services

When you first hired your advisor, you may have mainly needed help with investing. Today, your priorities might include retirement income planning, tax-aware strategies, Social Security timing, Medicare decisions, or estate planning. If your advisor doesn't address these areas or coordinate with your other professionals, your needs may have simply outgrown the relationship.

6. You Feel Rushed or Unheard

Meetings should leave you feeling informed, not confused or hurried. If your questions are brushed aside, or you walk away unsure what was decided and why, it's reasonable to expect more.

7. You're Unclear About Potential Conflicts of Interest

Every advisor should be able to explain whether they act as a fiduciary and how they manage potential conflicts of interest. Registered investment advisers are required to provide a Form CRS (Client Relationship Summary) and Form ADV, which describe services, fees, and conflicts. If you've never seen these documents or had them explained, it's fair to ask.

8. You've Lost Confidence in the Relationship

Sometimes there isn't one specific problem. You may just feel uneasy, or you may hesitate to call because you don't expect a helpful response. Trust is the foundation of any advisory relationship. If it has eroded, that feeling deserves attention.

Before You Switch: Have a Direct Conversation

Many advisory relationships can be restored with an honest conversation. Before deciding to move on, consider reaching out to your current advisor and asking:

• When was my plan last reviewed, and when is the next review scheduled?

• How often should I expect to hear from you going forward?

• What am I paying in total each year, including all fees and expenses?

• Does my current plan reflect my recent life changes and goals?

Their response, both what they say and how quickly they follow through, will often tell you what you need to know.

What to Consider Before Moving Your Accounts

If you decide a change makes sense, a thoughtful transition can help you avoid unnecessary costs.

Avoid selling investments first. In many cases, accounts can be transferred "in kind," meaning your holdings move as they are. Selling investments in a taxable account before transferring could trigger capital gains taxes.

Understand potential fees and charges. Some firms charge account closing or transfer fees. Certain annuities and insurance products carry surrender charges if they are exchanged or cashed out within a specific period. Review these details before making any changes.

Know how the process typically works. In most cases, the new firm initiates the transfer paperwork on your behalf. Transfer timelines vary, but many standard brokerage account transfers are completed within a week or two.

Keep records. Save recent statements, cost basis information, and any plan documents from your current advisor.

Questions to Ask a Prospective Financial Advisor

When evaluating a new advisor, consider asking:

• Are you a fiduciary at all times when working with me?

• How are you compensated, and what will I pay in total?

• How often will we meet, and how quickly do you respond to questions?

• What services are included beyond investment management?

• Who will I work with day to day?

You can also research an advisor's background and any disciplinary history using the SEC's Investment Adviser Public Disclosure website (adviserinfo.sec.gov) and FINRA BrokerCheck.

Frequently Asked Questions

How often should a financial advisor contact you?
At minimum, most clients should expect an annual review of their financial plan. Many advisors offer more frequent meetings, such as quarterly or semiannual reviews. You should also be able to reach your advisor promptly when a significant life or financial change occurs.

Is it normal not to hear from your financial advisor for a year?
Going a full year without any personal contact or plan review is generally a sign the relationship may need attention. A good first step is to contact your advisor directly and ask when your next review is scheduled.

Do I have to tell my current advisor I'm leaving?
It's often courteous to let them know, but it isn't always required. In many cases, your new firm initiates the account transfer process on your behalf.

Will I pay taxes if I switch financial advisors?
Transferring accounts "in kind" typically doesn't create a taxable event. Selling investments in a taxable account before transferring could trigger capital gains taxes. Consult a tax professional about your specific situation.

What should I look for in a new financial advisor?
Look for clear and transparent fees, a fiduciary commitment, a defined meeting schedule, and services that match your needs, such as retirement income, tax, and estate planning coordination. Also check the advisor's background through public regulatory databases.

How long does it take to transfer accounts to a new advisor?
Timelines vary by account type and firm, but many standard brokerage account transfers are completed within one to two weeks. Annuities, retirement plans, and certain other accounts may take longer.

Let's Talk About What You Should Expect From Your Advisor

At Patten Financial, we believe consistent communication is at the heart of a strong advisory relationship. That's why we offer quarterly review meetings. They give us regular opportunities to revisit your plan, discuss changes in your life, and make sure your strategy continues to reflect your goals.

Whether you're considering a change or simply want a second perspective on your current plan, we'd welcome the conversation. Schedule a meeting with Aaron Patten to talk about your goals and what a well-supported advisory relationship can look like.

This article is for educational purposes only and does not constitute investment, tax, or legal advice. Individual circumstances vary; consult a qualified professional before making financial decisions. Advisory services offered through Redhawk Wealth Advisors, an SEC-registered investment adviser.

Investment advisory services offered through Redhawk Wealth Advisors, Inc., an SEC-Registered Investment Advisor. SEC registration does not imply any level of skill or understanding. Redhawk Wealth Advisors and Patten Financial Group are unaffiliated and separate legal entities.