When do you give your financial 'advisor' the heave-ho?

F

fleurdelisa

New Member
In the five years I've had money invested in an annuity, I've called this guy 3 times. Twice he never called back. We had a come to jeebus meeting about that the last time and I thought he'd seen the error of his ways.

I've been waiting over four days for him to answer one simple question. I finally got the answer to my question in 10 minutes by calling the national number and he hasn't found it in four days and counting??

I've been known to fly off the handle from time to time (and by 'from time to time' I mean regularly:p ) but do you find this unacceptable ? Would you decide he was too busy for you and your piddly little account and seek another advisor? It won't cost me anything, I'd just be selecting another FA with the same firm, albeit in a different building. WWYD?
 

I've been with my FA 13 years now. He's never too busy and sometimes will call me to check on me and to ask if I have questions. We meet regularly and he just lets me talk.. He knows more of my personal information than anyone other than my husband... It helps him plan for me and to see what areas I may have to address. I think you need to find someone that is a little more hands on.. so you will feel more comfortable.
 
Thank you! A (passive) friend said 'I think it's kind of hasty to change just because he hasn't called you back'..what? hasty? What good is he if I can't get him on the phone? Back in the old days when a friend worked at Merrill Lynch, some people came in and sat there for hours watching the ticker. You can bet they were also the type who called their broker every day. Now they can do it online but I'm thinking there are still people who call their broker often to talk about the market. I've never done that. I've assumed that he was on top of things. silly, eh?
 

An account manager left the company I was with. The new account manager wanted to change my entire account ie they would get commission on sale and new purchase I made. You think I'm doing business with someone like that.

That being said I'd say trust and reliability/professionalism. Not returning phone calls in unprofessional. When I first started investing on my own I used advice. I had a guy who you could call on the phone, give him a name, symbol or idea and he would check it out on the spot. He left and was replaced by the new advisor that wanted to redo everything and did not pick up the phone once over a three hour period. I called the operator/main desk. She was in and I was transferred to her desk to no avail.

I'd rather spend money on internet/computer security than account management fees and commission. And I should know and understand what I'm invested in anyway.
 
At first my FA was stationed in our small local bank, easy access anytime I wanted. He later moved his office to another branch in another city. Prior to moving, he called me and gave me his contact info including his home/cell numbers! He has always answered my calls promptly..00thumbupNEW (Custom).jpg
 
Ken N Tx said:
At first my FA was stationed in our small local bank, easy access anytime I wanted. He later moved his office to another branch in another city. Prior to moving, he called me and gave me his contact info including his home/cell numbers! He has always answered my calls promptly..View attachment 13517
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I first met my FA when he worked for the bank I used. He left that bank and went out on his own to open his own company. I went with him.. He has earned my trust.. He will handly my money the rest of my life.
 
I'm pretty happy with my Edward Jones adviser. I'm periodically invited in for a review of my portfolio and pretend to understand his investment speak. He has willingly allowed me to make suggestions about areas I don't want to be invested in (carbon based energy) and areas I do want to be invested in (renewable energy).
 
Well, I did it. I gave him the heave ho. I considered sending him an email explaining my reasons but figured if he's too busy to return calls, he's too busy to read pesky emails. When I went to the new guy this a.m. he'd already called the old guy and let that office know I was moving . When I got home I had a voice mail from the old guy. That was such a rare occurence, I decided to look for unicorns outside or at least play the lottery. Utterly amazing that he can't call me back for over a week but now that it's too late has time to ask 'whyyyy'? pfft

The new financial officer asked me to tell HIM how often I wished to hear from him. Once a month, once a quarter or once a year or never. I tend toward never since as was mentioned by Josiah: I would only be pretending to understand his investment speak.:) But quarterly sounds good as it will remind him I'm alive (or not as the case may be).

Thanks to all of you who responded. Nice to know I wasn't being 'hasty'.
 
Good move.
We've had similar experiences and the performance was very patchy too.
We'd have done better using fixed term deposits.
After 10 years we finally pulled out.
The problem was that although we were paying regular fees, the FA was also getting trailing commissions from the investments he advised us to make. He was their servant, not ours.
 
I retired over 20 years ago as a FA & FA manager of 25 FA's. I personally always returned client phone calls wjthin24 hours and if those FA's under my management did not do likewise, they were history.
 
Our FA is almost like a family member. We hear from him throughout the year... even if it's just to reassure us.. or to suggest moving things around because of market conditions. We have one long several hour breakfast meeting with him every year. For the 1st hour we just talk... we talk about everything that has been going on in our lives during that year. That may sound like a waste... or invasion of privacy, but he has been able to make extremely valuable financial suggestions based on what we tell him is going on.. So none of that is really 100% social.. but business. I look at a good hands on FA almost like a physician. It's important that they are aware of everything that has or could possibly affect our financial health in the future and plan for it.

Some folks do not need such a hands on FA... I do. I am not particularly savvy in that area and we depend on him to cover that weakness. He has done very well by us over the years in our retirement planning. I am comfortable knowing that we are positioned for our acquired resources to give us a very comfortable retirement pretty much without worry. I could never have planned like that.
 
I've been with my advisor for several years and have always found him to be very responsive, as have those on his team. Emails are responded to within 24 hours and phone calls are promptly returned. We meet 3 times per year either in person or by video.

Glad you dumped the old FA, a wise move.
 
i agree with Bobw235 my advisor/agent stops by twice a year just to check in and calls me on my birthday. I wouldnt go to anyone else just because i can trust him.
 
We are with an independent CFP firm. It was recommended to us by my former boss, an outstanding CFP but who is semi-retired. In the firm we use there are 3 CFP's, one investment analyst, and four admin/ops staff.

Emails are returned within minutes - literally! The longest it's taken for them to initiate an action I've requested is 15 hrs, and that was because I contacted them after the markets closed for the day.

However, you do need to understand that a $50,000 client account can take just as much time as a $500,000 or even $5M account. I was in fin/svcs ops and admin for years so can assure you this is true. You may want to be treated as well as that $5M client, but if you are always going to be a $50K client with nothing else needed, you do run the risk of "getting lost in the shuffle".

That said, the OP's agent/broker was clearly deficient in good customer svc. There is NO EXCUSE for ignoring a client's email/phone call. Ever. NONE!
 

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