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5 Signs That Indicate You Need to Get Rid of Your Financial Advisor

April 4, 2017


A Financial Advisor is there to assist you in achieving financial freedom and to safeguard your investments against unnecessary risk. 


Granted, in any field there are those who will push their own agendas and as a client you should be aware of them.


Many stick with Advisors who don’t have their best interests at heart not because they’re forced to, but because they don’t have the insight to understand when their Advisor is leading them on.


Here are five signs that indicate you need to get rid of your Financial Advisor:


1. Your Advisor avoids seeing you


Your Advisor should have a plan on how often he/she will sit down with you to discuss your investments. The frequency is determined by mutual agreement as per the contract you enter into at the beginning of the relationship.


A sound Financial Advisor will meet you at least once a year. This is to keep you updated on how your funds are doing and what strategies you can apply together to improve your financial standing.


When an Advisor starts avoiding you it is a red flag that something is wrong with your investments.


2. It’s more of a “you do what I say” relationship


A good Financial Advisor will work with you and not without you. If your Advisor makes all the decisions without your consultation it is not a good sign.


A forceful or condescending tone usually stems from being inexperienced or always just concentrating on finding new clients.


In addition, a good Advisor will listen to your concerns and answer any questions you might have.


When an Advisor dismisses your concerns and has a sense of urgency to close a deal you need to run the other way.


3. Your Advisor doesn’t explain how they’re paid


Often times clients are not knowledgeable on Advisor fees. A good Financial Advisor will explain every fee to you in laymen’s terms before you invest your funds. This is to ensure complete transparency in your relationship.


If your Advisor has kept his fee from you it is a red flag.



4. Your Advisor is associated with a bad firm


The first thing to look for when dealing with a financial institution is certification. The brokerage should have the right permissions to give you financial advice.


Most reputable firms display their certifications on the wall in their office.

If you don’t see one displayed, you have the right to ask your Financial Advisor.


If they are not able to provide it to you it’s time to reconsider using their services.


Moreover, you can conduct an online search of the firm to find out what people are saying about them. If the firm has a bad reputation, chances are it will be on the internet.



5. Your Advisor has no formal qualification


This is a tricky one because many Advisors learn through experience, but nowadays regulatory authorities have streamlined the process to get all reputable Advisors certified.


If you’re still dealing with an Advisor who has no form of financial planning qualification you need to run for the hills…


Now you’ve gotten rid of your Financial Advisor, what’s the alternative?


At Capta Financial Services our mission is empower South Africans to become financially independent. We do this by providing the tools, strategies and specialists needed to help you on your journey.


Our Wealth Strategists are qualified with the right knowledge and experience to give you the financial freedom that you want.


We believe in:

  • Putting you and your family first.

  • Offering a comprehensive solution to all your financial needs.

  • Educating you on your financial situation.


Your journey starts with a free 5-minute financial health check. Take it here.

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