Dear RoseMark Advisors

Posted on Thursday, December 22, 2022
by RoseMark Advisors

Dear RoseMark Advisors,

I’ve had the same financial advisor for 25 years. He had been my mother’s advisor for years and when she died, I continued to use him. He will reach out to me every now and again but for the most part I do not speak with him for years at a time. He does monitor my accounts but never provides any suggestions as to how my money could grow more. I do feel guilty switching to another firm because it has been such a long relationship. Although he has not done anything wrong, I feel that he could be doing more. What should I do?


Too Nice Nancy

Dear Nancy,

Never feel guilty when it comes to breaking off a financial relationship. You are not the same person you were 25 years ago, so you should not be investing the same way you were then. Depending on the investment vehicles your advisor uses, you could be up or down hundreds of thousands of dollars over the last 25 years.

If your financial advisor doesn’t call you in a bear market, that’s a red flag.  Bear markets present opportunities for exponential growth. You can buy stock at lower prices, diversify your holdings, or focus on recession-proofing your portfolio.

Here are a few other red flags to look for when choosing a new financial advisor:

  1. They speak about themselves too much. You should be the focal point of the conversation. They should show interest in making sure they know your financial situation inside and out. Think of it like going on a date, if they don’t want to get to know you as an individual, that’s not a relationship you need to be in. They should ask about your current and future financial situations.
  2. They sell proprietary financial products. I wouldn’t say to never use a firm that sells its own products, but there is an inherent conflict of interest in that relationship. By only pushing their own products, your options are limited and may not suit your particular situation. Fitting a square peg into a round hold could end up really costing you eventually.
  3.  They are pushy. Some advisors will be in a rush to get into a relationship with you. But remember, the money and the decisions are yours. You need to be comfortable with the relationship so take your time making the decision to use a particular advisor. Don’t feel pressured. There are no ‘limited time offers’ on investment vehicles and they don’t ‘run out’ or expire.

I hope these tips help you find an advisor you’re happy with, Nancy. If you’d like to give RoseMark Advisors a chance to help grow  your money, it would be our pleasure to work with you!


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