The economy that you’re earning and investing in can change radically from decade to decade, and even year to year. So, you want to be sure your financial advisor is keeping up with the times. Of course, if their advice never changes, their suggestions are sketchy or something’s missing from the relationship, it’s in your best financial interest to change.
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Here are eight key signs to consider switching financial advisors in this current economic landscape, which is shaped by market volatility, persistent inflation and increased concerns about the viability of Social Security.
A critical red flag indicating it may be time to switch financial advisors is poor communication, according to Richard McWhorter, Managing Partner and Private Wealth Advisor from SRM Private Wealth.
“Trying to track down the person who is managing your financial portfolio should not be a game of cat and mouse,” he said.
Make sure you find an advisor that you can communicate with regularly, especially at the beginning of the relationship. McWhorter recommended vetting between three and four advisors before settling on one.
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Whether working with a new advisor or one you’ve been acquainted with for a while, be cautious, listen, and do your own research, McWhorter advised. Don’t go into the relationship trusting everything that is said. Be discerning.
“Do not hire an advisor that is always swinging for the fences or tells you about how they are consistently outpacing the markets,” he said. “These types of advisors […] strike out many more times than they get a home run, in my experience.”
When it comes to your financial future, especially in today’s volatile market, you need an advisor who evolves with the times. “If they don’t, it may be a red flag,” according to Melissa Murphy Pavone, a CFP and owner of Mindful Financial Partners.
Be concerned if an advisor is ignoring recent legislation and policy changes. “From the One Big Beautiful Bill Act (OBBBA) to the impact of tariffs, your advisor should be proactively adjusting your plan, not waiting for you to ask,” she said.
Another worrisome sign is if your advisor is not stress-testing your retirement plan, Murphy Pavone said. “With persistent inflation and Social Security uncertainty, your advisor should run multiple scenarios so you know your plan is built to last.”
