5 Reasons To Consider Switching Your Financial Advisor

Entrusting your financial future to an advisor is a significant decision, especially when substantial assets are at stake. However, recent studies reveal a growing discontent among high-net-worth individuals regarding their financial advisors’ performance.

Reporting indicates that only 59% are satisfied , a sharp decline from 79% just two years prior. As one expert aptly put it, “The right financial advisor can help you navigate even the stormiest financial waters.” If you’re not completely confident in the strategy your advisor is providing, it might be time to reassess.

1. You May Be Missing Out on Advanced Investment Opportunities

However, these complex investments require expertise, and not all advisors have the background or capability to incorporate them into your financial plan. If your advisor hasn’t introduced you to alternative investments or doesn’t discuss sophisticated portfolio strategies, you may be missing out on key opportunities.

For affluent investors, taxes can become a major drag on investment returns. Yet, many financial advisors focus only on investment selection without incorporating smart tax strategies. If your advisor isn’t proactively discussing ways to lower your tax liability, you could be paying tens or even hundreds of thousands more over time.

Wealthy investors use strategies like tax-loss harvesting, roth conversions, and direct indexing to optimize tax efficiency. If your advisor hasn’t implemented a structured plan to minimize capital gains and estate taxes, it may be time to look for someone who will.

2. Are You Paying High Fees Without Seeing High Value

A 1% advisory fee may not sound like much, but on a $1 million portfolio, that’s $10,000 per year —and that doesn’t include hidden costs like fund expense ratios, commissions, and transaction fees. Many investors don’t realize how much they’re paying in total investment costs, and an advisor who isn’t transparent about fees is a red flag.

A good advisor should not only be upfront about costs but also actively help you minimize unnecessary fees by recommending low-cost investments, optimizing portfolio structure, and ensuring their services actually justify what they charge. If you’re paying high fees without seeing real value, it may be time to explore other options.

3. Your Financial Plan Feels Generic

A high-quality financial advisor shouldn’t be offering the same investment strategy to every client. If your portfolio looks like a generic mix of mutual funds and ETFs with no tax customization or strategic adjustments, it’s time to ask why.

Top-tier investors are increasingly moving toward direct indexing and individually held equities for greater control over their portfolios. This allows for more personalized asset allocation, tax-efficient rebalancing, and the ability to exclude specific stocks or industries. If your advisor isn’t discussing advanced portfolio strategies like these, they may not be fully optimizing your investments.

Art as a representation of alternative asset strategies
Photo: This is the photo source

4. You Rarely Hear From Your Advisor

If your financial advisor only reaches out once a year—or worse, when you call them first—that’s a problem. High-net-worth investors require ongoing strategy updates, proactive tax planning, and timely responses to market changes.

A great advisor should be accessible, engaged, and ahead of market trends, ensuring you’re always informed and making smart financial decisions. If your advisor isn’t regularly reviewing your portfolio or fails to provide clear answers about your financial future, it might be time to find one who will.

5. Holistic Wealth Optimization

Managing substantial wealth requires an advisor who offers more than just basic investment management. They should be helping you minimize taxes, lower fees, access alternative investments, and create a customized financial strategy that aligns with your long-term goals.

If you’re questioning whether your advisor is providing the level of service and expertise you need, it’s time to take action. Take our free retirement quiz to assess whether your financial plan is truly optimized. Based on your results, we’ll match you with a vetted financial advisor who could help you protect your financial future.