In this day and age it’s hard to believe that some financial advisers neglect their clients and fail to look after them properly. After all, looking after your existing customers is far better, not to mention financial more sensible, than having to find lots of new ones.
When I do meet a potential new client I always ask them if they have an existing adviser in place or if they have had an adviser in the past and quite often the answer goes something like this. “I did have an adviser, but I’ve not heard anything from them for years”.
Why would anyone treat their customers like that?
Let’s face it people, don’t think about their financial adviser and their financial position on a daily basis, so if you adviser has gone AWOL, what are the signs to look out for.
So, here are my top 7 signs that the relationship with your financial adviser is not what it should be.
- You’ve not heard from your adviser in the last 12 months
- Your adviser does not return your call or emails
- You do not receive information about how your portfolio is performing
- You have not received any advice on your portfolio in the last 12 months
- Your adviser puts their interest ahead of yours
- Your adviser ignores your goals and ambitions
- Your adviser ignores your partner or other half
So what should you do about?
The first thing to do is to check if they still exist! Check if they still have a website or better still check the FCA Register to see if your adviser is still ACTIVE. If their status is INACTIVE, then they have ceased to trade. You can check both the firm name and the adviser name, by clicking on the following link https://register.fca.org.uk/ShPo_Homepage
If they are still active, what should you do?
My advice in this situation is to contact them to find out why they have not been in contact with you. If you are comfortable with their answer book an appointment to update them on your current situation. This is also an opportunity for them to review your investments and your financial plans for the future.
What if I am still not happy?
Unfortunately this does happen sometimes and the reality is that you are left with no option other than to look for another adviser to work with. Read my article on “How to choose the right financial adviser for you”
If you would like to talk us about your financial plans for future, please get in touch for a no-obligation meeting.
It is advisable to take advice from a professional financial adviser when making major financial decisions.
Contact Martin Dodd on 01902 742221 or email him at email@example.com if you would like talk about money issues.
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The contents of this article should not be regarded as specific advice. No responsibility can be accepted by Martin Dodd or Midlands Investment Agency Ltd., for any loss that may occur by a person acting or refraining from acting on the basis of this article.