5 Reasons To Consider Switching Your Financial Advisor

When was the last time you asked yourself, “Is my advisor still the right fit for me?”
Many investors assume they’re on the right track, but a lack of tax planning, high fees, or generic strategies can quietly erode long-term outcomes.

Here are five common warning signs to watch for:

1. Your RMD Plan Feels “Set and Forget.”

If your advisor’s only move each year is to withdraw the exact Required Minimum Distribution (RMD), you could be overlooking smarter strategies.
Sophisticated retirees often explore:

• Qualified Charitable Distributions (QCDs).¹ to donate directly from their IRA and potentially lower taxable income.
• Roth conversions during lower-income years to gradually shift money into tax-free accounts for the future.
• Multi-year withdrawal planning that spreads distributions strategically, aiming to keep them in lower tax brackets.

A good advisor should help you weigh these choices, not just hit autopilot and hope for the best. Of course, every investor’s situation is different, so it’s best to review these options with a qualified advisor before making changes

2. You’re Paying High Fees, Without Clear Value

Many investors don’t realize how much they pay in fees. A 1% advisory fee on a $1,000,000 portfolio is $10,000 per year — and that’s before mutual fund expenses, ETF fees, or trading costs. Morningstar’s 2023 U.S. Fee Study found that the median advisor fee remains close to 1% of assets under management, though it can vary by portfolio size and service model.²

That money might be worth it if your advisor provides tax planning, risk management, estate coordination, and proactive advice. But if you rarely hear from them or don’t see a tangible plan, those fees may just be eating into your returns.

Ask for a dollar-based breakdown of what you pay annually, and a clear explanation of how your advisor’s work is helping you reach your goals. Transparency is key.

3. Your Plan Feels Generic

Your financial life is unique — your plan should reflect that. If you feel like you were placed in the same model portfolio as everyone else, you might be missing out on opportunities for customization.

High-net-worth investors are increasingly using:
• Direct indexing to harvest tax losses and customize holdings.
• Tax-efficient rebalancing to avoid unnecessary taxable events.
• Charitable giving strategies like donor-advised funds to align philanthropy with tax planning.

If your portfolio hasn’t changed much over the years, other than reacting to market moves, it may be time to see what a more personalized approach looks like.

Cerulli Associates reported that direct indexing is among the fastest-growing investment solutions for high-net-worth investors seeking greater tax customization.³

4. You Rarely Hear From Your Advisor

If your advisor only calls once a year, or only when you initiate contact, you’re not getting proactive service.

Markets change, tax laws shift, and new planning opportunities open throughout the year. The best advisors stay in touch with timely insights, checking in when they spot an opportunity to optimize your plan or protect against risk.

If you’re left wondering, “What’s my advisor actually doing for me right now?” That’s a sign you should explore other options.

5. Taxes Are a Once-a-Year Conversation

For high-net-worth investors, taxes are often one of the biggest drags on long-term growth. And yet, many advisors treat them as an April-only topic.

A better approach is year-round tax planning , which might include:
• Planning capital gains and losses before year-end.
• Timing charitable donations for maximum impact.
• Managing retirement withdrawals to avoid bracket creep.

The Employee Benefit Research Institute notes that nearly half of retirees report unexpected spending or tax outcomes after leaving the workforce — highlighting the importance of ongoing planning.⁴

This level of planning helps you stay ahead of surprises and keep more of what you’ve earned, without scrambling every spring.

Because tax laws and personal finances vary, what works for one investor may not work for another. Speaking with a professional advisor can help you understand what applies to you

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.