Today’s question is an interesting one, how do I break up with my financial advisor? Nicholas J. Colantuono, CFP® joins the Money Wisdom Question Series to share his thoughts about how important this albeit uncomfortable conversation is to have.

Consider Your Next Phase of Life

Just like with any relationship in your life, it’s all about finding the right fit. When considering whether to call it quits with your financial advisor, we encourage you to think about the next phase of your life and whether what’s working today will continue to serve you. Often, the plans or strategies that guided your past decisions do not align with your future goals, particularly in retirement planning.

In retirement, you’re trying to navigate a new phase of life that’s starkly different from the one you’re coming out of. Your priorities shift from working, earning, and growing your savings to generating a steady stream of income and preserving your wealth. Having a financial advisor that understands your needs and can guide you in this new chapter of life is key.

Keep the Conversation Simple

If you do find yourself initiating this “break up,” we believe a simple conversation will suffice. You can be as straightforward as saying, “I’m entering a different phase of my life and want to go in a direction that’s more appropriate for this next stage.”

We understand that this can be an uncomfortable conversation to have, but it will be worth it in the end.

Learn What’s Right for You

At Johnson Brunetti, we are certainly not in the business of eroding good relationships with our clients. However, as fiduciaries, if there is any value, guidance, or insight we can provide you as you enter retirement, it’s our duty to share that with you.

When to break up with your financial advisor isn’t a question that everyone will have, nor one that we encourage everyone to act on, but it is important to address. Most individuals who meet with us are working with existing professionals and may find themselves in a similar situation. Rest assured, if or when this question arises, our team is here to help you pave the best path forward.