No one wakes up one day and switches advisors: How to Find the Right Fit

Switching financial advisors is rarely a spontaneous decision. Most people make this move after feeling frustrated or dissatisfied with their current situation. That’s why, when looking for a new advisor, it’s crucial to have the right conversations to determine if they’re truly a good fit for you. While it’s true that advisors are also assessing whether you fit into their practice, today, we’re focusing on what you should prioritize during the search.

Hiring an Advisor Is Like Hiring an Employee

First, remember that hiring a financial advisor is just that—hiring. Your finances, family, and business are your own personal enterprise, and when you bring someone on board to help manage those aspects, you’re hiring them to perform a service for you. You’re the one in charge.

What to Look for Beyond Technical Skills

Of course, technical skills are a must. You want an advisor with the knowledge and expertise to deliver the financial results you’re aiming for. But that’s just the starting point. More importantly, you need to connect with someone you genuinely like, feel comfortable with, and, most importantly, trust. This isn’t about judging people—it’s about finding someone whose style aligns with yours. There’s a “shoe for every foot,” and your job is to find the one that fits you.

The Power of Transparency

A key part of finding the right advisor is being transparent about your past experiences. This isn’t about gossiping; it’s an honest reflection of what worked well and what didn’t with your previous advisor. Being upfront allows the new advisor to be equally transparent with you.

For instance, let’s say you’re switching advisors because you want more frequent trading in your accounts—daily or weekly activity—but your current advisor prefers a long-term buy-and-hold strategy. If the new advisor also leans towards long-term strategies, you’ll likely face the same frustrations. Being clear about what you’re looking for can save both you and the advisor time and energy by ensuring you’re aligned from the start.

Overwatered? Finding the Right Balance

The advisor-client relationship is like a garden. Just as a plant can suffer from too much water, leading to root rot, your financial growth can be stunted if an advisor overwhelms you with unnecessary information, frequent trades, or strategies that don’t suit your needs. If your previous advisor’s approach felt too “wet,” and you prefer a more hands-off, “drier” environment, make sure the new advisor’s style matches your preference. Understanding their “irrigation system”—or how they manage your finances—is key to ensuring a healthy relationship.

Honest conversations, honest relationships

By having clear, transparent conversations from the start, you increase the likelihood of finding an advisor who not only meets your technical needs but also aligns with your personal style and goals. This open dialogue can help you avoid repeating past frustrations and allow you to build a stronger, more productive relationship with your new advisor.

In the end, it’s all about finding the right conditions for your financial goals to thrive—just like finding the right sunlight and care for your garden to grow.