The Big Breakup: How to Leave Your Financial Advisor


The time has come to say goodbye. Even though you’ve been together for years, you no longer feel comfortable even talking. They just don’t understand your situation and aren’t meeting your needs. You’ve been in this relationship for a while, but it needs to come to an end.

Breakups aren’t just for romantic partners. Believe it or not, switching financial advisors can be an ordeal as well. It’s more complicated than saying, “Adios,” and walking out the door. There can be service fees, potential tax liabilities and a bunch of new paperwork.

There’s also the mental barrier to break through — you may have been with your first financial advisor for what feels like forever. They probably got you started with your personal finances — helping you set up your retirement accounts, getting you signed up for life insurance and answering questions you had about the whole process.

But as with any bad relationship, you may have decided it’s time for a change.

We’re here to walk you through the process of leaving your financial advisor once you decide they’re no longer meeting your needs.

Why Do You Want to Leave

You’re not alone in wanting to switch financial advisors. A 2015 poll showed that 60% of super-high-income earners and 51% of mid-range-income earners switch financial advisors at least once.

Mixing it up can be a good thing. Your finances and your life change over time. You want an advisor who meets your needs as your life changes. Someone who was perfect when you were 23 may not be the right person when you’re 43.

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